Live Nation Buys Major Stake In Colombian Firm To Boost Presence

Live Nation Entertainment Inc LYV bought a majority interest in Páramo Presenta in Colombia for an undisclosed amount. 

The buyout will boost Live Nation's presence in Latin America and strengthens its global platform.

The company executed the deal through OCESA, in which Live Nation acquired a controlling interest in December 2021.

"Páramo is fresh off of a record year and their team are some of the best in the business. 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," said Michael Rapino, President and CEO. 

As of March 31, 2023, cash and cash equivalents stood at $7.0 billion, including $1.4 billion in ticketing client cash and $1.9 billion in free cash. 

Related: Why Live Nation Stock Is Moving Higher After Hours: 'Demand Is Unprecedented'

Price Action: LYV shares are trading higher by 0.98% at $92.66 on the last check Monday.