Reside Nation buys 51% stake in OCESA, the world’s third greatest live performance promoter, for $416m

It was a mega-money deal that was final yr thrown off track by the pandemic, and the uncertainty surrounding stay music live shows typically.

However right this moment (December 6), Reside Nation has lastly closed the acquisition of a 51% stake in Mexico-headquartered OCESA Entretenimiento.

Reside Nation says OCESA is the world’s third largest live performance promoter.

Reside Nation initially entered into an settlement to accumulate the stake in summer season 2019, however the deal collapsed in Could final yr amid the widespread cancellation of stay exhibits because of Covid-19.

On the time, Reside Nation CEO, Michael Rapino famous that, someday sooner or later, he’d nonetheless just like the deal to occur, commenting: “We wish to delay the money cost of the deal till we each understand how and after we’re on the opposite facet of this disaster.”

That day has now arrived: Reside Nation has this night confirmed that it’s spending an mixture buy value of MXN $8.835 billion (approx USD $416 million) to accumulate the bulk stake in OCESA.

That 51% stake is being offered by two events – CIE, a outstanding participant within the stay leisure trade in Latin America, and Grupo Televisa, the most important media firm within the Spanish-speaking world.

Seven p.c of the $416 million buy value (round $29 million) is being held again and retained by Reside Nation to cowl working losses, if any, for a time period following closing.

OCESA promotes hundreds of occasions for hundreds of thousands of followers in a typical yr throughout Mexico and Colombia and operates throughout ticketing, sponsorship, meals & beverage, merchandise, and venue operation – proudly owning 13 premier venues throughout Mexico.

OCESA’s major ticketing enterprise, Ticketmaster Mexico,  sells round 20 million tickets yearly.

“As we proceed to deliver exhibits again around the globe, we’re excited to formally welcome OCESA into Reside Nation,” mentioned Michael Rapino, President and CEO, Reside Nation Leisure.

“Alex and the OCESA crew are unbelievable at what they do and collectively we sit up for creating much more wonderful stay experiences throughout Mexico and Latin America.”

“As we proceed to deliver exhibits again around the globe, we’re excited to formally welcome OCESA into Reside Nation.”

Michael Rapino, Reside Nation

Alejandro Soberón Kuri, Chairman of the Board and Chief Working Officer of CIE, mentioned: “This strategic settlement extends the already profitable relationship we now have with Reside Nation and we’re very proud to take it to the following degree.

“We’re very excited to lastly be a part of forces with Michael and his crew. Along with the world chief, we are going to proceed so as to add worth and progress to the enterprise, bringing one of the best leisure to Mexico and Latin America.”

Soberón Kuri will function CEO and sit on the board of the newly-formed three way partnership. Michael Rapino will turn into Chairman of the enterprise’s board of administrators.

Reside Nation posted company-wide revenues of $2.69 billion in Q3 2021 throughout divisions together with live shows, ticketing and promoting & sponsorship.Music Enterprise Worldwide

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