Televisa to Sell Stake in Live Entertainment Business to Live Nation
July 24 2019 - 6:08PM
Dow Jones News
By Anthony Harrup
MEXICO CITY -- Mexican television and telecommunications company
Grupo Televisa SAB agreed to sell its 40% stake in live
entertainment business Ocesa Entretenimiento as part of its plans
to divest non-core assets and focus on its broadcast, cable and
content operations.
Televisa said it will receive 5.2 billion Mexican pesos ($273
million) for the sale, as well as a dividend of 350 million pesos
on or before the closing of the deal.
U.S.-based Live Nation Entertainment Inc. agreed to acquire a
controlling 51% stake in Ocesa, including Televisa's stake and 11%
of Ocesa held by Mexico's CorporaciĆ³n Interamericana de
Entretenimiento SAB, or CIE.
CIE will maintain a 49% stake in Ocesa.
"This move furthers Live Nation's goal of building its global
live entertainment platform, allowing the company to better service
artists who now travel the world to play to their expanding global
fan base," Live Nation said in a release.
The deal is Televisa's third asset sale since last year when it
announced plans to divest certain assets to focus on its core
business. Last week Televisa agreed to sell its 50% stake in radio
broadcaster Sistemas Radiopolis, and last year sold its 19% stake
in Spanish media group Imagina.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
July 24, 2019 17:53 ET (21:53 GMT)
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