The 10,000-capacity arena, which was originally going to be built on tribal land in Downtown Palm Springs, has found a new home
Sign up for IQ Index
The latest industry news to your inbox.
The merger of the two US venue giants will “create a full-service live events company”, says OVG founder Tim Leiweke
By IQ on 31 Aug 2021
Oak View Group (OVG) has announced plans to merge with Spectra, a Philadelphia-based venue management firm with arenas, stadia, theatres and convention centres across North America.
Founded in 2015 by industry veterans Tim Leiweke and Irving Azoff, OVG specialises in property development and financing, sponsorship and partnerships and venue operation and security, while Spectra provides management, consultancy and hospitality services to its partner venues. The merger of the pair, terms of which were not disclosed, creates a “full-service” company with complementary specialities, according to Leiweke, the former AEG CEO who now serves in the same role at OVG.
“This merger brings together two dynamic leaders in the live events industry with complementary capabilities that will deliver a broad array of services to our clients,” says Leiweke. “OVG’s core competencies in arena development and corporate sponsorships, coupled with Spectra’s leadership in food and beverage services, will create a full-service live events company that will deliver a compelling and highly competitive set of offerings that meet our clients’ evolving needs.
“I look forward to collaborating with the talented team at Spectra and bringing together our two organisations to create something truly unique.”
“This merger brings together two dynamic leaders in the live events industry with complementary capabilities”
Dave Scott, CEO of Spectra, adds: “This is an exciting development for Spectra and an important step in our journey to provide unparallelled services to our clients along with exciting growth opportunities for our team members as part of a larger, more diverse organisation. This merger accelerates our existing strategy and will lead to significant opportunities to cross-sell food, beverage and sponsorship services across our combined client base.
“I look forward to working with Tim, Irving and the OVG team to enhance the future of live events for our valued clients.”
Following completion of the merger, which is expected in the fourth quarter of this 2021 (subject to regulatory approvals and other conditions), OVG will remain headquartered in Los Angeles and Spectra in Philadelphia, Pennsylvania.
Spectra offers venue management, food services and hospitality, and partnerships services for 330 clients in the US and Canada, including stadia, arenas, convention centres, performing arts centres, fairgrounds and casinos, as well as Singapore Sports Hub in south-east Asia. OVG, which has six arenas under construction, including Co-op Live in Manchester, UK, recently inked a global ticketing deal with Ticketmaster.
Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.