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Oak View Group to merge with Spectra

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.

 


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Live entertainment giants call for US federal aid

A coalition of some the country’s leading promoters, show producers and venue managers have written to the US federal government to request an aid package specifically for the live entertainment business.

According to Billboard in the US, which has seen a copy of the letter, the 19 signatories – which include the likes of Live Nation, AEG, Feld Entertainment and arena operator VenuWorks – are asking for the Paycheck Protection Program [sic] to be extended to entertainment companies with 500 or fewer employees, as well loans for medium-sized businesses under existing programmes including the Coronavirus Aid, Relief and Economic Security (CARES) Act and the Main Street Lending scheme.

“Our businesses were the first to close and will be the last to reopen,” reads the letter, dated April 2020, which is also signed by the Broadway League, Spectra Venue Management and the International Association of Venue Managers (IAVM).

“Without immediate financial assistance, the future of the public entertainment and event industry is in question. Accordingly, Congress must act now to address the severe impact that governmental closures orders have had on this industry.”

“Congress must act now to address the severe impact that governmental closures orders have had on this industry”

The situation is particularly urgent given that many business are struggling to obtain pay-outs from insurance claims for loss of earnings – a phenomenon also being experienced by their colleagues in France and the UK. “Many insurance carriers have pre-emptively asserted that property damage and event cancellation policies will not provide coverage related to the COVID-19 pandemic,” the letter states.

Insurers and brokers, in partnership with Congress, must therefore establish ‘business recovery fund’ for the entertainment industry, it continues, “modelled on the 9-11 victims fund, to aid the businesses and their employees that were forced to shut down due to Covid-19, and will continue to struggle even after the economy restarts”.

The signatories are also requesting that authorities such as the Centers for Disease Control and the Federal Emergency Management Association establish a working group with members of the entertainment industry “to put forth voluntary guidelines that can be implemented by venues”. Companies that comply with these guidelines “should receive protection from Covid-19-related lawsuits,” they add.

The group is the second live entertainment association to lobby the US Congress for financial assistance, following the newly formed National Independent Venue Association earlier this month.

 


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