Finance History|11 Wall Street — One Live Share for Every Eight Clear Channel Shares
· 2005-12
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Finance History|11 Wall Street — One Live Share for Every Eight Clear Channel Shares
kevin
People treat Live Nation as a Beverly Hills concert house that always printed LYV after a finished New York book.
The 2005 issuer was CCE Spinco, Inc., incorporated in Delaware on 2 August 2005 as the live-entertainment arm carved out of Clear Channel Communications.
The company later took the operating name Live Nation.
On 21 December 2005 Clear Channel completed a distribution of one CCE Spinco common share for every eight Clear Channel shares held of record on 14 December 2005.
There was no cash initial public offering.
The company said the new shares would open on the New York Stock Exchange under LYV on 22 December 2005.
Period reports put that first regular session's high at 11.12 U.S. dollars and the close at 10.60 U.S. dollars in 2005 dollars, on volume of more than four million shares.
The letters LYV still open on the New York Stock Exchange.
The mechanism is a one-for-eight spin that opened a concert book without selling new shares into the offering.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the present street marker for the tape that prints LYV.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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