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Business News Deals Live Business
Live Nation acquires majority stake in Colombia’s Páramo Presenta
By Chris Cooke | Published on Tuesday 11 July 2023
Live Nation has acquired a majority stake in Páramo Presenta, a leading concert promoter in Colombia. The live giant says that the deal “demonstrates its commitment to Latin America and strengthens its global platform, while underscoring its dedication to supporting local talent and providing fans with unparalleled live entertainment experiences”.
The deal with Páramo Presenta was executed through Mexico-based OCESA Entretenimiento, in which Live Nation took a controlling stake back in 2021, another acquisition that significantly expanded the global live firm’s interests in Latin America.
Confirming the new acquisition, Live Nation chief Michael Rapino says: “Páramo is fresh off of a record year and their team are some of the best in the business. Colombia is a booming market and we’re looking forward to working with our new partners at Páramo and longtime partners OCESA as we continue our expansion across Latin America”.
Páramo Presenta CEO Gabriel García adds: “Almost 20 years ago, we embarked on this journey because we saw the opportunity to bring more artists we love to Colombia. After being raised in an era with very few shows in the country, and being part of an exponential rise of live music, today we celebrate this historic merger with Live Nation and OCESA, two of the most important entertainment companies in the world”.
That merger, he then says, “will propel us to new heights and provide even more unforgettable moments between artists and fans, becoming a key part of the country’s growth and strengthening our market to be increasingly competitive on the global stage of live entertainment. All of this was made possible thanks to the public and the sponsors who have believed in and supported our work”.
