Live Nation Buys Australian Event PromoterThursday, April 5, 2012
Live Nation Entertainment Inc. has acquired Michael Coppel Presents, considered one of the leading concert promoters in Australia and New Zealand.
Michael Coppel has been in the concert business more than 30 years, promotes several hundred shows a year and sells up to 1.7 million tickets annually to concerts, the Beverly Hill live event promoter and ticketing service said. Michael Coppel Presents, which is based in a suburb of Melbourne, has promoted concerts for such artists as U2, Lady Gaga and Beyonce.
Financial terms of the deal were not disclosed.
Live Nation already has operations in Australia and New Zealand, which are led by Luke Hede and Roger Field. That business will be merged with Michael Coppel Presents and renamed Live Nation Australasia. (Australasia is a region that includes Australia, New Zealand and nearby islands.) Coppel will serve as chief executive and Hede and Field will serve as vice presidents, promotions.
"Australia is the sixth largest music market in the world and an increasingly important touring market for international artists,” said Chief Executive Michael Rapino in a statement. “It represents a significant part of our opportunity for international growth."
Shares were up 1 cent, or less than 1 percent, to $9.02 in midday trading on the New York Stock Exchange.