Oak View Group is still working to purchase Pollstar, although a June 30 deadline has come and gone with no closing. This has to be one of the most complicated transactions I’ve ever tracked — the 2010 merger of Live Nation and Ticketmaster took about a year and that required an approval of the Justice Department and huge divestitures. We’re going into month seven of the Pollstar acquisition with no clear closing date.
What’s going on? Our sources tell us much of the staff has been notified about the transaction and expect the deal to go through. Slowing things down is that Pollstar has a number of investors that have to be addressed and getting agreement is taking longer than expected. There’s also an issue with accounting — switching from a cash basis format to an accrual system — that is slowing things down.
But….we’re repeatedly hearing from both sides that it’s going to happen. And from what we’re learning, it’s starting to make some sense, especially for the venues of the Arena Alliance which has grown in recent months. The Moda Center in Portland, American Airlines Center in Dallas, TD Garden in Boston and the Verizon Center in D.C. are all new members. Who’s going to be announced next?
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