LOS ANGELES and MEXICO
CITY, July 24, 2019
/PRNewswire/ -- Live Nation Entertainment (NYSE: LYV), the
world's leading live entertainment company, has entered into
definitive agreements to acquire a controlling interest in OCESA
Entretenimiento, a leading promoter in Latin America and owner of Ticketmaster Mexico
from CIE (BMV: CIE), a prominent player in the live entertainment
industry in Latin America, and
Grupo Televisa (NYSE: TV), the largest multimedia company in the
Spanish-speaking world.
One of the most prominent live events businesses globally, OCESA
promotes more than 3,100 events for nearly 6 million fans annually
across Mexico and Colombia and has a robust business portfolio
in ticketing, sponsorship, food & beverage, merchandise, and
venue operation with 14 premier venues across Mexico with a collective capacity of nearly
250,000 seats. OCESA's primary ticketing business, Ticketmaster
Mexico, is a leading ticketing company in Mexico, with more than 37 million tickets sold
annually. As part of the transaction, Live Nation will also acquire
an interest in OcesaSeitrack, OCESA's booking and artist management
joint venture; CREA, one of Mexico's special and corporate event
specialists; and Centro Citibanamex, an exhibition and convention
center in Mexico City.
This move furthers Live Nation's goal of building its global
live entertainment platform, allowing the company to better service
artists who now travel the world to play to their expanding global
fan base.
"OCESA has been Live Nation's touring, festival, and ticketing
partner in Mexico for years, and I
admire the business Alex has built," said Michael Rapino, President and CEO, Live Nation
Entertainment. "This next step is a logical extension for both our
teams, and we look forward to working on many more shows
together."
"We are extremely proud to join Live Nation," said Alejandro
Soberón Kuri, President and CEO of CIE. "This evolution of our
long-standing relationship with Live Nation gives us a unique
opportunity to continue OCESA´s 30-year contribution to the
development of the Mexican live entertainment industry. In
addition, this will further foster CIE´s commitment to the
promotion of Mexican artistic talent abroad."
Soberón Kuri will serve as CEO and sit on the board of the
newly-formed joint venture. Rapino will become Chairman of the
venture's board of directors.
The acquisition has been approved by the boards of directors of
Live Nation, CIE, and Televisa. The consummation of the
transactions is subject to the approval of the relevant regulatory
authorities and other customary closing conditions. Live Nation
anticipates that the transactions will close by the end of 2019.
LionTree Advisors is serving as financial advisor to Live Nation in
connection with the transaction.
This acquisition, including material information pertaining
thereto, may be discussed on Live Nation's previously-scheduled Q2
2019 earnings call, which will be held on Thursday, July 25 at 5:00pm Eastern Time. Interested parties
should visit the "News / Events" section of Live Nation's website
at investors.livenationentertainment.com to listen to the
webcast. Supplemental statistical and financial information
to be provided on the call, which may include information about the
acquisition, if any, will be posted to the "Financial Info" section
of the website. A replay of the webcast will also be available on
the Live Nation website.
Forward-Looking Statements
This news release contains
forward-looking statements, including the expected closing of the
proposed transactions described herein and the time frame in which
this will occur. Statements regarding future events are based
on Live Nation's current expectations and are necessarily subject
to associated risks related to, among other things, regulatory
approval of the proposed transactions or that other conditions to
the closing may not be satisfied, the occurrence of any event,
change or other circumstances that could give rise to the
termination of the definitive agreements related to the proposed
transactions, and general economic conditions. Therefore,
actual results may differ materially and adversely from those
expressed in any forward-looking statements. The
forward-looking statements included herein are made only as of the
date hereof, and Live Nation undertakes no obligation to revise or
update any forward-looking statements for any reason, whether as a
result of changes in underlying factors, new information, future
events or otherwise. Live Nation refers you to the documents it
files with the Securities and Exchange Commission, specifically the
section titled "Item 1A. Risk Factors" of its annual report on Form
10-K for the year ended December 31,
2018, which contains and identifies important factors that
could cause actual results to differ materially from those
contained in Live Nation's forward-looking statements.
About Live Nation Entertainment
Live Nation
Entertainment (NYSE:LYV) is the world's leading live
entertainment company comprised of global market leaders:
Ticketmaster, Live Nation Concerts and Live Nation
Sponsorship. For additional information,
visit www.livenationentertainment.com.
About Corporacion Interamericana de Entretenimiento
Corporacion Interamericana de Entretenimiento (BMV: CIE) is a
prominent player in the out-of-home entertainment industry in
Latin America. The Company is a
promotor and producer of concerts, music festivals, theater, as
well as sports, family, and cultural events. CIE operates Centro
Citibanamex, a convention and conference venue in Mexico City, as well as the El Salitre Magico
amusement park in Colombia.
Likewise, the Company produces corporate events for the public
sector. CIE promotes and markets the Formula 1 Mexican Grand
Prix.
About Grupo Televisa
Televisa is a leading media
company in the Spanish-speaking world, an important cable operator
in Mexico and an operator of a
leading direct-to-home satellite pay television system in
Mexico. Televisa distributes the
content it produces through several broadcast channels in
Mexico and in over 75 countries
through 26 pay-tv brands, television networks, cable operators and
over-the-top or "OTT" services. In the
United States, Televisa's audiovisual content is distributed
through Univision Communications Inc. ("Univision") the leading
media company serving the Hispanic market. Univision broadcasts
Televisa's audiovisual content through multiple platforms in
exchange for a royalty payment. In addition, Televisa has equity
and warrants which upon their exercise would represent
approximately 36% on a fully-diluted, as-converted basis of the
equity capital in Univision Holdings, Inc., the controlling company
of Univision. Televisa's cable business offers integrated services,
including video, high-speed data and voice services to residential
and commercial customers as well as managed services to domestic
and international carriers. Televisa owns a majority interest in
Sky, a leading direct-to-home satellite pay television system and
broadband provider in Mexico,
operating also in the Dominican
Republic and Central
America. Televisa also has interests in magazine publishing
and distribution, radio production and broadcasting, professional
sports and live entertainment, feature- film production and
distribution, and gaming.
About OSECA Entretenimiento
One of the most
prominent live events businesses globally, OCESA promotes more than
3,100 events for nearly 6 million fans annually across Mexico and Colombia and has a robust business portfolio
in ticketing, sponsorship, food & beverage, merchandise, and
venue operation with 14 premiere venues across Mexico with a collective capacity of nearly
250,000 seats. OCESA's primary ticketing business, Ticketmaster
Mexico, is a leading ticket company in Mexico, with more than 37 million tickets sold
annually
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SOURCE Live Nation Entertainment