Live Nation acquires Red Mountain Entertainment
The world’s biggest live entertainment company, Live Nation, has agreed to buy a majority stake in Red Mountain Entertainment, a premier regional concert and festival promoter in the southeastern U.S. The merger will combine Red Mountain’s considerable expertise in the region with Live Nation’s market leading networks and resources to grow the live entertainment scene in the American Southeast.
Live Nation’s share price has risen by 13% over the last 30 days
SOURCE: Yahoo Finance
Gary Weinberger, Red Mountain’s president, was eager to highlight the positive impact that would have for the region’s live music fans, saying: "From day one, our goal at Red Mountain has always been to bring fans' favorite artists to town. As we took on bigger venues, talent, and events across the Southeast, we always stayed true to that mission, which is why we were excited about the opportunity to work with Live Nation. As part of Live Nation, with my partners Jay Wilson, John Ruffino and our team, we look forward to bringing countless more shows and festivals to fans across the Southeast."
Red Mountain will continue to run its own operations, from putting on music festivals to brewing craft beer. That means fans can rest assured that the same high quality – which has seen the company book acts such as The Rolling Stones, Pink Floyd, Kings of Leon, Bob Dylan, Def Leppard, and more – will continue to be delivered.
Bob Roux, Live Nation’s president of U.S. Concerts, added: "I have had the great privilege to have known Gary, Jay and John for many years now, and they are just terrific people who have built a tremendous concert business. Given their entrepreneurial approach to business, their personal relationships and their tireless work ethic, they will continue to grow and accomplish even more as we work along-side one another at Live Nation."
Dominion holds Live Nation in its Global Trends Managed Fund.
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