SUBSEQUENT EVENT SUBSEQUENT EVENT
|3 Months Ended|
Mar. 31, 2018
|Subsequent Events [Abstract]|
NOTE 10—SUBSEQUENT EVENT
In May 2018, the Company and one of its wholly-owned subsidiaries entered into a share subscription agreement to acquire a 50% noncontrolling interest in Rock City, S.A., a festival promotion business located in Brazil, for $34.8 million. Under the agreement, the Company has agreed to pay $0.2 million for the right to acquire an additional 1% controlling interest, for nominal consideration, that is exercisable (i) during the 60-day period beginning 120 days prior to the festival event in Rio De Janeiro, Brazil to be held in 2019, (ii) during the 60-day period commencing January 1, 2020 and (iii) thereafter upon the occurrence of certain triggering events. The transaction will be accounted for as an asset acquisition of an investment in a nonconsolidated affiliate until the option to purchase the 1% controlling interest is exercised. The transaction is expected to close in May.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/presentationRef