Live Nation Entertainment (LNE) has completed the acquisition of a 50 per cent stake in Rock in Rio through Live Nation International Holdings (LNIH), an LNE subsidiary in the Netherlands.
Roberto Medina, who founded the event in 1985, and his team will remain key stakeholders of the 100,000-capacity festival in Rio de Janeiro and 80,000-capacity sister event in Lisbon, Portugal, and will continue to manage all aspects of production.
“The partnership will generate a number of synergies that will enable the realisation of even greater ambitions for Rock in Rio,” says Medina. “We are two companies with a united global vision and the ability to achieve big dreams.”
LNIH paid $34.8 million and a further $4.1m towards the repayment of debts. The festival was previously 40 per cent owned by the collapsed SFX Entertainment – now restructured as LiveStyle – with LNE acquiring its stake from the festival’s founding partners and the creditor committee for SFX.
“Rock in Rio is a marquee event which set the standard for festivals in South America,” says LNE co-president and CEO Michael Rapino. “Roberto and his team have grown Rock in Rio to become a truly global event and the preeminent festival in the emerging live events market in South America.”
In 2017, Rock in Rio was the largest music festival in South America, claiming 700,000 attendances from 62 countries across its several show days. Acts playing included Justin Timberlake, Lady Gaga and Guns N’Roses.