The rich got officially richer this week, as Live Nation announced the closure of its purchase of a controlling majority of Mexico-based promoter OCESA Entretenimiento. The deal, which was in progress for several years and then delayed by COVID, brought the world’s largest live events promoter a 51% share of the world’s third-largest events promoter at a cost of just shy of $450 million.
With the purchase, Live Nation Entertainment drastically increases its presence in Latin America, where OCESA promotes thousands of events across Mexico and Colombia. The deal includes control of Ticketmaster Mexico, which touts the sale of 20 million tickets annually.
“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.”
“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.”
As part of the closing, 7% of the price will be held aside to cover operating losses that may occur during a specific post-closing period.
Soberion Kuri will serve as CEO of the joint venture, as well as sit on the board. Live Nation Entertainment CEO Michael Rapino will serve as Chairman of that board.