September 22, 2021

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Live Nation will buy 51% of Mexico’s largest promoters for 44 444 million

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Latin America’s top promoter and ticketmaster Mexico owner Ossessa has begun to regain control of 51% control over Entertainenionto গ্রহণ 8,835,000,000 in Mexican dollars or about 4 444 million The acquisition was first announced in 2019 due to 4 480 million but was reportedly billed; The exchange rate accounts for a large percentage of a current lower prince. Live Nation CEO Michael Rapino said the company plans to move forward with the deal, which is now expected to close later this year or early 2022.

Leading players in Latin America’s live entertainment industry are buying Live Nation shares from CIE and Spanish-speaking world’s largest multimedia company Grupo Televisa.

The agreement is subject to regulatory approval, which was previously granted during the previous negotiations and must be reaffirmed that the agreement is in progress.

According to the announcement, Oceasa promotes more than 3,100 events for about 6 million fans across Mexico and Colombia, and has a strong business portfolio with about 250,000 seats, including 13 major locations across Mexico in ticketing, sponsorship, food and beverage, merchandise and venue operations. . Ossa has promoted concerts for major artists from around the world, including Coldplay, Paul McCartney, and U2, and some of Latin America’s biggest festivals, such as Corona Capital, Paul Norte, and EDC Mexico, which they later co-founded with Live Nation.

Odessa’s primary ticket business, Ticketmaster Mexico, is a leading ticketing company in Mexico, where about 20 million tickets are sold annually. As part of the transaction, Live Nation has also gained interest in a joint venture with Ossessa Citrak, Ossessa Booking and Artist Management; ICREA, one of the most specialized and corporate event experts in Mexico; And Centro Citibanamex, an exhibition and convention center in Mexico City.

“After working as a Live Nations Touring, Festival and Ticket Partner in Mexico for years, we know Ossa is a remarkable business with deep roots in live entertainment in Mexico,” said Rapapino, CIE President / CEO Alejandro Sobran Curran. As we continue to build to return to life, OCESA will play a key role in bringing together many incredible shows in Mexico and the rest of Latin America.

“We are extremely proud to have finally joined Live Nation,” Currie said. “This is a natural evolution of our long-standing relationship and gives us a unique opportunity to continue OCESA’s 30-year contribution to the development of our Mexican live entertainment industry. In addition, it will help us increase CIE’s commitment to developing Mexican artistic talent abroad.”

Soberón Kuri will serve as CEO and sit on the board of the newly formed joint venture. Radapino will be the chairman of the venture’s board of directors.

Live Nation is considering various options for financing the purchase price for the acquisition, including providing equity securities subject to market conditions. LionTree Advisors served as Financial Advisor to Live Nation dealing with transactions.

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