Live Nation and CBS Radio entered into a multi-year agreement to produce select radio-sponsored concerts held at Live Nation's more than 110 venues across North America.
As part of the deal, announced Thursday (Feb. 5), CBS Radio and Live Nation will work together to develop live concerts and events that can work across similarly-formatted stations in multiple markets. The events are not limited to music stations, but could tarhet sports, news and Talk stations as well.
"Our alliance with CBS Radio is another example of our focus on leveraging our unmatched portfolio of live venues across the nation to drive profitable revenue streams," Live Nation CEO of global music Jason Garner said in a statement.
CBS Radio president and CEO Dan Mason said, "For many years we have enjoyed a very successful relationship with Live Nation helping us grow our radio shows across the country into some of the biggest events of the year. With their national platform of venues and their team of talented promoters and marketers, we feel we will be able to expand the breadth of radio shows we offer on-site, on-air and online in a substantive way over the course of this agreement."
Financial terms of the deal were not disclosed, but Live Nation expects the deal to draw more than 260,000 concertgoers to its venues per year, which would in turn bring in additional sponsorship, ticket sales and ancillary revenue, according to the company. CBS Radio operates 137 radio stations across the U.S.