Live Nation to jazz up Lisbon MEO Arena

Article posted by Coliseum, December 4^th, 2024

Image: Live Nation

Live Nation, the world’s leading live entertainment company, has announced that it will acquire a majority stake in Lisbon’s (Portugal) MEO Arena.

‘LIVE NATION ENTERTAINMENT’ stated that this marks a major investment in Portugal by Live Nation highlighting its commitment to enhancing the country’s live entertainment scene with more local and international shows.

Beverly Hills (US)-based the Live Nation Entertainment is the world’s leading live entertainment company comprising the global market leaders: Ticketmaster, the Live Nation Concerts and Live Nation Sponsorship.

The MEO Arena is a multipurpose indoor arena in Lisbon, Portugal. The arena is among the largest indoor arenas in Europe and the largest in Portugal with a capacity to hold 20,000 people and was built in 1998 for Expo ’98.

‘LIVE NATION ENTERTAINMENT’ further stated that with a capacity of 20,000, the MEO Arena is Portugal’s premier indoor venue and one of Europe’s largest. Since opening in 1998 for the ’Expo 98 World Trade Fair, it has hosted global stars like Harry Styles (English singer), Dua Lipa (Albanian singer and songwriter), Adele (English singer-songwriter), André Rieu (Dutch violinist and conductor), and Travis Scott (American rapper and singer-songwriter).

Renovations are planned to upgrade premium seating, skyboxes, dressing rooms and concessions, improving the overall fan experience, and making the arena more attractive to the visiting artistes. 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.

Several economic studies underline the transformative potential of this collaboration. A Deloitte report on the MEO Arena (formerly Altice Arena) estimated that the arena shows contributed nearly €400 million to Lisbon’s economy in 2018 and 2019 alone, excluding ticket sales.

Deloitte is a multinational professional services network based in London, England (UK). Deloitte is the largest professional services network by revenue and number of employees in the world and is one of the Big Four accounting firms along with Ernst & Young Global Limited (EY), Klynveld Peat Marwick Goerdeler (KPMG) and the PricewaterhouseCoopers International Limited (PwC).

Observed John Reid, President, Live Nation Europe, the Middle East and Africa (EMEA), “Lisbon is one of Europe’s most exciting capitals and we’re honored 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 the fans.”

Added Jorge Vinha da Silva, head honcho, MEO Arena, “The 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 the MEO Arena but also for Portugal.”

Daily operations at the MEO Arena will remain under its current leadership team supported by Live Nation’s extensive global network. The acquisition follows formal approval granted by the Portuguese competition authority and is subject to customary closing conditions. The deal is expected to be finalized in late 2024/early 2025.

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