The international investment and holding company PPF Group recently announced a landmark partnership with Live Nation, one of the world’s leading live entertainment companies, to create a powerful new platform for Prague’s (Czech Republic) premier event venues.
Managing Venues
‘PPF’ stated that the above partnership will combine the 17,383-seat O2 Arena, the 10,000-seat O2 universum (a modern, large-scale multifunctional congress, cultural and sports center located in Prague, Czech Republic) and the 3,000-seat Forum Karlín (a modern, multifunctional event and concert venue located in the Karlín district of Prague, Czech Republic) in Prague with the Live Nation’s global expertise and knowhow in the management of the venues for the live entertainment events.
Leading Operators
Through the partnership with Live Nation the PPF is reinforcing its strategy of actively developing the long-term value of its assets while working with the leading operators. The collaboration is expected to reshape Czechia’s position on the global live entertainment scene and expand both the commercial potential and the international profile of its leading venues.
Established Brands
The O2 Arena, the O2 universum and the Forum Karlín will continue to operate under their established brands. The transaction is subject to customary regulatory approvals.
Prague (Czech Republic)-based the PPF Group invests in multiple market segments including financial services, telecommunications, biotechnology, real estate, and mechanical engineering. The PPF Group’s growth rests on the development of the traditional and the new industries, the building of the modern infrastructure, the digital economy, and linking up the Czech talent and capabilities with the global opportunities. The PPF Group’s reach spans from Europe to North America and across Asia.
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 continues to operate both the brands as subsidiary companies and promoting and managing ticket sales for live entertainment internationally. It also owns and operates the entertainment venues and festivals and manages the careers of the music artistes.
Key Destinations
‘PPF’ further stated that the partnership is designed to significantly elevate both the scale and quality of live entertainment in the Czech Republic. It will strengthen Czechia’s and Prague’s position as key destinations on the map for live entertainment.
Leading Venues
For the first time, Prague’s leading venues will be directly connected to a global live entertainment company. The partnership is expected to materially increase both the number and profile of events hosted in the Czech capital.
Global Expertise
Under the agreement the PPF, through its wholly-owned subsidiary Bestsport, will continue to own the O2 Arena, the O2 universum and all the related real estate assets. The newly established joint venture will take responsibility for the day-to-day operations, booking and event programming thus bringing Live Nation’s global expertise into the local market.
Best-in-class Operating Capabilities
The Live Nation will hold a 51 percent stake in the joint venture with Bestsport holding 49 percent. This structure combines strong local ownership with the best-in-class global operating capabilities. The inclusion of Forum Karlín in the partnership broadens the joint venture’s reach thus enabling it to host a wider range of events.
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