Oak View Group has received a cash injection from technology investment firm Silver Lake in order to support the entertainment and sports company’s growth strategy.
The investment is said to total $100m, according to this Amplify report, and will be used for arena development projects and other strategic initiatives.
Oak View was founded by Tim Lieweke and Irving Azoff in 2015.
It was recently awarded the right to redevelop Key Arena in Seattle and has partnered with New York Mets COO Jeff Wilpon and the NY Islanders to build a new arena for the Islanders in New York.
Additionally, OVG has recently entered the facilities management business through its acquisition of Pinnacle Facility Management, and also owns and operates venue trade publications Venues Now and Pollstar.
Silver Lake has approximately $39 billion in combined assets under management and committed capital, and its investments include Alibaba Group, Ctrip and Dell Technologies.
It also has a 5% stake in the Madison Square Garden company, which recently announced plans to build two large-scale entertainment venues in London and Los Angeles.
Azoff is also involved in MSG via his joint venture, Azoff MSG Entertainment.
Amplify reports that OVG is currently in the running to manage LA’s Greek Theatre and more acquisitions are expected soon, including media properties in the UK.
OVG’s Tim Leiweke said, “In less than three years, Oak View Group has made a significant positive impact on the sports and entertainment facilities landscape.
“I am very proud of what we have accomplished in such a short time.
“This deal with Silver Lake provides us with capital to continue to grow our business as well as invaluable expertise and relationships.”
tim leiweke, oak view group
“This deal with Silver Lake provides us with capital to continue to grow our business as well as invaluable expertise and relationships.
“I am thrilled to have them as my partner.”
Silver Lake MD Lee Wittlinger added: “Technology’s impact on the global media and entertainment sectors has created new opportunities for OVG.
“We firmly believe that OVG is positioned to become a world-class franchise in sports and live events.”
lee wittlinger, silver lake
“We firmly believe that OVG is positioned to become a world-class franchise in sports and live events.
“We look forward to working with Tim, Irving, and their team of category experts as a strategic partner in the company’s next phase of growth.”
Oak View Group currently has more than 200 employees across offices in Los Angeles, Seattle and New York City.
Its business divisions include OVG Business Development, OVG Global Partnerships, OVG Media and Conferences, OVG Facilities, Prevent Advisors and the Arena and Stadium Alliance—a select group of top US venues.
Music Business Worldwide
No comments:
Post a Comment