Live Nation to Increase Stake in OCESA
Live Nation Entertainment has announced plans to acquire an additional 24% stake in OCESA, the leading Mexican live entertainment company, in a deal that further deepens its partnership with Corporación Interamericana de Entretenimiento (CIE).
Under the new agreement, Live Nation will increase its ownership while CIE retains a 25% stake. The remaining stake, previously subject to a put/call agreement, will now remain in place until 2032.
As part of the deal, Alejandro Soberón (pictured) will continue as CEO of OCESA through the same period.
According to Live Nation, the transaction is expected to streamline capital and dividend requirements and support the long-term growth of OCESA’s operations.
Live Nation President and CEO Michael Rapino commented on the partnership’s success, noting that concert attendance in Mexico has more than tripled since 2019.
“Alejandro and his team have done a tremendous job utilizing the global Live Nation infrastructure to drive growth in Mexico,” said Rapino. “Together, we’ve helped position Mexico as the third largest live music market globally.”
Alejandro Soberón, Founder, Executive Chairman, and CEO of Grupo CIE, as well as Founder and CEO of OCESA said:
“Live Nation and Michael Rapino have been ideal partners. The combination of our market knowledge and Live Nation’s expertise have come together to create more opportunities for artists to perform in Mexico and for fans to enjoy these shows.”
CIE is set to receive proceeds exceeding 12 billion Mexican pesos (approximately $646 million USD) from the sale, which it may use to reduce debt and strengthen its financial position.
The transaction is pending approval at an upcoming CIE shareholder meeting and is expected to close by the end of August.