The American professional sports and commercial real estate company Oak View Group (OVG) and the American multinational entertainment company Live Nation are teaming with the Parque Metropolitano (park) – a subsidiary of the LaLiga team Atlético Madrid – to transform Madrid’s (Spain) unfinished Aquatic Center into a multifunctional complex.
‘IQ’ stated that under their joint venture Barsento SL, the companies have submitted a proposal to the Madrid City Council to reimagine the 15,000-capacity scheme which was abandoned in 2010 in the wake of the Spanish capital’s unsuccessful bids to host the Summer Olympics.
The Oak View Group, LLC is an American professional sports and commercial real estate company based in Denver. It manages several sports venues including the 18,300-capacity Climate Pledge Arena in Seattle, Washington, which was constructed under the company’s supervision.
Beverly Hills (US)-based the Live Nation Entertainment, Inc. is an American multinational entertainment company that was founded in 2010 following the merger of Live Nation and Ticketmaster. It promotes, operates and manages ticket sales for live entertainment internationally.
The Club Atlético de Madrid, S.A.D., commonly referred to as Atlético Madrid or simply Atlético, is a Spanish professional football club based in Madrid (Spain) that plays in the LaLiga the top men’s professional football division of the Spanish football league system. The club play their home games at the Riyadh Air Metropolitano, which has a capacity of 70,692.
The 70,692-capacity Metropolitano Stadium, also referred to as Riyadh Air Metropolitano for sponsorship reasons, is a stadium in Madrid, Spain. It has been the home stadium of the Atlético Madrid since the 2017-2018 seasons. It is located in the Rosas neighborhood in the San Blas-Canillejas district.
The City Council of Madrid is the top-tier administrative and governing body of Madrid, the capital and biggest City of Spain.
‘IQ’ further stated that the LaLiga giants Atlético revisited the space in Madrid’s San Blas neighborhood after moving to the nearby Metropolitano Stadium in 2017.
As per the new joint venture (JV) the project will create an “iconic, multifunctional space combining culture, education, sports, and leisure designed to attract a diverse audience and solidify Madrid’s position as a leading international cultural and recreational destination.”
The initiative further aims to provide “added value to the City of Madrid, particularly the district of San Blas-Canillejas, and to enhance the lives of its residents”.
Madrid’s main indoor arena is the 17,400-capacity Movistar Arena (formerly the WiZink Center) which was rebuilt and reopened 20 years ago.
Elsewhere in Spain, the Live Nation has signed a strategic agreement with the media conglomerate PRISA Media which also has a significant presence in Latin America to collaborate on joint projects and strengthen music communication and promotion at a national and international level.
The Promotora de Informaciones, S.A. (PRISA) is a Spanish media conglomerate headquartered in Madrid, Spain. It is one of the largest media companies in Spain and all of Latin America producing a wide variety of educational, cultural and informative content. PRISA owns a portfolio of newspapers, magazines, radio stations, and television networks.
The deal, which also seeks to promote Spanish music worldwide, will see collaborations around advertising campaigns, sponsorships, merchandising, and “high-value experiential events”.
Put in Pino Sagliocco, Live Nation Spain President, “Music has the power to unite, harmonize differences and forge lasting relationships. This strategic agreement with the PRISA Media will allow us to amplify the reach of the music of the artistes who entrust their tours to Live Nation connecting them with broader and more diverse audiences. We are excited to join efforts in this mission.”
As part of the agreement, Live Nation will have a presence in PRISA Media’s multiplatform music channels as well as advertising spaces in the other leading outlets while the PRISA Media will be able to participate as the main media partner in Live Nation’s events and artistes in Spain.
Commented Carlos Núñez, Executive President of PRISA Media, “Music is one of the main attributes of our brands and this agreement with Live Nation will help the PRISA Media strengthen its already well-established content in this sector and open new windows of opportunity for the music industry business.”
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