Live Nation is increasing its presence in Latin America. The company announced July 10 it acquired the majority stake in Páramo Presenta, Colombia’s leading music promoter
The deal was executed through OCESA, in. which Live Nation acquired a controlling interest in December 2021.
Páramo is perhaps best known for its flagship event, Estereo Picnic, Bogota’s four-day music festival drawing more than 100,000 people. Páramo’s festival portfolio also includes Bogota’s Baum Festival and Knotfest. As part of the partnership, all future events will be ticketed through Eticket, which is OCESA’s Colombian ticketing entity and part of Live Nation Entertainment’s ticketing platform.
“Páramo is fresh off of a record year and their team are some of the best in the business,” Michael Rapino, president and CEO of Live Nation Entertainment, said in a statement. “Colombia is a booming market, and we’re looking forward to working with our new partners at Páramo and longtime partners OCESA as we continue our expansion across Latin America.”
In addition to the OCESA acquisition in 2021, major Latin American acquisitions by Live Nation in recent years include Brazil’s Rock In Rio and Argentina’s DF Entertainment in 2018 and Chile’s DG Medios in 2019. Live Nation expanded Ticketmaster to Brazil and Peru earlier this year.
“We are excited to build upon our deep relationship with Live Nation, and welcome Páramo as a partner. Together, we will continue to elevate the live entertainment landscape in Latin America, adding Páramo’s top festivals and concert roster to OCESA’s large scale events in Colombia.” said Alejandro Soberón Kuri, CEO of OCESA.
“Almost 20 years ago, we embarked on this journey because we saw the opportunity to bring more artists we love to Colombia. After being raised in an era with very few shows in the country, and being part of an exponential rise of live music, today we celebrate this historic merge with Live Nation and OCESA, two of the most important entertainment companies in the world, with the firm conviction that it will propel us to new heights and provide even more unforgettable moments between artists and fans, becoming a key part of the country’s growth and strengthening our market to be increasingly competitive on the global stage of live entertainment. All of this was made possible thanks to the public and the sponsors who have believed in and supported our work.” says Gabriel García, CEO of Páramo Presenta.