Mergers & Acquisitions

Liberty Media completes QuintEvents acquisition

Featured Image: Guy from Pixabay

Formula 1 owner Liberty Media has completed the acquisition of QuintEvents, a provider of premium experiences for sports and entertainment events.

Ticketing and hospitality firm QuintEvents will be attributed to Liberty Media’s Formula One Group tracking stock. 

The deal was first announced in September, with QuintEvents valued at $313m (£247/€286). The group already packages and sells ticket and hospitality inventory for F1, as well as the National Basketball Association (NBA) and the Kentucky Derby. 

Funded with Formula One Group cash on hand, Formula 1 and QuintEvents will continue to be operated as separate companies.  

“Quint is a great addition to Liberty Media, extending our reach in premium experiences and capitalising on continued growth in the global experiential economy,” said Greg Maffei, Liberty Media president and chief executive.

“We aim to leverage our relationships in sports and live events to expand Quint’s portfolio of new business, provide more one-of-a-kind opportunities to fans and increase efficiency in the ticketing distribution ecosystem.”

QuintEvents CEO Brian Ruede added: “Our expertise in the global experiential economy and Liberty Media’s strong relationships in sports and live entertainment will make for a dynamic team. We will look to aggressively expand our services and strategic portfolio of partnerships to become the most comprehensive experiential platform in the world. We are just getting started.”

Liberty Media agreed to purchase the Formula One Group for $4.4bn in late 2016, with the deal finalised in January 2017 for $4.6bn. Through its Liberty Live Group, the company also owns a large stake in Live Nation Entertainment.