Altice Arena should pass into the hands of Live Nation at the end of this year

2023-05-03 13:01:26

The business of the North American Live Nation Entertainment in Portugal should be completed at the end of this year, revealed the company itself – the largest in the world in its area of ​​activity – to the publication “IQ”.

At the end of last month, it was reported that Live Nation Entertainment bought a controlling stake in the Portuguese promoter Ritmos e Blues and in the company Arena Atlântico, manager of the Altice Arena, in Lisbon.

The deal consists of the purchase by Live Nation of “an indirect controlling stake” in Ritmos e Blues, promoter of Nuno Braamcamp and Álvaro Ramos, and the Arena Atlântico, owned by Ritmos e Blues, Luís Montez, from promoter Música no Coração, and Jorge Vinha da Silva, consortium also responsible for Blueticket, a ticketing company.

According to Live Nation Entertainment, quoted by “IQ”, after the acquisition, operations at the Altice Arena, the largest concert hall in Portugal, will continue to be managed “by the team and the staff of the arena”. The acquisition should be concluded at the end of this year, upon approval of the deal by Competition Authority.

With capacity for 21,000 people, Altice Arena recorded, in 2022, its best financial result in 25 years of activity, closing the year with more than 16 million in profit, advances the same publication.

Rita Carmo

In 2012, when the state sold what was then Pavilhão Atlântico, promoter Nuno Bramcaamp, from Ritmos e Blues, stated that Live Nation – the largest promoter in the world – would be “deciding whether it is worth investing”, adding that the business would involve a “reasonable amount” and that the investment would involve “a large million”. At the time, Ritmos e Blues had signed an agreement that allowed it to be the promoter of Live Nation shows in Portugal. As a result of this partnership, among other shows, Madonna’s concerts at the Altice Arena in November.

Founded in 1990 by Nuno Braamcamp and Álvaro Ramos, Ritmos e Blues has since organized concerts by artists such as U2, Rolling Stones, Michael Jackson, Prince or Bruce Springsteen, having been responsible for some of the first stadium shows in Portugal. Currently, it also co-produces the Rock in Rio Lisboa festival and, this year, it has shows by Madonna, Rod Stewart, Il Divo or the comedian Ricky Gervais on the agenda.

Live Nation Entertainment is the majority shareholder of Rock in Rio (which takes place in Brazil and Portugal), having recently taken control of the local edition of the Lollapalooza festival in Brazil. In England, he is behind the organization of festivals such as Leeds/Reading and Download. Founded in 2010, the company is the result of a merger between Live Nation, a promoter of shows, and Ticketmaster, a giant selling tickets for shows. In addition to these activities, she is also involved in managing venues (such as, now, the Altice Arena, or, in the United Kingdom, the O2 arenas) and the careers of artists. Among the hundreds of artists he works with are U2, Ed Sheeran, Rihanna and Madonna. This “concentration of powers” has generated several episodes of contestation over the years.