Skift Take
Legends, a stadium operations corporation, is acquiring ASM Global, a venue-management company to create a premium live events company. This merger will help in the battle against Oak View Group, which has taken the industry by storm.
ASM Global is being acquired by Legends to create a global live events company. This acquisition is the latest blow in a battle with Oak View Group.
Los Angeles Convention Center. Moscone Center. Pennsylvania Convention Center. Colorado Convention Center. These are amongst the 350 venues ASM manages in the U.S. It also operates venues globally. ICC Sydney Convention Center, Avicii Arena in Stockholm, OVO Arena Wembley in London, and Coca-Cola Arena in Dubai are a few it manages.
In July, Oak View Group’s OVG360, a venue management company, and food service contractor OVG Hospitality were awarded management of the McCormick Place Campus. This includes the 10,000-seat Wintrust Arena and Arie Crown Theater. This is in addition to the McCormick Place Convention Center. Previously, the venue management contract belonged to ASM Global. This was quite a blow.
Chicago isn’t the only city Oak View is making headlines. The company is budgeting $10 billion for a 66-acre hotel, gaming, and entertainment district in Las Vegas. The highlight? A $1 billion NBA-ready arena.
In addition, Oak View Group is part of a global partnership with Madison Square Garden Entertainment Corp., and Sphere Entertainment Company. Called Crown Properties Collection, it manages marquee venues. They include the Sphere, Madison Square Garden, and Radio City Music Hall.
Dallas Cowboys and New York Yankees Behind Legends
Founded in 2008, Legends provides venue planning and project management, premium sales, sponsorship, hospitality, and merchandise services to many sports, entertainment, and attractions brands. They include Real Madrid. SoFi Stadium. One World Observatory. Dallas Cowboys. FC Barcelona. University of Notre Dame. New York Yankees. Ryder Cup. It also works with leagues and properties including the NFL, MLB, NASCAR, PGA of America, and FIFA World Cup.
“Our clients will benefit from Legends’ robust services, innovation, technology, and global partnerships, which, combined with ASM Global’s venue management and content and event booking expertise, will provide our clients with locally tailored solutions and cutting-edge technologies to achieve outstanding fan experiences and improved venue owner results,” says Ron Bension, president and CEO of ASM Global.
Sixth Street, a leading global investment firm with over $74 billion in assets under management, is the majority investor in Legends. This is in partnership with YGE Holdings, LLC, an affiliate of the New York Yankees and the Jerry Jones family, owners of the Dallas Cowboys. Financial terms of the transaction were not disclosed.
Photo credit: Scott Dressell Martin / VISIT DENVER
