Live Nation acquires Frank Productions in blockbuster deal
In a blockbuster deal for live music fans, event planner Live Nation has purchased a majority interest in Frank Productions, one of the U.S.’s largest independent promoters. The sale was finalized last Thursday, and will be effective from February 1, bringing Fred and Larry Frank – both industry veterans – into the Live Nation fold.
Live Nation’s share price has risen by almost 60% over the last 12 months
SOURCE: Yahoo Finance
There is significant excitement about what the brothers Frank could bring to Live Nation in terms of experience. Bob Roux, president of U.S. Concerts, said: "I’ve known Larry and Fred since 1987 co-promoting shows in Milwaukee and I am very excited about this deal. We love empowering independent entrepreneurs and promoters to keep doing what they're doing with added resources and opportunities to turbocharge them to the next level."
Larry Frank added that “the only way this works is if we treat it like a partnership,” meaning that Frank Productions will continue to operate as an independent brand. He continued:
"We've been at this four decades and both Fred and I aren't going anywhere.... We've experienced tremendous growth in the last year and this allows us to accelerate that growth even more. Now we have more tools in our toolbox and can continue using our model to work with more artists, venues and fans."
Fred Frank, meanwhile, had the following to say: "We never met Michael Rapino until we received a phone call from him and we didn't know much about Live Nation besides competing with them on a daily basis. Sitting down with Rapino and hearing his vision was a game changer for us. And as his partner, we retain independence. Nothing changes -- we keep our email addresses and our name on the door."
Dominion holds Live Nation in its Global Trends Luxury Fund.
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