Live Nation Entertainment, Inc. (NYSE: LYV), the world’s leading live entertainment company, announced today it has acquired a majority stake in Páramo Presenta, the leading music promoter in Colombia. This move further demonstrates Live Nation’s commitment to Latin America and strengthens its global platform, while underscoring its dedication to supporting local talent and providing fans with unparalleled live entertainment experiences. The deal was executed through OCESA, which Live Nation acquired a controlling interest of in December of 2021.
Páramo is a key player in the Colombian music scene. The company is particularly renowned for its flagship event, Estereo Picnic, a 4-day music festival held in Bogotá, that has quickly become one of the most prominent events in South America and is Colombia’s largest music festival, drawing in crowds of over 100,000. The festival was ranked 32nd on Billboard’s list of the world’s top music festivals in 2022. Also included in their festival portfolio are Baum Festival and Knotfest, both similarly held in Bogotá. 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,” said Michael Rapino, President and CEO of Live Nation Entertainment. “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.”
“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.