‘The future is now’: Legends seals ASM acquisition

Legends says it has created “the world’s preeminent premium live events company” with the completion of its blockbuster acquisition of ASM Global.

The $2.325 billion deal was first announced in November 2023 and has now been completed after receiving approval from the US Department of Justice (DOJ).

The combined company, which will reportedly have 10,000 full-time employees, plans to provide a “data-driven, customisable solution across all areas of venue operations and revenue generation”. Services include venue planning, development and management; content and event booking; partnerships and premium ticketing; and merchandise and hospitality services.

Backed by global investment firm Sixth Street, New York-headquartered premium experiences specialist Legends’ existing clients include Real Madrid, SoFi Stadium, Dallas Cowboys, FC Barcelona, New York Yankees, and Ryder Cup, as well as the NFL, MLB, NASCAR, PGA of America and FIFA World Cup.

Its expanded geographic reach will now support partners across Africa, Asia, Europe, Oceania, and North and South America.

“The next era of Legends starts now,” says Dan Levy, CEO of Legends. “Over the course of 15 years, we have developed an unmatched solution to deliver a superior fan experience and help our partners grow. We are proud to add ASM Global to deliver even better experiences and value for our global partners, setting the standard in sports and entertainment.”

ASM, which is headquartered in Los Angeles, was formed in 2019 following a merger between arena operators AEG Facilities and Onex’s SMG. It operates buildings including Las Vegas’ Allegiant Stadium, ICC Sydney Convention Center, Avicii Arena in Stockholm, OVO Arena Wembley, Coca-Cola Arena in Dubai and State Farm Stadium in Glendale, Arizona.

“The opportunities created by our companies’ collective capabilities will elevate not only the success of our partners, clients, and projects worldwide but the industry as a whole”

“One of our ASM Global mantras for a number of years has been ‘the future is now.’ By joining Legends, that future has not only arrived, but it couldn’t be brighter,” says Ron Bension, ASM Global president and CEO. “The opportunities created by our companies’ collective capabilities will elevate not only the success of our partners, clients, and projects worldwide but the industry as a whole.”

ASM equity holders AEG and Onex agreed to sell their ownership interests as part of the Legends agreement, with ASM continuing to serve existing and in-development AEG venues. For the time being, ASM Global will continue to operate under its name.

Legends, which was founded in 2008, recently reached a $3.5 million (€3.2m) settlement with the DOJ after being accused of “illegal premerger coordination” in connection with the planned purchase.

The DOJ filed a civil lawsuit in the Southern District of New York, alleging Legends had exercised “operational control over aspects of ASM during the HSR waiting period involving venue management services for an arena in California”. The settlement offered no determination of liability.

The experiences and hospitality realm is an increasing priority for the venue sector, accelerated by the launch of Oak View Group (OVG) in 2015 by former AEG CEO Tim Leiweke and ex-Live Nation chairman Irving Azoff. OVG has since upped its offering with its acquisitions of Philadelphia-based venue management firm Spectra and Rhubarb Hospitality Collection.

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