| | |  Entertainment | August 2008 
Mexico CIE Inks Deal With Concert Giant Live Nation
 Cyntia Barrera Diaz - Reuters
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Mexico City - Mexican entertainment firm CIE said it signed a five-year deal with U.S. concert promoter Live Nation Inc, whose clients include Madonna and U2, to bring international artists to Latin American arenas.
CIE, which organizes car races, concerts and owns the Mexico City horse racetrack, said on Thursday the deal gives it exclusive rights to promote Live Nation's artists at its Mexican, Central American and Colombian venues.
"With this we guarantee a steady flow of talent and sold-out venues," Jorge Padilla, from CIE's investor relations, told Reuters. He declined to disclose financial terms of the deal.
Time for Fun, in which CIE holds a 24 percent stake, signed a similar agreement with the U.S. concert promoter entitling it to bring artists to big South American markets like Brazil, Argentina and Chile.
Together, CIE and Time for Fun operate more than 25 venues across the region.
CIE is behind two Madonna concerts in Mexico City scheduled for late November, part of her "Sticky & Sweet" world tour, which sold 90,000 seats in under two hours at an average price per ticket of 2,000 pesos, or about $198.
Live Nation has made headlines in the last year for signing artists like Madonna, rapper Jay-Z and Colombian bombshell Shakira to recording contracts or merchandising deals, moving beyond concert promotion.
CIE last traded on Tuesday when its shares closed at 18.50 pesos. Live Nation was trading down 6 percent at $15.98 early Thursday afternoon on the New York Stock Exchange.
(Editing by Brian Moss) |
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