NEW YORK (CelebrityAccess) — Magna Entertainment, an investment company that focuses on the entertainment industry, announced that they’ve made a strategic investment into Parachute Concerts with an eye towards driving growth at the independent live events company.
In collaboration with Magna Entertainment, Parachute will accelerate the launch of new event formats and leverage Magna’s network of talent and corporate partners.
Co-founded by Ilario Altamura and Ross Atamian in 2015, Parachute Concerts has already produced almost 200 events, ranging from nightclubs to arenas across the Northeastern U.S. Upcoming shows for Parachute include several dates by Maks, Val, & Peta Live, and Ja Rule & Ashanti in Bangor on April 20th.
“Magna Entertainment’s activities across the media industry provide numerous synergies. We’re excited by this partnership and are expecting a busy 2018,” said Altamura.
“We’ve been impressed by Parachute Concerts’ impeccable track record and dedication to the artists they work with. Ilario and Ross are exceptional entrepreneurs and are highly regarded by industry participants across their target markets. We’re looking forward to working closely together to produce high-quality live events for years to come,” added Magna Entertainment’s Andrew Kotliar.
The financial terms of the deal were not disclosed.