LOS ANGELES (CelebrityAccess) — Live Nation Entertainment appears to have purchased an unknown management company in the second fiscal quarter of 2017.
According to MBW, the purchase was not announced by the company but revealed in their quarterly financial filings for the period.
In the filing, Live Nation reported spending $16.6m in the first half of the year on acquisitions that included ticketing businesses in Poland and the Czech Republic; a concert promotion company in Italy and a ‘controlling interest in an artist management business located in the United States’.
Previous disclosures showed that the European purchases had cost Live Nation $4.7m, leaving the unidentified management acquisition valued at approximately $11.9m, MBW reported.
A Live Nation spokesperson declined to comment to MBW on the acquisition and the company stopped reporting financial results of its artist management operation Artist Nation, at the beginning of 2017, just a few months before the purchase.
The unit has historically been a source of red ink, at least on paper for Live Nation, but as MBW noted, also means that Live Nation and its management subsidiaries are overseeing the careers of at least 500 artists.