RIO DE JANEIRO (CelebrityAccess) Live Nation has confirmed it is going to increase its shareholding in Rock in Rio to a majority stake.
The concert giant bought into Rock City, the company behind the flagship Rio de Janeiro event, last May, taking over the minority share held by LiveStyle. Live Nation has confirmed to IQ that it is moving ahead with plans to buy the 20 percent stake held in Rock City by IMM, the Brazil-based, Abu Dhabi-owned entertainment and sports promoter. The buyout is in process and subject to regulatory approvals according to a Live Nation rep.
IMM and Live Nation went to court last year with Live Nation appealing a ruling to suspend the sale of Rock in Rio because of IMM’s protests.
The Global Legal Chronicle values the new deal at $20 million with Live Nation having a shareholding of 60 percent. Rock in Rio founder Roberto Medina will retain a 40 percent stake after the buyout and continue to manage the festivals, according to the Chronicle.