Live Nation Completes Acquisition of OCESA, the World’s Third Largest Developer and Mexico’s Leading Live Entertainment Company, Further Expanding Its Business in Latin America
One of the world’s largest live event companies, OCESA promotes thousands of events for millions of fans in a typical year across Mexico and Colombia and has a strong portfolio of activities in the areas of ticketing, sponsorship, food and beverage, merchandise and site operations with 13 leading venues across Mexico. OCESA’s main ticketing business, Ticketmaster Mexico, is one of the leading ticketing companies in Mexico, with around 20 million tickets sold each year.
“As we continue to bring shows back around the world, we are delighted to officially welcome OCESA to Live Nation,” said Michel rapino, President and CEO, Live Nation Entertainment. “Alex and the OCESA team are amazing at what they do and together we look forward to creating even more amazing live experiences through Mexico and Latin America. ”
“This strategic agreement builds on 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 happy to finally join forces with Michael and his team. Together with the global leader, we will continue to add value and growth to the business, bringing the best entertainment to Mexico and Latin America. “
Live Nation has acquired OCESA from CIE (BMV: CIE), a leading player in the live entertainment industry in Latin America, and Grupo Televisa (NYSE: TV), the largest media company in the Spanish-speaking world, for a total purchase price of MXN $ 8,835 million, of which 7% will be withheld and retained by Live Nation to cover losses of ‘operating, if at all, for a period of time following closing. Soberón Kuri will assume the role of CEO and sit on the board of the newly formed joint venture. Rapino will become chairman of the company’s board of directors.
Live Nation continues to build on the momentum for the return to live events with every element of the business moving forward, as noted in the company report. most recent quarterly results. By mid-October, over 22 million tickets had already been sold for next year’s Live Nation shows. The 2022 concert pipeline is up double digits from 2019, with tour plans spanning 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 more information, visit www.livenationentertainment.com.
About Corporacion Interamericana de Entretenimiento
Corporacion Interamericana de Entretenimiento (BMV: CIE) is a leading player in the out-of-home entertainment industry in Latin America. The Company is a promoter and producer of concerts, music festivals, theater, as well as sporting, family and cultural events. CIE operates Centro Citibanamex, a congress and conference venue in Mexico, 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.
Televisa is a leading media company in the Spanish speaking world, a major cable operator in Mexico and operator of a leading satellite pay-TV system in the Mexico. Televisa distributes the content it produces through several distribution channels in Mexico and in more than 70 countries through 27 pay television brands, television networks, cable operators and over-the-top or “OTT” services. In United States, Televisa’s audiovisual content is distributed by Univision Communications Inc. (“Univision”), a leading media company serving the Hispanic market. Univision broadcasts Televisa’s audiovisual content on several platforms in exchange for payment of royalties. In addition, Televisa holds equity representing approximately 36% on a fully diluted basis of the equity of 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 national and international operators. Televisa owns a majority stake in Sky, a leading satellite pay-TV system and broadband service provider in Mexico, also operating in the Dominican Republic and central America. Televisa also has interests in magazine publishing and distribution, professional sports and live entertainment, production and distribution of feature films and games.
SOURCE Live Nation Entertainment