Live Nation now has a stake in OCESA Entertainment, purchasing a controlling interest from CIE and Grupo Televisa, the companies announced on July 24. The acquisition brings Ticketmaster Mexico under the Live Nation banner, while adding some 14 venues across Mexico to its portfolio, with a collective capacity of nearly 250,000 seats.

OCESA promotes more than 3,100 events and also is involved in ticketing, sponsorship, food and beverage and merchandise, in addition to venue operation. Ticketmaster Mexico moves more than 37 million tickets annually. Also included in the deal is 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.

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.”

“OCESA has been Live Nation’s touring, festival, and ticketing partner in Mexico for years, and I admire the business Alex has built,” added Michael Rapino, president and CEO of Live Nation Entertainment, who will take on the chairman position of the venture’s board of directors (Soberón Kuri will serve as CEO). “This next step is a logical extension for both our teams, and we look forward to working on many more shows together.”

While subject to regulatory approval, Live Nation estimates that agreements will be fully executed and transactions  closed by the end of the year. Live Nation enlisted LionTree Advisors as financial advisor for the acquisition.