The company said in a statement that Televisa expects to acquire Ocesa equity of 5.206 billion pesos.
Mexico City- Mexican entertainment company Televisa announced today that it has reached an agreement with Live Nation and CIE to continue selling its stake in live entertainment company Ocesa, the organizer of festivals such as Vive Latino and Corona Capital.
The progress of the agreement was stopped due to the uncertainty created by the pandemic. Live Nation Entertainment, Inc. will continue the previously announced acquisition of Grupo Televisa, SAB’s unconsolidated 40% stake in Ocesa Entertainment, SA de CV
The company said in a statement that Televisa expects to receive 5.206 billion pesos (US$261.8 million) in Ocesa.
The agreement needs to be approved by the regulatory authorities. Also, the Corporation of Corporation Interamericana de Excelencia de CV must complete the transaction of the sale of a part of its stock position at Ocesa.
On Monday, Ocesa announced the lineup of the 11th Corona Capital, which includes Tame Impala, 21 Pilots, Disclosure, Rüfüs Du Sol and St. Vincent, which was cancelled for a year due to the pandemic. The festival, which will take place from November 20-21 in Mexico City, is the first of its type following the Covid-19 epidemic.
American company Live Nation is a leader within the North American market for performances. It has operations around the globe. Its website claims that it sells 500 million tickets per year and hosts 40,000 concerts as well as more than 100 festivals. Its stock can be traded on the Standard & Poor’s 500 Index of New York Stock Exchange.