Live Nation Entertainment Bidding To Acquire Facility Manager SMG
Live Nation Entertainment has submitted a proposal to acquire facility manager SMG, according to sources. Bids were due today and Richmond-based investment bank Harris Williams & Co. is managing the process. Live Nation President of Arenas Mike Evans deferred comment to the company’s corporate office, which did not respond to an email. Live Nation Entertainment includes promoter Live Nation and Ticketmaster.
Live Nation already runs around 40 amphitheaters, and adding SMG and its 200 accounts would make it the world’s biggest promoter and facility management firm, and the industry’s dominant ticketing provider. A Live Nation acquisition of SMG could present major competitive issues for AEG, Spectra, OVG Facilities and VenuWorks, plus other ticketing firms, independent promoters and talent agencies such as CAA and WME when booking clients at venues. A merger also could draw scrutiny from federal antitrust regulators.