NEW YORK : Broadcast services provider NEP Group Inc, owned by private equity firm Carlyle Group Inc, is exploring a sale of its live events business that could fetch nearly $2 billion, according to people familiar with the matter.
The Pittsburg, Pennsylvania-based company is working with a financial adviser to negotiate with potential buyers, the sources said, requesting anonymity to discuss confidential matters.The live events unit provides audiovisual solutions at concerts, corporate events, and music tours. It has produced high-profile events such as the Special Olympics World Games in 2019 and generates, according to the sources, about $400 million in revenue.
NEP operates another events business that focuses on online and television broadcast services, which the sources said it plans to keep. The unit offers production services that enable the broadcasting of live sports, festivals and other events. NEP also offers outdoor broadcast services, studio production, audio and lighting solutions, and media management services. It has provided broadcasting equipment for events such as the Eurovision Song Contest, and enabled the coverage of National Football League games and other sports leagues.
Carlyle first invested in NEP in June 2016 and bought the rest of the company from its previous owner, Crestview Partners, in 2018.