Live Nation to acquire IMM’s share of Rock in Rio
Live Nation has confirmed to IQ it is to increase its shareholding in Rock in Rio to a majority stake.
The US concert giant bought into Rock City – the company behind the 100,000-capacity flagship festival in Rio de Janeiro, Brazil, and its 80,000-cap. Lisbon sister event – in May 2018, taking over the minority share formerly held by SFX/LiveStyle. At the time, Live Nation said it aimed to become the controlling shareholder by 2019.
It now appears to be putting those plans in motion by acquiring the 20% stake held by Brazil-based, Abu Dhabi-owned entertainment and sports promoter IMM (formerly IMX). A buy-out is “in process”, subject to regulatory approvals, according to a Live Nation spokesperson.
A buy-out is in process, subject to regulatory approvals
IMM and Live Nation clashed in court late last year, with LN appealing after a Rio judge suspended the sale of Rock in Rio after protests by IMM.
Live Nation declined to comment on pricing, but a report in the Global Legal Chronicle puts the value of the Live Nation–IMM deal at US$20 million and Live Nation’s new shareholding at 60%.
Rock in Rio founder Roberto Medina will reportedly retain a 40% stake after LN’s buy-out of IMM, and continue to manage the festivals.
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