Live Nation Entertainment, the world's leading live entertainment company, is expanding its presence in South America by acquiring a stake in Rock In Rio, which in 2017 was the second highest grossing festival in all of the world, as well as the largest music festival in South America, attended by more than 700,000 fans from 62 different countries.

The legendary festival currently operates biennial events in Rio de Janeiro, Brazil and Lisbon, Portugal, each which span two long weekends of artist performances and fan experiences. Rock In Rio began in 1985, and has hosted 18 editions with over 1,700 artists and 9 million attendees and engaging more than 11 million followers on social media. The festival has also been live broadcasted and streamed to more than 1 billion viewers worldwide.

Over the years, Rock In Rio's headlining acts have included iconic artists like Queen, Prince, Guns N' Roses, Sting, Neil Young, Red Hot Chili Peppers, Iron Maiden, Rihanna, Elton John, Metallica, Stevie Wonder, Shakira, Coldplay, Beyoncé, David Guetta, Bruce Springsteen, Bon Jovi, Justin Timberlake, Paul McCartney, Britney Spears, Roger Waters, the Rolling Stones and many more.

"We are delighted to bring together the world's biggest music festival with the largest entertainment company on the planet," said Roberto Medina, Rock In Rio's founder and President. "The partnership will generate a number of synergies that will enable the realization of even greater ambitions for Rock In Rio. We are two companies with a united global vision and the ability to achieve big dreams."

Medina and his team will remain key stakeholders of Rock In Rio, continuing to manage all aspects of production as well as consulting across the business.

"Rock In Rio is a marquee event which set the standard for festivals in South America," said Michael Rapino, President and CEO, Live Nation Entertainment. "Roberto and his team have grown Rock In Rio to become a truly global event and the preeminent festival in the emerging live events market in South America. We look forward to integrating  their industry expertise into the Live Nation business."

With more than 100 festivals around the world, Live Nation is home to the world's largest collection of festivals. The company has experienced a healthy demand for festivals in the region, with its partner C3 Presents expanding the Lollapalooza franchise across Brazil, Chile, and Argentina.

Live Nation also continues to see a growing demand for concerts throughout Latin America, with more global tours traveling to, and selling out shows, in the region each year. The company has been actively focused on building its profile and scope in the region through a local business development and tour booking teams.