Live Nation has acquired a 51% stake in Mexico's leading promotion company and the third-largest promoter globally, OCESA. Ticketmaster Mexico is also under OCESA's umbrella.

The move grows Live Nation’s business in Latin America, expanding its global live-entertainment platform as well as allowing the company to better serve artists with global ambitions.

Live Nation acquired the stake in OCESA from CIE, a prominent player in the live-entertainment industry in Latin America, and Grupo Televisa, the largest media company in the Spanish-speaking world, for an aggregate purchase price of MXN $8,835 million (roughly $415m USD), 7% of which will be held back and retained by Live Nation to cover operating losses, if any, for a period of time following closing.

Alejandro Soberón Kuri, Chairman/COO of CIE, will serve as CEO and sit on the board of the newly formed joint venture. Michael Rapino will become Chairman.

"As we continue to bring shows back around the world, we’re excited to officially welcome OCESA into Live Nation," said Rapino, President and CEO, Live Nation. "Alex and the OCESA team are incredible at what they do and together we look forward to creating even more amazing live experiences across Mexico and Latin America."