LOS ANGELES (CelebrityAccess) — On Monday, Live Nation announced the completion of its previously announced acquisition of OCESA Entretenimiento, a leading live entertainment promoter in Latin America.
OCESA, one of the leading live event companies in the world, produced thousands of events annually for millions of fans in Mexico and Colombia. OCESA’s portfolio also includes ticketing, sponsorship, food & beverage, merchandise, and venue operations that are already tied in to 13 leading venues in Mexico.
“As we continue to bring shows back around the world, we’re excited to officially welcome OCESA into Live Nation,” said Michael Rapino, President and CEO, Live Nation Entertainment. “Alex and the OCESA team are incredible at what they do and together we look forward to creating even more amazing live experiences across Mexico and Latin America.”
The deal, valued at $444 million, includes a 40% stake in OCESA, which Live Nation acquired from Grupo Televisa and an 11% share from Corporacion Interamericana de Entretenimiento’s (CIE).
Live Nation originally announced plans to acquire OCESA in July 2019 but put the breaks on the acquisition in the early days of the pandemic. Live Nation announced plans to resume the acquisition in September.
“This strategic agreement extends the already successful relationship we have with Live Nation and we are very proud to take it to the next level,” said Alejandro Soberón Kuri, Chairman of the Board and Chief Operating Officer of CIE. “We are very excited to finally join forces with Michael and his team. Together with the world leader, we will continue to add value and growth to the business, bringing the best entertainment to Mexico and Latin America.”
