Live Nation Entertainment has closed its previously announced acquisition of a 51% controlling interest in OCESA Entretenimiento.
The deal for the leading promoter in Latin America expands Live Nation’s business in the region.
OCESA promotes thousands of events for millions of fans in a typical year across Mexico and Colombia, including 13 venues across Mexico. OCESA’s primary ticketing business, Ticketmaster Mexico, sells around 20 million tickets 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 Soberon Kuri, chairman of the board and COO 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 live entertainment company CIE and Grupo Televisa, the largest media company in the Spanish-speaking world, for an aggregate purchase price of 8.835 billion pesos (£313m).
Soberon 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.
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.