John Malone, Liberty Media
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The pandemic has pushed occasions on-line by necessity. However Liberty Media Chairman John Malone remains to be bullish about the way forward for reside occasions.
“I believe the thesis of reside occasions remains to be a very good one,” Malone mentioned throughout Liberty Media’s annual assembly of stockholders Thursday. “Human beings are gregarious by nature. And I can inform you right here in Florida, the bars are open they usually’re fairly packed. So… we’ll see.”
Malone is an icon within the media and cable industries, who constructed cable empire TCI within the 1970s earlier than promoting it to AT&T in 1999 for roughly $50 billion. Liberty Media Company operates and owns pursuits throughout the media, communications and leisure companies, together with stakes within the Atlanta Braves baseball staff and live performance producer Stay Nation.
Malone mentioned he believes there will likely be a remedy and or a vaccine for Covid-19 “sooner somewhat than later that can get us again nearer to regular.”
“There’s undoubtedly going to be a hangover when it comes to valuations and like every part else if this despair in valuation is extreme, it presents alternative for these of us who consider within the longer-term thesis that this can be a good place to be, reside occasions,” he mentioned. “Notably the place you’ve got a considerable a part of the income that has little to do with the gate attendance and so much to do with tv and digital distribution.”
Greg Maffei, who serves as Liberty Media’s president and CEO in addition to the chairman of Stay Nation Leisure, Sirius XM and TripAdvisor, mentioned the corporate has seen proof that there is nonetheless demand for reside occasions. He mentioned “nicely below” 10% of live performance clients have requested of refunds on postponed live shows, and talked about there are some Atlanta Braves ticketholders which have deferred tickets as a substitute of asking for refunds.
“There’s demand for reside occasions,” he mentioned. “The query will likely be what can we do on the earth of vaccines and therapeutics and social distancing to verify these work for everyone concerned, safely.”