Live Nation has terminated a planned US$480 million acquisition of Mexico’s largest promoter OCESA Entretenimiento, but a future agreement is still possible, a source told Billboard.
Monday, May 25, Live Nation officials notified Corporación Interamericana de Entretenimiento (CIE) and Grupo Televisa that Live Nation was terminating a stock purchase agreement to acquire a controlling interest in the Mexican concert company.
Live Nation CEO Michael Rapino previously announced that the deal was being put on hold during a May 7 earnings call, saying company officials planned to “evaluate the impact of the global COVID-19 pandemic on OCESA’s business and operations” in Mexico and the rest of Latin America.
Live Nation and OCESA’s owners entered into a separate standstill agreement to discuss modifications to the acquisition, but were unable to agree to new purchase terms before the standstill agreement expired.
Full Content: Billboard
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