Live Nation has agreed to acquire a majority stake in three Prague live entertainment venues, including the 20,000-capacity O2 arena.

The agreement, struck with Czech investment group PPF, also covers the 5,000-capacity O2 Universum and the 4,000-capacity Forum Karlín.

The deal is Live Nation‘s largest investment in Central and Eastern Europe to date, the company said in an announcement on Friday (August 7).

Under the agreement, Live Nation will hold a 51% stake in a new joint venture, with PPF‘s wholly owned subsidiary Bestsport holding the remaining 49%.

Live Nation and Bestsport‘s joint venture will run the venues’ day-to-day operations, bookings and event programming.

Bestsport will continue to own the O2 arena, the O2 Universum and all related real estate, according to a statement from PPF.

Live Nation and PPF did not disclose the transaction’s value, or the scale of the planned investment.

The venues will remain open to all artists, promoters and event organizers, and the existing management teams will stay in place, Live Nation said.

“Prague has been one of our most important markets for many years,” said Paul Antonio, President of Live Nation EMEA. “We’ve invested here by building a strong local team, developing long-term partnerships and bringing major artists and tours to Czech fans.”

“Our ambition is simple: build on what’s already working, keep improving the venues and bring even more great artists to Prague, while making the experience better for fans.”

Paul Antonio, Live Nation EMEA

“This partnership is the natural next step. Our ambition is simple: build on what’s already working, keep improving the venues and bring even more great artists to Prague, while making the experience better for fans.”

Didier Stoessel, co-CEO of PPF Group, said: “For more than two decades, O2 arena and O2 Universum have played a central role in Czechia’s cultural, sporting and social life.”

“This investment represents the next stage in their development and will help ensure they continue to grow and evolve for many years to come.”

The O2 arena opened in 2004 and is owned, along with the O2 Universum, by PPF‘s Bestsport subsidiary.

The transaction follows several years of expansion by Live Nation across Central and Eastern Europe, where the company has built local teams and moved into new markets including Romania and Slovakia.

The Prague deal also extends a string of venue acquisitions by Live Nation across multiple continents.

The company completed three arena acquisitions in the first half of 2026 – in Bangkok, Milan and Buenos Aires – and had initially earmarked between $800 million and $850 million of its 2026 capital budget for venue expansion.

In Europe, those deals include Copenhagen’s 17,000-capacity Royal Arena, which Live Nation agreed to buy in December 2025, and the 45,000-capacity Paris La Défense Arena.

Live Nation‘s Copenhagen deal came as Denmark‘s live music sector was contributing 10.2 billion Danish kroner (approximately USD $1.6 billion) to the economy each year, according to industry data.

The Prague investment lands during a period of growth for Live Nation.

The company reported second-quarter revenue of $7.7 billion on July 30, up 9% year-over-year.

Approximately 49 million fans attended Live Nation‘s concerts in the quarter, a 10% increase.

Live Nation has said it expects full-year capital expenditures of $1.1 billion, with $800 million of that directed toward venue expansion and enhancement.

President and CFO Joe Berchtold has said Live Nation is targeting 48 new venues within five years and a $600 million adjusted operating income run rate from its venue business by 2032.

Eastern European markets have been among Europe’s faster-growing for recorded music, according to IFPI data, with countries such as Bulgaria and Poland posting double-digit annual gains in 2023.

The Prague transaction remains subject to regulatory approvals and customary closing conditions, Live Nation said.Music Business Worldwide