July 29 (Reuters) - Live Nation Entertainment ( LYV )

said on Tuesday it will accelerate the purchase of an additional

24% stake in Mexican concert promoter Ocesa, as Mexico becomes a

prominent market for live music events.

The investment will give Live Nation greater control over

the Mexican market, where concert attendance has more than

tripled since 2019, reflecting the country's growing economic

importance in the global entertainment industry.

The New York-listed entertainment giant will acquire the

stake from Corporación Interamericana de Entretenimiento (CIE)

, which will retain a 25% holding in Ocesa. The deal

also extends Ocesa CEO Alejandro Soberón's contract through

2032.

The transaction will provide CIE with proceeds exceeding 12

billion Mexican pesos ($641.03 million), which it may use to pay

down debt and fund working capital needs.

Live Nation's expanded ownership comes as Mexico's live

music sector has experienced rapid growth. The partnership

between Live Nation's global infrastructure and Ocesa's local

market expertise has created more opportunities for

international artists to perform in Mexico while expanding fan

access to live entertainment.

Mexico's live music boom has been driven by increased

disposable income among younger demographics and a surge in

international touring following the pandemic recovery.

The expanded partnership positions Ocesa to book more major

global acts while Live Nation gains deeper access to Latin

America's fastest-growing entertainment market.

The deal is expected to close by the end of next month,

pending CIE shareholder approval.

Live Nation acquired a 51% controlling stake in Ocesa

Entretenimiento in 2021, purchasing 40% from Grupo Televisa and

11% from CIE.

($1 = 18.7200 Mexican pesos)