LOS ANGELES and MEXICO CITY, Dec. 6,
2021 /PRNewswire/ -- Live Nation Entertainment (NYSE: LYV),
the world's leading live entertainment company, has closed its
previously announced acquisition of a 51% controlling interest in
OCESA Entretenimiento, a leading promoter in Latin America. The move grows Live Nation's
business in Latin America,
expanding its global live entertainment platform as well as
allowing the company to better service artists who travel the world
to play to their increasingly global fan base.
One of the most prominent live events businesses globally, OCESA
promotes thousands of events for millions of fans in a typical year
across Mexico and Colombia and has a robust business portfolio
in ticketing, sponsorship, food & beverage, merchandise, and
venue operation with 13 premier venues across Mexico. OCESA's primary ticketing business,
Ticketmaster Mexico, is a leading ticketing company in Mexico, with around 20 million tickets sold
annually.
"As we continue to bring shows back around the world, we're
excited to officially welcome OCESA into Live Nation," said
Michael Rapino, President and CEO,
Live Nation Entertainment. "Alex and the OCESA team are incredible
at what they do and together we look forward to creating even more
amazing live experiences across Mexico and Latin
America."
"This strategic agreement extends the already successful
relationship we have with Live Nation and we are very proud to take
it to the next level," said Alejandro Soberón Kuri, Chairman of the
Board and Chief Operating Officer of CIE. "We are very excited
to finally join forces with Michael and his team. Together with the
world leader, we will continue to add value and growth to the
business, bringing the best entertainment to Mexico and Latin
America."
Live Nation acquired OCESA from CIE (BMV: CIE), a prominent
player in the live entertainment industry in Latin America, and Grupo Televisa (NYSE: TV),
the largest media company in the Spanish-speaking world, for an
aggregate purchase price of MXN$8,835 million, 7% of which will be
held back and retained by Live Nation to cover operating losses, if
any, for a period of time following closing. Soberón Kuri will
serve as CEO and sit on the board of the newly-formed joint
venture. Rapino will become Chairman of the venture's board of
directors.
Live Nation continues to build on the momentum for the return to
live events with every piece of the business pacing ahead, as
reported in the company's most recent quarterly earnings results.
As of mid-October, more than 22 million tickets had already been
sold for Live Nation shows next year. The concerts pipeline for
2022 is up double digits from 2019, with touring plans extending
into 2023 and 2024.
About Live Nation Entertainment
Live Nation Entertainment (NYSE: LYV) is the world's leading live
entertainment company comprised of global market leaders:
Ticketmaster, Live Nation Concerts, and Live Nation Sponsorship.
For additional information, visit
www.livenationentertainment.com.
About Corporacion Interamericana de Entretenimiento
Corporacion Interamericana de Entretenimiento (BMV: CIE) is a
prominent player in the out-of-home entertainment industry in
Latin America. The Company is a
promotor and producer of concerts, music festivals, theater, as
well as sports, family, and cultural events. CIE operates Centro
Citibanamex, a convention and conference venue in Mexico City, as well as the El Salitre Magico
amusement park in Colombia.
Likewise, the Company produces corporate events for the public
sector. CIE promotes and markets the Formula 1 Mexican Grand
Prix.
About Televisa
Televisa is a leading media company in the Spanish-speaking world,
an important cable operator in Mexico and an operator of a leading
direct-to-home satellite pay television system in Mexico. Televisa distributes the content it
produces through several broadcast channels in Mexico and in over 70 countries through 27
pay-tv brands, television networks, cable operators and
over-the-top or "OTT" services. In the
United States, Televisa's audiovisual content is distributed
through Univision Communications Inc. ("Univision"), a leading
media company serving the Hispanic market. Univision broadcasts
Televisa's audiovisual content through multiple platforms in
exchange for a royalty payment. In addition, Televisa has equity
representing approximately 36% on a fully-diluted basis of the
equity capital in Univision Holdings II, Inc., the controlling
company of Univision. Televisa's cable business offers integrated
services, including video, high-speed data and voice services to
residential and commercial customers as well as managed services to
domestic and international carriers. Televisa owns a majority
interest in Sky, a leading direct-to-home satellite pay television
system and broadband provider in Mexico, operating also in the Dominican Republic and Central America. Televisa also has interests
in magazine publishing and distribution, professional sports and
live entertainment, feature-film production and distribution, and
gaming.
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SOURCE Live Nation Entertainment