Revealed: Dec. 6, 2021 at 5:00 PM EST|Up to date: 13 hours in the past
LOS ANGELES and MEXICO CITY, Dec. 6, 2021 /PRNewswire/ — Reside Nation Leisure (NYSE: LYV), the world’s main stay leisure firm, has closed its beforehand introduced acquisition of a 51% controlling curiosity in OCESA Entretenimiento, a number one promoter in Latin America. The transfer grows Reside Nation’s enterprise in Latin America, increasing its world stay leisure platform in addition to permitting the corporate to raised service artists who journey the world to play to their more and more world fan base.
One of the crucial distinguished stay occasions companies globally, OCESA promotes hundreds of occasions for tens of millions of followers in a typical yr throughout Mexico and Colombia and has a strong enterprise portfolio in ticketing, sponsorship, meals & beverage, merchandise, and venue operation with 13 premier venues throughout Mexico. OCESA’s main ticketing enterprise, Ticketmaster Mexico, is a number one ticketing firm in Mexico, with round 20 million tickets bought yearly.
“As we proceed to carry reveals again world wide, we’re excited to formally welcome OCESA into Reside Nation,” stated Michael Rapino, President and CEO, Reside Nation Leisure. “Alex and the OCESA staff are unimaginable at what they do and collectively we sit up for creating much more superb stay experiences throughout Mexico and Latin America.”
“This strategic settlement extends the already profitable relationship we’ve with Reside Nation and we’re very proud to take it to the subsequent stage,” stated Alejandro Soberón Kuri, Chairman of the Board and Chief Working Officer of CIE. “We’re very excited to lastly be a part of forces with Michael and his staff. Along with the world chief, we are going to proceed so as to add worth and progress to the enterprise, bringing the very best leisure to Mexico and Latin America.”
Reside Nation acquired OCESA from CIE (BMV: CIE), a distinguished participant within the stay leisure trade in Latin America, and Grupo Televisa (NYSE: TV), the most important media firm within the Spanish-speaking world, for an combination buy value of MXN$8,835 million, 7% of which might be held again and retained by Reside Nation to cowl working losses, if any, for a time period following closing. Soberón Kuri will function CEO and sit on the board of the newly-formed three way partnership. Rapino will turn out to be Chairman of the enterprise’s board of administrators.
Reside Nation continues to construct on the momentum for the return to stay occasions with every bit of the enterprise pacing forward, as reported within the firm’s most up-to-date quarterly earnings outcomes. As of mid-October, greater than 22 million tickets had already been bought for Reside Nation reveals subsequent yr. The concert events pipeline for 2022 is up double digits from 2019, with touring plans extending into 2023 and 2024.
About Reside Nation Leisure
Reside Nation Leisure (NYSE: LYV) is the world’s main stay leisure firm comprised of worldwide market leaders: Ticketmaster, Reside Nation Concert events, and Reside Nation Sponsorship. For extra info, go to www.livenationentertainment.com.
About Corporacion Interamericana de Entretenimiento
Corporacion Interamericana de Entretenimiento (BMV: CIE) is a distinguished participant within the out-of-home leisure trade in Latin America. The Firm is a promotor and producer of concert events, music festivals, theater, in addition to sports activities, household, and cultural occasions. CIE operates Centro Citibanamex, a conference and convention venue in Mexico Metropolis, in addition to the El Salitre Magico amusement park in Colombia. Likewise, the Firm produces company occasions for the general public sector. CIE promotes and markets the Components 1 Mexican Grand Prix.
Televisa is a number one media firm within the Spanish-speaking world, an necessary cable operator in Mexico and an operator of a number one direct-to-home satellite tv for pc pay tv system in Mexico. Televisa distributes the content material it produces by way of a number of broadcast channels in Mexico and in over 70 international locations by way of 27 pay-tv manufacturers, tv networks, cable operators and over-the-top or “OTT” companies. In the USA, Televisa’s audiovisual content material is distributed by way of Univision Communications Inc. (“Univision”), a number one media firm serving the Hispanic market. Univision broadcasts Televisa’s audiovisual content material by way of a number of platforms in change for a royalty fee. As well as, Televisa has fairness representing roughly 36% on a fully-diluted foundation of the fairness capital in Univision Holdings II, Inc., the controlling firm of Univision. Televisa’s cable enterprise gives built-in companies, together with video, high-speed knowledge and voice companies to residential and industrial prospects in addition to managed companies to home and worldwide carriers. Televisa owns a majority curiosity in Sky, a number one direct-to-home satellite tv for pc pay tv system and broadband supplier in Mexico, working additionally within the Dominican Republic and Central America. Televisa additionally has pursuits in journal publishing and distribution, skilled sports activities and stay leisure, feature-film manufacturing and distribution, and gaming.
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SOURCE Reside Nation Leisure
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