Live Nation Entertainment, Inc. (NYSE:LYV) entered into definite agreement to acquire 51% stake in Ocesa Entretenimiento, S.A. de C.V. from Grupo Televisa, S.A.B. (BMV:TLEVISA CPO) and Corporación Interamericana de Entretenimiento, S.A.B. de C.V. (BMV:CIE B) for MXN 8.8 billion on July 24, 2019. Under the terms of the transaction, Live Nation will acquire 40% from Grupo Televisa for MXN 5.206 billion. On or before closing, Televisa also expects to receive a dividend of approximately MXN 350 million. Live Nation will acquire 11% stake in Ocesa Entretenimiento from Corporación Interamericana de Entretenimiento for MXN 3.629 billion. Pursuant to the terms, Live Nation will pay MXN 7.9 billion in cash and MXN 907.3 million in shares. As part of the transaction, Live Nation also planned to buy an interest in OCESA's booking and artist management joint venture OcesaSeitrack, corporate event specialist CREA, and Centro Citibanamex, an exhibition and convention center in Mexico City. As on September 14, 2021, Live Nation Entertainment, Inc. announced that it intends to offer, subject to market and other conditions, MXN 8,591.4 million of common stock registered under the Securities Act of 1933, as amended. Live Nation Entertainment, Inc. intends to use the net proceeds from the offering to fund the acquisition of 51% of the capital stock of OCESA Entretenimiento, S.A. de C.V. Following completion, Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment, will be the Chairman of the Board of OCESA. Alejandro Soberón Kuri, founder of CIE, will serve as Chief Executive Officer and Board Member of OCESA, and continue holding his positions as Chief Executive Officer and Chairman of the Board of CIE.

The consummation of transaction is subject to the approval of the relevant regulatory authorities and to the closing of the sale by Corporación Interamericana de Entretenimiento, S.A.B. de C.V. to Live Nation of a portion of its stake in Ocesa. The acquisition has been approved by the Boards of Directors of Live Nation, CIE, and Televisa. Transaction has been approved by Mexican regulators in mid-April 2020. On May 5, 2020, Live Nation Entertainment, Inc. informed that they are not obligated to close the acquisition and a standstill agreement has been reached for discussions. The parties anticipate that the transaction will close by the end of 2019. As of February 27, 2020, transaction is expected to close sometime in the second quarter of 2020. Live Nation Entertainment, Inc. (NYSE:LYV) cancelled the acquisition of 51% stake in Ocesa Entretenimiento, S.A. de C.V. from Grupo Televisa, S.A.B. (BMV:TLEVISA CPO) and Corporación Interamericana de Entretenimiento, S.A.B. de C.V. (BMV:CIE B) on May 15, 2020. As of May 26, 2020, the standstill agreement has expired without reaching an agreement among the parties.

As of September 13, 2021, Live Nation resumed the transaction. Pursuant to the amended terms, Live Nation will pay MXN 8.8 billion in cash. Live Nation will held back MXN 618.45 million for some time after completion to cover defined potential losses. The transaction is subject to customary closing conditions, including Mexican regulatory approvals and approval by CIE's shareholders. The transaction is now expected to close by late 2021 or early 2022.

LionTree Advisors acted as financial advisor to Live Nation. Rothschild & Co acted as financial advisor to Corporación Interamericana de Entretenimiento. Iker Arriola, Omar Zúñiga Arroyo, Francisco Peniche, Luis Gerardo García Santos Coy and Carlos de Icaza. Consejero Jorge Kargl of Creel, García-Cuéllar, Aiza y Enríquez acted as legal advisors for Live Nation. Francisco Fuentes Ostos, Ricardo Maldonado Yáñez, Francisco Glennie and Carlos Ernesto Orcí Berea of Mijares, Angoitia, Cortés y Fuentes acted as legal advisors for Grupo Televisa. Rico, Robles, Libenson y Bernal acted as legal advisors Corporación Interamericana de Entretenimiento.