As part of its growth strategy in Latin America, Live Nation Entertainment has acquired a majority stake in Páramo Presenta, the Colombian concert promoter. The company is best known for its Estéreo Picnic festival, the largest in Colombia with an annual attendance of over 100,000 people. The four-day festival, which is held annually in Bogotá, was included in the list of the most important of Billboard in 2022.
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Other Páramo properties include the Baum Festival and Knotfest Colombia, both also held in Bogotá.
The agreement between Live Nation and Páramo was signed through OCESA, the live events giant in which Live Nation acquired a majority stake in December 2021. As part of the new agreement, all Páramo event tickets will be sold to through Eticket, OCESA’s ticket platform in Colombia, and part of Live Nation’s ticket sales business.
“Colombia is an exploding market and we are excited to work with our new partners at Páramo and our long-standing partners at OCESA as we continue our expansion into Latin America,” said Michael Rapino, president and CEO of Live Nation Entertainment, in a statement. release.
“We are excited to build on our strong relationship with Live Nation and welcome Páramo Presenta as a partner,” added Alejandro Soberón Kuri, CEO of OCESA.
“Together, we will continue to elevate the landscape of live entertainment in Latin America, by adding the best festivals and concerts of Páramo to the large-scale events of OCESA in Colombia.”
For its part, Páramo has been a leader in bringing large events to Colombia for years, when there were literally no large-scale international festivals in the country.
“Almost 20 years ago, we embarked on this journey because we saw an opportunity to bring the artists we love to Colombia,” said Gabriel García, CEO of Páramo Presenta.
“Today we celebrate this historic merger with Live Nation and OCESA, two of the world’s leading entertainment companies, with the firm belief 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.”
2023-07-11 05:29:02
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