Oak View Group, the global venue development, advisory and investment company for the sports and live entertainment industries, has announced plans to merge with venue management and hospitality provider Spectra.
The agreement, financial terms of which were not disclosed, is designed to create a “leader” in the live events industry.
OVG and Spectra said that the combined company will provide expertise in booking and creating content for the venues it manages. It will also be committed to sustainability across its business operations by “harnessing the power” of the sports and entertainment industries to “inspire positive change robustly and at scale”.
The merger is expected to be completed in the fourth quarter of 2021 and is subject to regulatory approvals and other customary closing conditions. Following the close of the transaction, OVG will remain headquartered in Los Angeles, with Spectra’s headquarters to remain in Philadelphia.
Spectra hosts more than 15,000 events a year across the US, Canada and around the world. Its client portfolio includes the 92,000-seat Cotton Bowl stadium in Dallas (pictured).
Read the full story on our sister site TheStadiumBusiness.com.