Live Nation Acquires Stake In Concert Productions International
May 30, 2006 at 2:43 PM (PT)
LIVE NATION announced it has acquired a controlling interest in the touring division of CONCERT PRODUCTIONS INTERNATIONAL (CPI) along with a 50% interest in the GRAND ENTERTAINMENT, a division of CPI. CPI CEO MICHAEL COHL is joining LIVE NATION's Board Of Directors.
LIVE NATION CEO MICHAEL RAPINI said, "Under MICHAEL COHL's leadership, CPI has established an impressive track record of expanding the relationship between artists and fans beyond the live event. CPI has consistently been a leader in creating new revenue streams centered around the live show. This acquisition reunites two of the pioneers of the global touring business: MICHAEL COHL and LIVE NATION's Head Of Global Touring, ARTHUR FOGEL, who helped establish TNA as one of the world's most successful worldwide touring operations.
"By reuniting these two global touring businesses under the same roof, this deal allows LIVE NATION to enhance its leadership position in world touring, fueling our distribution network to maximize revenues for the artist and LIVE NATION."