Live Nation Entertainment has continued its investment spree this week, acquiring Team Event, a New Zealand-based festival producer behind Electric Avenue.
The acquisition, financial terms of which were not disclosed, was announced Thursday (July 31), two days after the ticketing giant revealed a USD $646 million deal to acquire an additional 24% stake in Mexican concert promoter OCESA.
The deal brings Electric Avenue, a two-day music festival in Christchurch that draws 40,000 fans per day, into Live Nation’s global festival portfolio.
Electric Avenue launched in 2015 and has featured headliners including Lorde, The Chemical Brothers, Flume, and The Prodigy. The festival is being held in February each year at Christchurch’s central Hagley Park. Live Nation hinted at future plans for venue and capacity expansion following the acquisition.
“Electric Avenue is a testament to what local grit and vision can create – a world-class live music experience. We are excited to partner with Callam and Team Event to take Electric Avenue and its festival brands to the next level.”
Mark Kneebone, Live Nation New Zealand
Mark Kneebone, Managing Director of Live Nation New Zealand, said: “Electric Avenue is a testament to what local grit and vision can create – a world-class live music experience. We are excited to partner with Callam and Team Event to take Electric Avenue and its festival brands to the next level, giving fans get even greater access to local and international talent while supporting the future growth and success of this iconic New Zealand festival.”
Callam Mitchell, Director of Team Event, added: “This partnership with Live Nation is an incredible opportunity to secure the long-term future of our business. Access to talent and the expertise from such a large global organization will only take us to new heights.”
“The past 15 years of building this business has been a journey of blood, sweat and tears but a journey we’re incredibly proud of, and this acquisition is a recognition of that.”
“This partnership with Live Nation is an incredible opportunity to secure the long-term future of our business. Access to talent and the expertise from such a large global organization will only take us to new heights.”
Callam Mitchell, Team Event
The deal expands Live Nation’s New Zealand portfolio, which already includes Rhythm & Vines, and the regional Greenstone Summer Concert Tour. The company also operates Spilt Milk festival in Australia.
In addition to the Team Event and OCESA deals this week, Live Nation has beefed up its investments in recent months.
In May, the Ticketmaster owner acquired SD Concerts, a live entertainment company in the Dominican Republic. In April, the company bought Hayashi International Promotions (HIP), a Japan-focused live music promoter of both domestic and international artists.
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