Live Nation buys renowned Portuguese promoter

Live Nation has reportedly bought a controlling stake in Portugal’s leading promoter Ritmos e Blues (Rhythm and Blues).

Founded in 1990 by Nuno Braamcamp and Álvaro Ramos, the company has promoted concerts for the likes of Whitney Houston, Bruce Springsteen, Bryan Adams, Dire Straits, Michael Jackson, Prince, Phil Collins, U2, Rolling Stones, George Michael and The Police.

Ritmos e Blues was responsible for several of the first stadium concerts in the country, including a groundbreaking event with Tina Turner at the Estádio de Alvalade in 1990 with 65,000 spectators.

The Lisbon-based firm is also a co-producer of Rock in Rio Lisbon, one of the biggest music festivals in Europe, which has been taking place since 2004.

Ritmos e Blues was responsible for several of the first stadium concerts in the country

Live Nation confirmed to IQ it has purchased an “indirect controlling stake” in Ritmos e Blues and Arena Atlântico, which owns the country’s largest arena, Altice Arena in Lisbon.

Arena Atlântico is controlled by a consortium that includes Ritmos e Blues, Luís Montez (owner of the promoter Música no Coração) and Jorge Vinha da Silva, among others. Its subsidiaries include the ticketing company BlueTicket, which Live Nation will also take control of.

“Daily operations at the arena will continue to be led by their senior management team and the arena’s employees,” Live Nation told IQ. “The acquisition is expected to close later this year upon completion of customary closing conditions, including approval from Portugal’s competition authority.”

The Competition Authority is accepting comments on the deal for the next 10 days.

The 21,000-capacity Altice Arena (formerly MEO Arena) last year recorded the best financial results in its 25-year history, closing the year with more than €16 million in revenue.

The deal solidifies a partnership between Live Nation and Ritmos e Blues that dates back to 2012, when the companies joined forces with Rock in Rio’s promoter to “substantially grow the live events market”.

Forthcoming shows promoted by the Portuguese promoter include Madonna, Blink 182, Louise Tomlinson, Ricky Gervais, Rod Stewart, Michael Bublé and Il Divo.

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