Live Nation buys United Concerts
Ticket-selling gig booker Live Nation has continued its spate of acquisitions this month with the purchase of United Concerts. United Concerts is a Utah-based music promoter that puts on more than 170 live events throughout the year at numerous locations in the city. In its 50 years of business, it has hosted more than 6,000 events – many of which, in the last few years – have been undertaken in conjunction with Live Nation. Now, the two companies will integrate, and say that they will be able to “bring even more live events to the community” as a result.
Live Nation’s share price has appreciated by 59% year to date
Source: Yahoo Finance
Jim McNeil, United Concert’s CEO, will become president of U.S. Concerts, Salt Lake City at Live Nation. This means he will oversee all local operations, allowing him to utilize the huge amount of experience he has had in the area. Speaking of the merger, McNeil said:
“Becoming part of Live Nation is a strategic move that will benefit our operated venues, and Utah’s live music community at large. We look forward to connecting artists with countless fans here in Salt Lake.”
McNeil will report to Bob Roux, co-president of North American Concerts at Live Nation. He reiterated the value of the two companies previous relationship, saying: “Having partnered with United Concerts on hundreds of shows in the past we’re confident they are the right partners as Live Nation grows our presence in the market.”
Dominion holds Live Nation in its Global Trends Luxury Fund.
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