The company will deliver the project in collaboration with Oak View Group (OVG) and developers Robertson. The venue will cost around £150 million to build, with Live Nation and OVG both investing £10m.
The planned new venue is estimated to generate more than £100m for the community economy annually.
“We look forward to working in partnership with Cardiff Council to bring this ambitious vision to life over the next few years," said a spokesperson for the developer and operator consortium. "Our combined experience in the delivery and operation of facilities of this nature will result in a world-class facility that will bring economic benefits to the entire region, both during its construction and for many years to come once it’s open.”
The next phase of the planning process will be underway next year, which will see the wider community given the opportunity to see the proposals for the site.
Cardiff Council had progressed a procurement process to secure a private-sector partner since December last year and received two offers to deliver a "top tier" UK venue that will enable events of all sizes to be hosted in the city.
Live Nation runs over 237 venues in 12 countries, including the 7,500-capacity Motorpoint Arena Cardiff, which opened in 1993.