After the deal was put on hold earlier this month, the parties were were unable to agree to new terms.
Update: Earlier today (May 27), Live Nation released an amended disclosure notifying shareholders that arbitration proceedings with CIE and Grupo Televisa had officially commenced.
Live Nation has terminated a planned $480 million acquisition of Mexico's largest promoter OCESA Entretenimiento, but a future agreement is still possible, a source tells Billboard.
Monday (May 25), Live Nation officials notified Corporación Interamericana de Entretenimiento (CIE) and Grupo Televisa that Live Nation was terminating a stock purchase agreement to acquire a controlling interest in the Mexican concert company following the occurrence of a "material adverse effect" — likely the COVID-19 crisis. Live Nation chief executive Michael Rapino previously announced that the deal was being put on hold during a May 7 earnings call, saying company officials planned to "evaluate the impact of the global COVID-19 pandemic on OCESA’s business and operations" in Mexico and the rest of Latin America.