The promoter giant won’t be buying venue operator
Live Nation got very close to making an offer to buy SMG from private equity firm Ares Capital, reviewing the bid and participating in much of the process, but never submitted an offer, Amplify has recently learned.
SMG is currently being shopped for $750 million and while there are plenty of synergies between Live Nation (content) and SMG (venue management), a decision was made not to an attempt a purchase of the company helmed by Wes Westley and first created in 1977. A range of issues — from Department of Justice scrutiny to jeopardizing Live Nation’s relationship the SMG-managed Greek Theatre in LA went into the decision.
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