LOS ANGELES (CelebrityAccess MediaWire) — Live Nation has acquired a controlling interest in the touring division of Michael Cohl’s Concert Productions International, as well as a 50 percent interest in the Grand Entertainment division of the company. Cohl, CPI’s Chief Executive Officer, has joined Live Nation’s Board of Directors in connection with the transaction, increasing the total number of company directors to ten.
CPI has produced some of the largest grossing tours in history, including major global treks by the Rolling Stones, Pink Floyd and U2. The company has also successfully created innovative new revenue streams around the tours that it produces, such as VIP ticketing, fan clubs, merchandising and DVDs.
“Under Michael Cohl’s leadership, CPI has established an impressive track record of expanding the relationship between artists and fans beyond the live event,” said Michael Rapino, Chief Executive Officer of Live Nation, in a statement. “CPI has consistently been a leader in creating new revenue streams centered around the live show. This acquisition reunites two of the pioneers of the global touring business: Michael Cohl and Live Nation’s head of Global Touring, Arthur Fogel, who helped establish TNA as one of the world’s most successful worldwide touring operations. By reuniting these two global touring businesses under the same roof, this deal allows Live Nation to enhance its leadership position in world touring, fueling our distribution network to maximize revenues for the artist and Live Nation.”
“Live Nation understands that you can’t sit still and embrace the status quo,” added Cohl. “We believe in their approach and want to share and contribute to their vision of the future. This is a great partnership for us, but it is the artists and fans that will truly benefit.”
CPI will continue to operate as a separate unit, and will work in conjunction with Live Nation’s existing global touring division led by Fogel. CPI will spearhead Live Nation’s initiatives to secure rights to content beyond the live show, including recordings, films, DVDs and more.
Cohl began his career in 1969 as a local concert promoter, and created CPI in 1973. He has worked on successful projects in most fields of entertainment, including music, sports, theater, film and television. In the past, Cohl has overseen rours and related ancillary businesses for more thatn 150 artists, including Frank Sinatra, Michael Jackson, Prince, Stevie Wonder and Crosby, Stills, Nash and Young.
He developed the concept of “global” touring, by working directly with the artist to strategize and route the tour, promote the dates, and ultimately ensure a complete experience for both the artist and fan. He has promoted five of the top ten tours of all time and has received Promoter of the Year awards several times from an array of trade publications and industry associations. –by CelebrityAccess Staff Writers