LOS ANGELES (CelebrityAccess) — Venue management companies Oak View Group and Spectra announced plans to merge, creating a major new ‘full service’ live events company.
“This merger brings together two dynamic leaders in the live events industry with complementary capabilities that will deliver a broad array of services to our clients. OVG’s core competencies in arena development and corporate sponsorships, coupled with Spectra’s leadership in food and beverage services will create a full-service live events company that will deliver a compelling and highly competitive set of offerings that meet our clients’ evolving needs. I look forward to collaborating with the talented team at Spectra and bringing together our two organizations to create something truly unique,” said OVG CEO Tim Leiweke.
“This is an exciting development for Spectra and an important step in our journey to provide unparalleled services to our clients along with exciting growth opportunities for our team members as part of a larger, more diverse organization. This merger accelerates our existing strategy and will lead to significant opportunities to cross-sell food, beverage and sponsorship services across our combined client base. I look forward to working with Tim, Irving and the OVG team to enhance the future of live events for our valued clients,” added Spectra CEO Davis Scott.
When the transaction completes, the combined company will create content and leverage its current combined portfolio of managed major venues in the U.S.
Spectra operates a slew of arenas, stadiums, and convention centers across the U.S., including the 76ers Fieldhouse, BB&T Point, Aztec Stadium, The Cotton Bowl, and Harbor Park, while Oak View Group operates venues such as BB&T Arena, Climate Pledge Arena, the under-construction Coachella Valley Arena, and UBS Arena, among others.
Completion of the proposed deal, which is subject to the usual regulatory approvals, is expected to complete in the fourth quarter of 2021. Following the completion of the deal, OVG will remain headquartered in Los Angeles, with the headquarters for Spectra remaining in Philadelphia.
Financial terms of the transaction and details of what post-merger leadership at the company will look like were not disclosed.