Sunday's Best: Week 20: 2022

Monkeypox, oh my! The odd outbreak is a nice reminder to keep on washing your hands aggressively - especially since we are in yet another COVID-19 surge in America... just in time for concert season!

Concerts always make me think of Ticketmaster and then I usually get mad. On three separate occasions this past week, I looked up seats for different shows and in each instance I was just plain turned off by the ridiculous ticket prices and fees. I know every person reading this site can agree with that sentiment! No one thinks, "Hey I wish Ticketmaster charged me MORE for the privilege of buying a ticket online!"

Now, I see the story below from The Washington Post about Live Nation and Ticketmaster getting tons of pandemic relief funds meant for small venues. Now, Live Nation had a workaround which was technically legal but still let them get funds for venues owned as a subsidary. Be sure to read the entire article - it is very detailed. From the piece:

Live Nation as a parent company did not directly receive any money from the program, but the government relief to its subsidiaries still protected its investments and improved its long-term outlook, however slightly. The earnings of its subsidiaries provide Live Nation with crucial cash flow and enable it to service its debt, it said in securities filings. The aid enabled the companies to pay staff and recover more quickly from the disruption, their executives said in interviews and emailed statements.

In one case, one of the companies that received funds from the SBA borrowed money from Live Nation and its other owners in the first months after covid hit, showing how the parent company played an active role in its survival. In another case, one of the subsidiaries that received taxpayer funds did not need to tap an available credit line from Live Nation, showing how the grant could have shielded the parent company from having to finance the entity’s survival.

Just makes me sick and that's our Sunday's Best Worst for this week! #Pitchforks!

 

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