Live Nation Entertainment has expanded its presence in Latin America with the acquisition of a majority stake in Colombian music promoter, Páramo Presenta.
The deal was executed through OCESA, which Live Nation acquired a controlling stake of in December 2021.
Páramo is known for its flagship event, Estéreo Picnic, a four-day music festival held in the Colombian capital of Bogotá. The music festival draws in crowds of over 100,000 and was ranked 32nd on Billboard’s list of the world’s top music festivals in 2022.
Also included in the promoter’s portfolio are Baum Festival and Knotfest, which are also held in Bogotá.
The deal will also see all future events ticketed through Eticket, which is OCESA’s Colombian ticketing entity and part of Live Nation Entertainment’s ticketing platform.
Michael Rapino, president and chief executive of Live Nation Entertainment, said: “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.”
Alejandro Soberón Kuri, chief executive of OCESA, said: “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.”
Gabriel García, chief executive of Páramo Presenta, added: “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.”