LN and OVG bid to revive abandoned Madrid site

Oak View Group and Live Nation are teaming with Parque Metropolitano – a subsidiary of Spanish football club Atlético Madrid – to transform the city’s unfinished Aquatic Center into a multi-functional complex.

Under their joint venture Barsento SL, the companies have submitted a proposal to Madrid City Council to reimagine the 15,000-cap scheme, which was abandoned in 2010 in the wake of the Spanish capital’s unsuccessful bids to host the Summer Olympics.

La Liga giants Atlético revisited the space in Madrid’s San Blas neighbourhood after moving to the nearby Metropolitano Stadium in 2017.

According to a statement by the new JV, the project will create an “iconic, multi-functional space combining culture, education, sports, and leisure, designed to attract a diverse audience and solidify Madrid’s position as a leading international cultural and recreational destination”.

The initiative further aims to provide “added value to the city of Madrid, particularly the district of San Blas-Canillejas, and to enhance the lives of its residents”.

Madrid’s main indoor arena is the 17,400-cap Movistar Arena (formerly WiZink Center), which was rebuilt and reopened 20 years ago.

“This strategic agreement with PRISA Media will allow us to amplify the reach of the music of the artists who entrust their tours to Live Nation”

Elsewhere in Spain, Live Nation has signed a strategic agreement with media conglomerate PRISA Media, which also has a significant presence in Latin America, to collaborate on joint projects and strengthen music communication and promotion at a national and international level.

The deal, which also seeks to promote Spanish music worldwide, will see collaborations around advertising campaigns, sponsorships, merchandising and “high-value experiential events”.

“Music has the power to unite, harmonise differences, and forge lasting relationships,” says Live Nation Spain president Pino Sagliocco. “This strategic agreement with PRISA Media will allow us to amplify the reach of the music of the artists who entrust their tours to Live Nation, connecting them with broader and more diverse audiences. We are excited to join efforts in this mission.”

As part of the agreement, Live Nation will have a presence in PRISA Media’s multi-platform music channels, as well as advertising spaces in other leading outlets, while PRISA Media will be able to participate as the main media partner in Live Nation’s events and artists in Spain.

“Music is one of the main attributes of our brands, and this agreement with Live Nation will help PRISA Media strengthen its already well-established content in this sector and open new windows of opportunity for the music industry business,” adds Carlos Núñez, executive president of PRISA Media.

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