Sources: Oak View Group Gets Investment From Silver Lake
Oak View Group is "getting a large cash infusion from private-equity firm Silver Lake," which is offering the ability to borrow more than $100M in exchange for an undisclosed equity stake in the company, according to sources cited by Anne Steele of the WALL STREET JOURNAL. That a tech-focused private-equity firm is "taking a stake in a venue company signals how valuable the live-events business has become as well as the growing role technology plays in how venues, teams, artists and fans interact at those events." L.A.-based OVG has an office in Seattle and "will open another" in N.Y. next month. OVG CEO Tim Leiweke said that the group "remains 'laser focused' on North America but will expand into Europe and Asia this year." Leiweke: "It’s no question we’re going through a massive growth spurt." Silver Lake has "viewed entertainment as an important investment area in the digital age." Leiweke said, "Silver Lake mirrors that entrepreneurial spirit that we have" (WALL STREET JOURNAL, 3/12).
GARDEN OF EARTHLY DELIGHTS: In N.Y., Josh Kosman notes Silver Lake "disclosed" a 6.3% stake in MSG Co. in a filing last month, "indicating an activist position." A source said that Silver Lake "bought a minority stake and learned about the opportunity" from Knicks Owners James Dolan. The source added that Silver Lake's investment in OVG is a "likely indicator" that the company is in a "friendly process" with Dolan (N.Y. POST, 3/12).