Live Nation Entertainment aims to acquire Montco-based SMG

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SMG, which operates the Pennsylvania Convention Center in Philadelphia, began seeking buyers earlier this year. (MONTCO.Today file photo)

Live Nation Entertainment has submitted a proposal to acquire Royal Farms Arena operator SMG, according to sources.

Bids were due Tuesday and Richmond, Virginia-based investment bank Harris Williams & Co., which is managing the process. Live Nation President of Arenas Mike Evans deferred comment to the company’s corporate office, which did not respond to an email, writes Don Muret for bizjournals.com.

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Founded in 1977, SMG of West Conshohocken, Pa., manages 239 stadiums and arenas and other public facilities— including the Pennsylvania Convention Center in Philadelphia — in eight countries around the world. SMG is owned by American Capital.

Live Nation Entertainment includes promoter Live Nation and Ticketmaster. Live Nation already runs around 40 amphitheaters, and adding SMG and its 200 accounts would make it the world’s biggest promoter and facility management firm, and the industry’s dominant ticketing provider.

A Live Nation acquisition of SMG could present major competitive issues for AEG, Spectra, OVG Facilities and VenuWorks, plus other ticketing firms, independent promoters and talent agencies such as CAA and WME when booking clients at venues. A merger also could draw scrutiny from federal antitrust regulators.

To read the complete story click here.

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