Live Nation’s music empire continues to grow, as the concert giant acquires a majority stake in South American promoter Páramo Presenta. 

Why it matters: Calling Páramo a "key player in the Colombian music scene," the deal shows Live Nation is committed to making inroads in the Latin American market – just like everywhere else. The deal was executed through Mexico City-based OCESA, which Live Nation acquired a controlling interest of in 2021.

Why did they do it? As Colombia’s largest concert promoter, Páramo Presenta is the firm behind the massive Estereo Picnic – a four-day festival in Bogotá which just drew 100,000 fans in March. The company also runs Bogotá-based Baum Festival and Knotfest, and all festivals will now be ticketed through the previously acquired OCESA. Meanwhile, the whole of Latin America is seen as the next frontier by music companies from Spotify to TikTok.

What they’re saying: "Páramo is fresh off of a record year and their team are some of the best in the business," Live Nation President and CEO of Entertainment Michael Rapino said. "Colombia is a booming market, and we’re looking forward to working with our new partners at Páramo and longtime partners OCESA as we continue our expansion across Latin America."

What else? Colombia and Latin America are not all Live Nation has its sights on. The company also purchased Hong Kong-based concert and festival organizer Clockenflap a few months back, and acquired a "significant equity stake" in Washington, D.C.’s Broccoli City Festival last October.