Live Nation has acquired a majority stake in Lisbon’s MEO Arena, and an indirect controlling stake in promoter Ritmos e Blues Produções.
MEO Arena has a capacity of 20,000 and is Portugal’s premier indoor venue. It opened its doors in 1998 for the ‘Expo 98’ World Trade Fair, and has since hosted artists such as Harry Styles, Dua Lipa, Adele, André Rieu and Travis Scott.
Plans for renovating the venue are in place, including upgrades to premium seating, skyboxes, dressing rooms, and concessions, while improving the overall fan experience and making the arena more attractive to visiting artists.
In April 2023, it was reported that Live Nation was seeking to acquire a majority stake in Ritmos e Blues and Arena Atlântico, the operator of what was then known as Altice Arena.
Portugal’s Competition Authority (Autoridade da Concorrência) had originally expressed doubts over the acquisition.
Following an investigation by AdC, Live Nation has committed to guaranteeing an effective freedom of choice of the ticketing company by the promoter utilising the services of MEO Arena; the adoption of an open, transparent and non-discriminatory commercial policy for the use of the MEO (which includes the reduction in access prices to the arena, the freezing of prices for the next five years and that any price changes after five years to be validated by the Monitoring Agent); and reinforcing the conditions aimed at preventing Live Nation from accessing sensitive commercial information relating to competing promoters that use MEO Arena.
As a result of these commitments, among others, AdC opted to not oppose the deal.
“Lisbon is one of Europe’s most exciting capitals, and we’re honoured to be part of its cultural fabric. With this investment, we’re committed to bringing more shows to Portugal, supporting the local economy and creating incredible experiences for fans,” said John Reid, president of Live Nation EMEA.
Daily operations at MEO Arena will remain under its current leadership team, supported by Live Nation’s global network.
Jorge Vinha da Silva, chief executive of MEO Arena, added: “MEO Arena is known nationally and internationally for hosting Portugal’s major shows and events. With this deal we want to build on the arena’s reputation as a cultural destination, and we feel that Live Nation is the right strategic partner to achieve this. I am really excited to enter this new era, not only for MEO Arena but also for Portugal.”
The deal is expected to be finalised in late 2024 or early 2025.
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