BOGOTÁ (CelebrityAccess) — Live Nation Entertainment announced the acquisition of a majority stake in the Colombian concert promoter, Páramo Presenta.
According to Live Nation, the deal continues the company’s expansion in Latin America, and was brokered through Mexican concert promoter OCESA, which Live Nation acquired a controlling interest in in 2021.
Páramo Presenta is one of the leading live events companies in Colombia and produces events such as Estereo Picnic, a 4-day music festival held in Bogotá, which has grown to become one of Colombia’s most high-profile music events, annually drawing crowds of more than 100,000 fans.
The company’s portfolio also includes the Bogata-based Baum Festival and Knotfest.
“Páramo is fresh off of a record year and their team are some of the best in the business,” said Michael Rapino, President and CEO of Live Nation Entertainment. “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.”
“We are excited to build upon our deep relationship with Live Nation, and welcome Páramo as a partner. Together, we will continue to elevate the live entertainment landscape in Latin America, adding Páramo’s top festivals and concert roster to OCESA’s large scale events in Colombia.” said Alejandro Soberón Kuri, CEO of OCESA.
“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 merge with Live Nation and OCESA, two of the most important entertainment companies in the world, with the firm conviction that it 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.” says Gabriel García, CEO of Páramo Presenta.
Following the acquisition, Páramo Presenta upcoming events will shift to Eticket for ticketing services. Eticket is OCESA’s Colombian ticketing service and part of Live Nation’s ticketing platform, the company said.
The financial terms of the acquisition were not disclosed.
