Live Nation: We will not do business with Russia after the invasion of Ukraine

Over the past week, several leisure and entertainment industries have publicly frozen or suspended their operations in Russia.

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Following Russia’s invasion of Ukraine, global football organizations FIFA and UEFA have faced intense pressure from fans and individual players banned Russia’s clubs and their international team of tournaments.

In Hollywood, meanwhile, there are film studios – among them Warner Brosthe Walt Disney Co and Sony pictureshave mutually agreed to stop the release of big new blockbuster films in Russia.

This raises a key question: will there be a similar reaction from the big names in the global music industry?

Especially because of the widespread economic sanctions now being imposed on Vladimir Putin and the country he presides over?

For example, will the music rights industry freeze incoming and outgoing money from Russia’s collecting societies?

Could the Big Three music companies stop paying out royalties to artists in Russia — even if those artists have been vocal against Putin’s military attack on Ukraine?

These are complicated questions.

A giant of the music business has now acted decisively: living nation.

In a statement released to media today (March 2), the live music company said: “Live Nation joins the world in strongly condemning Russia’s invasion of Ukraine.

“We will not promote any shows in Russia and we will not do business with Russia.”

“We will not promote any shows in Russia and we will not do business with Russia. We are in the process of reviewing our suppliers so that we can stop working with all Russia-based suppliers.”

Individual artists, including Green Day, canceled shows in Russia following the invasion of Ukraine.

Earlier this week, activist shareholder and billionaire Bill Ackman expressed his strong views on how he thinks the US should respond to the Russian invasion.

Ackman runs Pershing Square Holdings, which (along with its subsidiaries) acquired 10% of it Universal music group last year for a a total of $3.95 billion.

in one long series of tweets On Monday (February 28), American-born Ackman asked his country’s President Joe Biden: “[Is] Is there a point where we say it’s un-American to sit back and watch this play out?”

Ackman added: “We are waging an economic war with Russia. We are supplying weapons and intelligence to our allies, and the Ukrainians are putting up an incredible fight.

“The Russian army has proved weak and lacking in morale. Your air force cannot achieve air superiority. Putin draws the nuclear saber as he grows more and more desperate. What if? Do we wait for him to kill millions before we intervene? What precedent do we continue to set by allowing this to happen play out?”

Ackman continued, “None of us want to risk American lives. And yes, I can easily say that when I don’t have kids in the military. But our lives are already in danger if Putin has his way. the [US Navy Seals] and Americans in uniform I know would want to be there to stop this madness.

“The defense of Ukraine is a just war. It’s not about oil or money. It’s about right and wrong, and those are the wars we should be fighting. And if we think long-term and punish madmen for their actions, we can deter their bigger ambitions.”

Pershing Square completed its 10% acquisition of Universal in two parts, both valuing UMG at €35 billion.

After these agreements, UMG started trading on the Euronext in Amsterdam. UMG currently has one €36.37 billion market capitalization at Euronext.music business worldwide

https://www.musicbusinessworldwide.com/live-nation-we-will-not-do-business-with-russia-following-ukraine-invasion/ Live Nation: We will not do business with Russia after the invasion of Ukraine

Fry Electronics Team

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