Music and Live Events are trickling back into society. And with the promise of ticket sales, Live Nation is making moves with its corporate strategy.
Live Nation is to acquire 51% of Mexico City-based Ocesa Entertainment for the staggering sum of 444 Million Dollars. 7% of that sum will be retained by Live Nation to cover any operating losses while the deal is being completed.
The deal in question was originally proposed back in July of 2019. But the pandemic put a pause on all that. Live Nation announced in a press release today, that they will be moving forward with it.
The agreement is expected to wrap by Q4 of this year or Q1 of next. If the deal does not come to a close by June 12, 2022; then either party can scrap the deal.
This news demonstrates the confidence that Live Nation has in the industry’s ability to bounce back. Even in the face of losing a half billion dollars in the first half of 2021. The Beverly Hills-based live music conglomerate mentioned that “the concerts pipeline for 2022 is up double digits from 2019”. And it has touring plans extending as far into the future as 2024.
Oseca Entertainment promotes roughly 3,100 events for 6 Million music-fans across Mexico and Columbia. Presumably Live Nation will enact similar Covid precautions as they have in the US, UK, and Canada.