Featured image credit: Live Nation
Live Nation has said it plans to invest in MEO Arena upgrades after its takeover deal for the Lisbon venue was approved by Portugal’s competition authority, the Autoridade da Concorrência (AdC).
Following the initial announcement of the deal in April 2023 it has been studied by the regulator, with a final decision being delivered yesterday (Thursday). Live Nation is securing an indirect controlling stake in event promoter Ritmos & Blues Produções (R&B) and Arena Atlântico, owner of MEO Arena, and their subsidiaries. Arena Atlântico is also a controlling shareholder of ticketing provider Blueticket.
The AdC said it has given the green light to the deal after Live Nation proposed commitments to resolve competition law concerns raised through its investigation of the takeover. The AdC had considered that the merger could result in significant impediments to effective competition in the national market, resulting from total or partial restrictions on access to MEO Arena by competitors in the live events promotion and ticketing services markets.
In response, Live Nation has made commitments reinforcing the conditions that guarantee effective freedom of choice of the ticketing company by a promoter who intends to book events at MEO Arena.
The commitments also reinforce the conditions that guarantee the adoption of an open, transparent and non-discriminatory commercial policy for the use of MEO Arena – which translates, among other things, into the immediate reduction of access prices to the Arena, the freezing of prices for the next five years and, further, the guarantee that any price change that may occur in the future may only be implemented after proper approval.
Finally, the commitments undertaken by Live Nation with the AdC reinforce the conditions that aim to prevent access by the former to sensitive commercial information relating to competing promoters using MEO Arena.
In Portugal, Live Nation is currently active in the promotion of the Rock in Rio Lisboa festival, while it also holds a stake in the Rolling Loud festival. Following approval of the deal, the company said it marks a major investment in Portugal, highlighting its commitment to enhancing the country’s live entertainment scene with more local and international shows.
With a capacity of 20,000, MEO Arena is Portugal’s premier indoor venue and one of Europe’s largest. MEO Arena opened in 1998 and Live Nation said renovations are planned to upgrade premium seating, skyboxes, dressing rooms and concessions, improving the overall fan experience and making the arena more attractive to visiting artists.
Live Nation will also build on MEO Arena’s sustainability efforts, focusing on reducing its environmental impact and increasing social benefits in line with its Green Nation pledges.
John Reid, president of Live Nation EMEA, said: “Lisbon is one of Europe’s most exciting capitals, and we’re honoured to be part of its cultural fabric. With this investment, we’re committed to bringing more shows to Portugal, supporting the local economy and creating incredible experiences for fans.”
Daily operations at MEO Arena will remain under its current leadership team, supported by Live Nation’s extensive global network. The acquisition is subject to customary closing conditions, with Live Nation stating the deal is expected to be finalised by the end of this year or in early 2025.
Jorge Vinha da Silva, CEO of MEO Arena, added: “MEO Arena is known nationally and internationally for hosting Portugal’s major shows and events. With this deal we want to build on the arena’s reputation as a cultural destination, and we feel that Live Nation is the right strategic partner to achieve this. I am really excited to enter this new era, not only for MEO Arena but also for Portugal.”
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