Live Nation buys a majority stake in OCESA
For approximately $450 million, Live Nation Entertainment has agreed to buy a majority (51%) share in Mexico-based concert promoter OCESA Entretenimiento.

The Wall Street Journal was the first to announce the deal, which is scheduled to finish by the end of this year or the beginning of 2022 and is valued at 8.84 billion Mexican pesos (about $444 million).

Live Nation had agreed to buy 51 percent of OCESA, Latin America`s largest concert producer, for approximately $400 million in summer 2019, but pulled out in May of last year owing to the COVID problem, which caused a collapse in the worldwide concert market.

Only a month after the merger was approved by Mexican competition officials, the US giant pulled out.

"After serving as Live Nation’s touring, festival, and ticketing partner in Mexico for years, we know OCESA is a stellar business with deep roots in live entertainment in Mexico," said Michael Rapino (pictured), President and CEO, Live Nation Entertainment. "Alex has built a remarkable company and as we continue to build on the return to live, OCESA will play a pivotal role in putting together many incredible shows in Mexico and the rest of Latin America."

"We are extremely proud to finally join Live Nation," said Alejandro Soberón Kuri, President and CEO of CIE. "This is a natural evolution of our long-standing relationship and it gives us a unique opportunity to continue OCESA´s 30-year contribution to the development of the Mexican live entertainment industry. Additionally, it will help us foster CIE´s commitment to the promotion of Mexican artistic talent abroad."

The Inter-American Entertainment Corporation (Corporación Interamericana de Entretenimiento, or CIE) and Grupo Televisa, a Spanish-language media conglomerate, are the joint sellers of the interest.