US Live Nation renegotiates purchase of Mexican entertainment firm Televisa

MEXICO CITY, Sep 13 (Reuters) – American company Live Nation Entertainment has resumed its acquisition of Mexican entertainment company Ocesa from Grupo Televisa, which was halted in 2020 due to differences between the parties over the pandemic and talks.

Live Nation agreed to proceed with the purchase of Televisa’s 40% unconsolidated shareholding in Oessa, according to a statement released Monday by the Mexican communications giant.

Televisa is expected to receive 5,206 million pesos (about $262 million) for shares in Ocesa, part of the Inter-American Entertainment Corporation (CIE).

Live Nation reported in a statement on Monday that the total value of the purchase would be approximately $444 million. Additionally, the US company acquires 51% of the shares of other CIE businesses dedicated to the operation and organization of special events for the private sector.

Televisa announced last year that it would consider its legal options after failing to reach an agreement in talks with the buyer about the latter’s decision to withdraw from operations.

Live Nation noted at the time that it was terminating the acquisition agreement due to CIE’s breach of certain contractual obligations.

(one US dollar = 19.8599 pesos)

(Mexico Editorial Office)