Kanye West, private equity and the Aussie firm caught in concert feud

In industries of excruciating insularity, one’s owners can end up being as much of a constraint as one’s competitors.

Take Australian ticketing behemoth TEG, owned by US technology investor Silver Lake and Sydney private equity firm Mercury Capital.Everyone in or exposed to the live touring and entertainment industry from Sydney to Los Angeles is firmly glued to these developments. And no wonder.

The Australian connection is through Silver Lake, and TEG – about which Rapino fumed to Oak View co-founder in 2021. TEG was acting like “a full-on competitor”, he wrote, as it planned a US expansion. Live Nation later threatened to pull its investment from the Silver Lake-backed Oak View Group unless TEG stopped competing with Live Nation in the US. Azoff then informed Live Nation he was going to demand Silver Lake sell TEG. To which Rapino replied: “love ya.”

“In December 2021, when a TEG employee wrote to say that it did not intend to compete with Live Nation in the US, Rapino replied to Silver Lake’s management that he did not care about TEG, but still had a problem with Silver Lake’s decision to make multiple conflicting investments”, Live Nation’s response to the suit says.

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