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Grupo Televisa offers update on OCESA deal with Live Nation

Live Nation Entertainment Inc. notified Grupo Televisa SAB that it is not obligated to complete the acquisition of their equity participation in OCESA Entretenimiento due to a series of allegations.

Televisa does not agree with such allegations, according to a May 7 Form 6-K filing.

On July 24, 2019, Live Nation announced it is buying a controlling interest in Mexico-based live events business OCESA Entretenimiento from CIE and Grupo Televisa.

As part of the transaction, Live Nation also planned to buy an interest in OCESA's booking and artist management joint venture OcesaSeitrack; corporate event specialist CREA; and Centro Citibanamex, an exhibition and convention center in Mexico City.

Televisa said May 5 that it reserves its rights with regards to the allegations and any related actions as the parties have entered into a standstill agreement to allow discussions to be held. This includes the prospect of no deal being reached during standstill, Televisa noted, adding that it will assess all remedies and actions at its disposal as per the current contracts and at law.