Live Nation Entertainment is expanding internationally once more, announcing its acquisition of a majority stake in Páramo Presenta, the leading music promoter in Colombia. The move mirrors other international moves by Live Nation Entertainment, gobbling up established players across the globe to continue its dominance to markets outside of its core in North America.
“Almost 20 years ago, we embarked on this journey because we saw the opportunity to bring more artists we love to Colombia,” says Gabriel García, CEO of Páramo Presenta.
“After being raised in an era with very few shows in the country, and being part of an exponential rise of live music, today we celebrate this historic merge with Live Nation and OCESA, two of the most important entertainment companies in the world, with the firm conviction that it will propel us to new heights and provide even more unforgettable moments between artists and fans, becoming a key part of the country’s growth and strengthening our market to be increasingly competitive on the global stage of live entertainment. All of this was made possible thanks to the public and the sponsors who have believed in and supported our work,” he continued.
The deal itself was executed through Live Nation’s OCESA division, the largest promotional enterprise in Latin America acquired by Live Nation in December of 2021. Prior to its pickup by the world’s largest event promotion business, OCESA had been the No. 3 global live events promoter, behind Live Nation and AEG.
“Páramo is fresh off of a record year and their team are some of the best in the business,” said Michael Rapino, President and CEO of Live Nation Entertainment. “Colombia is a booming market, and we’re looking forward to working with our new partners at Páramo and longtime partners OCESA as we continue our expansion across Latin America.”
According to the deal announcement by Live Nation, Páramo Presenta is known particularly well for its Estereo Picnic event, a 4-day music festival in Bogota. The company also runs the Baum Festival and Knotfest events in the city. As part of the partnership, all future events will be ticketed through Eticket, which is OCESA’s Colombian ticketing entity and part of Live Nation Entertainment’s ticketing platform.
“We are excited to build upon our deep relationship with Live Nation, and welcome Páramo as a partner. Together, we will continue to elevate the live entertainment landscape in Latin America, adding Páramo’s top festivals and concert roster to OCESA’s large scale events in Colombia.” said Alejandro Soberón Kuri, CEO of OCESA.
Last Updated on July 10, 2023