Live Nation is positioned to acquire 51% of OCESA Entretenimiento — Mexico’s largest concert promoter — for $444 Million.
OCESA is not only a major player in Latin America’s live events industry as the owner of Ticketmaster Mexico, but also owns and multimedia company Grupo Televisa. The company works with EDC Mexico and beyond.
The acquisition was first announced in mid-2019, but was delayed due to the pandemic. In that time, the price has dropped from a reported $480 million to $444 million.
Per the announcement, “OCESA promotes more than 3,100 events for nearly 6 million 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 with a collective capacity of nearly 250,000 seats.”
Michael Rapino, President and CEO, Live Nation Entertainment states via press release:
After serving as Live Nation’s touring, festival, and ticketing partner in Mexico for years, we know OCESA is a stellar business with deep roots in live entertainment in Mexico. Alex has built a remarkable company and as we continue to build on the return to live, OCESA will play a pivotal role in putting together many incredible shows in Mexico and the rest of Latin America.
The deal is expected to close later this year, though it is subject to regulatory approval.
H/T: Variety | Source: Live Nation
