Live Nation Entertainment announced that it has entered into a definitive agreement to acquire OCESA Entretenimiento, a leading promoter in Latin America, and the owner of Ticketmaster Mexico. Live Nation acquired the promoter from CIE (BMV: CIE), a major company in the live entertainment industry in Latin America, as well as Grupo Televisa (NYSE: TV). Grupo Televisa is the largest multimedia company in the Spanish-speaking world.
“OCESA has been Live Nation’s touring, festival, and ticketing partner in Mexico for years, and I admire the business Alex has built,” said Michael Rapino on the deal. “This next step is a logical extension for both our teams, and we look forward to working on many more shows together.”
OCESA promotes more than 3,100 events for around 6 million fans annually across Mexico and Colombia. The company’s vast business portfolio spans across ticketing, sponsorship, food & beverage, merchandise, and venue operation. OCESA’s primary ticketing business, Ticketmaster Mexico, is a leading ticketing company in Mexico, selling over 37 million tickets annually.
Also included in the transaction, Live Nation will acquire an interest in OcesaSeitrack, OCESA’s booking and artist management joint venture; CREA, a special and corporate events specialist; and Centro Citibanamex, an exhibition and convention center in Mexico City.
The acquisition has been approved by the boards of directors of Live Nation, CIE, and Televisa. CIE President and CEO Alejandro Soberón Kuri will serve as CEO and sit on the board of the new joint venture, with Rapino being named as Chairman of the venture’s board of directors. Live Nation anticipates that the transactions with CIE and Televisa will close by the end of 2019.
Read more at livenationentertainment.com