The blockbuster venue management deal between Oak View Group and Spectra has closed, following the completion of a review by the Department of Justice, which was received November 15. The deal brings together the massive venue management and hospitality services capabilities of Spectra under the Oak View Group umbrella. Terms of the deal have not been released.
“Now that OVG’s acquisition of Spectra is complete, we can get down to the business of delivering an expanded highly competitive set of services that anticipate and meet the evolving needs of our global client base,” Tim Leiweke, CEO of OVG, said. “We’ll begin the important process of fully integrating the talented team at Spectra and bringing together our two organizations to create something truly extraordinary in the live events and entertainment industry.”
Plans are for the combined companies to provide a top-to-bottom array of venue and hospitality services from building operations to booking to food and beverage solutions. Chris Granger will serve as CEO of OVG Facilities, a division of the company formed to provide venue management expertise that now includes food and beverage solutions across a bevy of arenas, stadiums, and convention centers.
“Venues are incredible community assets, the very last town square, perhaps the remaining place where diverse people gather to laugh, to cheer, to sing, to dance, to dine, to conduct business, to protest, or to vote en masse. As the needs and uses of these venues continue to evolve, we will be there, with our clients, leading the way. We will respect the planet; we will mirror the diversity of the many communities in which we do business; and we will provide our fans and our clients with extraordinary service, indelible memories, and easy confidence in knowing that we can again, and forever, gather safely.”
The acquisition of Spectra by OVG was announced in late summer, but had been held from completion by the wait for full regulatory approval. Monday saw the expiration of a required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, paving the way for the finalization of the deal.
With the pickup, OVG inherits a portfolio of more than 330 existing Spectra clients, including former parent company Comcast Spectacor.
“The combined strength, energy, and expertise of OVG and Spectra has created a dynamic company, the likes of which the industry has not yet experienced,” says Dave Scott, Chairman and CEO of Comcast Spectacor. “The leadership team has a powerful vision for growth, which will bode well for their collective clients, employees, and partners. As Spectacor Events & Entertainment continues to partner on content development, I look forward to watching the company grow and prosper.”
The companies will maintain their existing corporate headquarters, with OVG remaining in Los Angeles and Spectra in Philadelphia.
Last Updated on November 19, 2021 by Dave Clark