LOS ANGELES (CelebrityAccess) — While Live Nation had been reported to be eyeing a bid for venue management company SMG, it appears as if they have backed away according to a report by Amplify.
Amplify reported that Live Nation ‘got very close’ to submitting a bid for SMG to Ares Capital, the private equity firm overseeing the bidding process, the never submitted the offer.
Amplify reported that concern over regulatory scrutiny and Live Nation’s current relationship with the SMG-managed Greek Theatre in Los Angeles all weighed on the company’s decision to pass on the bid.
SMG is currently on the market for about $750 million. SMG’s assets also include catering services and food/beverage concessionaires Premier and Savor, which boasts more than 50 concession and catering contracts mostly connected to SMG-managed facilities.