NEWS
SWITZERLAND
Promoter AllBlues Konzert is acquired
Swiss concert promoter AllBlues Konzert AG has been sold to the Bierhübeli family , owners of the Bierhübeli concert venue in Bern . Founded in 1994 , AllBlues Konzert has promoted shows by acts including Ed Sheeran , Diana Krall , Joe Bonamassa and Gregory Porter . The company ’ s projects include the Jazz Classics concert series and the Zurich Jazznojazz Festival , which first took place in 1998 . “ I am delighted to have found a successor solution that offers our team a promising future and continues our work and our passion for concerts . During the discussions , it quickly became clear that we share the same values and pursue the same goal : to be commercially successful with high-quality and culturally valuable concerts ,” said AllBlues Konzert AG founder Johannes Vogel .
SOUTH AFRICA
Live Nation to open first venue in Africa
Live Nation , in partnership with Stadium Management South Africa and Gearhouse South Africa , has announced details of The Dome , a new venue set to open in Johannesburg in January . Live Nation said the venue , located in Nasrec next to the FNB Stadium , will become South Africa ’ s largest dedicated live entertainment space , with a capacity of more than 10,500 . The Dome will be Live Nation ’ s first permanent venue in Africa , with the promoter seeing it as a reflection of the company ’ s commitment to expanding venue infrastructure , growing the touring circuit , and providing African fans with access to more shows from both local and international artists . Forthcoming shows include Nigerian Afrobeats star Tems on March 20 .
SAUDI ARABIA Saudi Arabia sells entire stake in Live Nation
Saudi Arabia ’ s sovereign wealth fund , the Saudi Public Investment Fund ( PIF ), has divested its holding of more than 12 million shares in Live Nation ( LN ), for a profit of more than $ 930 million . In April 2020 , PIF acquired a 5.7 % stake in LN , which at the time was valued at around $ 500m , making PIF LN ’ s third-largest shareholder behind Liberty Media , The Vanguard Group and BlackRock . The transaction was outlined in an SEC filing , showing that the PIF offloaded all its 12,573,719 shares in LN . PIF maintains investments in other major event operations including the Formula One Group , which manages Formula One motor racing . At the time of the sale PIF ’ s stake was valued at around $ 1.38 billion , creating a profit of more than $ 930 million for the Saudi fund . accessaa . co . uk 09