Through a statement, Grupo Televisa has confirmed that Live nation has suspended the attempt to purchase the 40% from the shares of Ocesa, to which he had committed in the middle of last year and that gave him power over the company as a majority partner for an amount of 3,629 million pesos.
“Live Nation informó que, con base en una serie de argumentos, no se encuentran obligados a cerrar la compra de nuestra posición accionaria en OCESA Entretenimiento. Televisa no está de acuerdo con dichos argumentos” dictates the statement sent by Televisa. “Las partes celebraron un acuerdo de suspensión (standstill agreement) para permitir que ocurran las conversaciones correspondientes. Televisa se reserva todos sus derechos en relación con dichos argumentos y cualquier acción relacionada”.
The reasons that Live Nation dictates to suspend the purchase of Ocesa are the drop in its shares worldwide due to the COVID-19 pandemic, with the entertainment industry being one of the most affected, in addition to the delay in the Federal Commission on Economic Competition who after more than eight months after the transaction was announced, did not give the guarantee for its completion.
