Eike Batista, the Brazilian billionaire who made a fortune in the oil, gas and mining industries, is making a move into the music business.
IMX Live, a branch of a company that is jointly owned by Mr. Batista’s EBX Group and IMG Worldwide, plans to announce Friday that it has purchased a 50 percent stake in the company that puts on Rock in Rio, a big Brazilian music and entertainment festival.
Mr. Batista’s investment, the exact terms of which were not disclosed, is expected to provide Rock in Rio’s parent company, Rock World S.A., with an additional $350 million over five years to expand its multiday festivals to countries around the world.
“We hope this investment will create a movement,” Roberto Medina, the festival’s organizer, said on Friday. Mr. Batista is the richest man in Brazil, with a fortune estimated at $30 billion by Forbes magazine.
He has said he planned to invest $50 billion in Brazil over the next 10 years, and has set a personal goal for himself of overtaking Carlos Slim Helú as the world’s richest man.
In an interview on Friday, Mr. Batista said that acquiring half of Rock in Rio’s parent company was “a dream.” Rio de Janeiro, he said, is being transformed into an entertainment and tourism hub, given that Brazil will play host to the World Cup in 2014 and the Olympics in 2016.
“Rock in Rio is obviously a big part of this whole story,” he said. Rock in Rio began in 1985 with a 10-day event in Rio de Janeiro that drew an estimated 1.4 million visitors.
Since then, nine other events have been held, with some occurring in Lisbon, Madrid and Buenos Aires. Headline acts at a festival in Rio last year included Rihanna, Elton John, Guns N’ Roses and Stevie Wonder.
With the new investment, Mr. Medina said on Friday, he hopes to expand the festival worldwide, bringing Brazil’s music culture to places as far-flung as China and the United States. Mr. Medina and Mr. Batista met about a year ago to discuss a possible investment, Mr. Batista said.
The two struck a chord over their shared interest in spreading Brazilian culture through music and entertainment.
We’re two Rio lovers that want to promote Rio, not only here but worldwide,” Mr. Batista said. Mr. Batista, who has long been one of the most recognizable men in Brazil, has been expanding his global profile of late.
He recently spoke at the Milken Institute Global Conference alongside leaders of American industry, and was named one of Time’s “100 Most Influential People in the World” earlier this year. In the magazine, Eduardo Paes, the mayor of Rio de Janeiro, praised Mr. Batista’s “commitment to Rio’s legacy.”
On Friday, Mr. Batista said that he hoped Rock in Rio would eventually go public, but that would not seek total control of the company.
“Roberto is not a seller,” he said of Mr. Medina. “I like the fact that he wants to keep half.” Mr. Batista, 55, said he was a fan of bands that have performed at the concert, like Coldplay and Elton John.
He added that he planned to attend the next Rock in Rio festival in Brazil, scheduled for 2013, though he would make arrangements to make the huge event more comfortable. “There’s a V.I.P. lounge,” he said.
nytimes.com
IMX Live, a branch of a company that is jointly owned by Mr. Batista’s EBX Group and IMG Worldwide, plans to announce Friday that it has purchased a 50 percent stake in the company that puts on Rock in Rio, a big Brazilian music and entertainment festival.
Mr. Batista’s investment, the exact terms of which were not disclosed, is expected to provide Rock in Rio’s parent company, Rock World S.A., with an additional $350 million over five years to expand its multiday festivals to countries around the world.
“We hope this investment will create a movement,” Roberto Medina, the festival’s organizer, said on Friday. Mr. Batista is the richest man in Brazil, with a fortune estimated at $30 billion by Forbes magazine.
He has said he planned to invest $50 billion in Brazil over the next 10 years, and has set a personal goal for himself of overtaking Carlos Slim Helú as the world’s richest man.
In an interview on Friday, Mr. Batista said that acquiring half of Rock in Rio’s parent company was “a dream.” Rio de Janeiro, he said, is being transformed into an entertainment and tourism hub, given that Brazil will play host to the World Cup in 2014 and the Olympics in 2016.
“Rock in Rio is obviously a big part of this whole story,” he said. Rock in Rio began in 1985 with a 10-day event in Rio de Janeiro that drew an estimated 1.4 million visitors.
Since then, nine other events have been held, with some occurring in Lisbon, Madrid and Buenos Aires. Headline acts at a festival in Rio last year included Rihanna, Elton John, Guns N’ Roses and Stevie Wonder.
With the new investment, Mr. Medina said on Friday, he hopes to expand the festival worldwide, bringing Brazil’s music culture to places as far-flung as China and the United States. Mr. Medina and Mr. Batista met about a year ago to discuss a possible investment, Mr. Batista said.
The two struck a chord over their shared interest in spreading Brazilian culture through music and entertainment.
We’re two Rio lovers that want to promote Rio, not only here but worldwide,” Mr. Batista said. Mr. Batista, who has long been one of the most recognizable men in Brazil, has been expanding his global profile of late.
He recently spoke at the Milken Institute Global Conference alongside leaders of American industry, and was named one of Time’s “100 Most Influential People in the World” earlier this year. In the magazine, Eduardo Paes, the mayor of Rio de Janeiro, praised Mr. Batista’s “commitment to Rio’s legacy.”
On Friday, Mr. Batista said that he hoped Rock in Rio would eventually go public, but that would not seek total control of the company.
“Roberto is not a seller,” he said of Mr. Medina. “I like the fact that he wants to keep half.” Mr. Batista, 55, said he was a fan of bands that have performed at the concert, like Coldplay and Elton John.
He added that he planned to attend the next Rock in Rio festival in Brazil, scheduled for 2013, though he would make arrangements to make the huge event more comfortable. “There’s a V.I.P. lounge,” he said.
nytimes.com
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