Live Nation Sells UK Theater Unit
November 3, 2009
November 3, 2009 (FinancialWire) — Live Nation (NYSE: LYV) has closed the sale of its UK theatrical venues and operations to The Ambassador Theatre Group. The company has also closed on the sale of its one-third interest in the Dominion Theatre in London to The Nederlander Group.
The Ambassador Theatre Group is an owner and operator of regional theaters in the United Kingdom. The assets and operations it purchased includes two West End theaters, the Lyceum and Apollo Victoria, and 14 regional theaters located throughout the United Kingdom.
Live Nation said the total gross sales price for the entire portfolio, including Dominion, is around U.S. $160 million. The two sales represent a multiple of around 10.4 times estimated 2009 operating income, according to the company.
The company plans to use around 50% of the proceeds as a permanent reduction to its term loans, with the remaining cash going to fund working capital.
Los Angeles-based Live Nation’s core business is producing, marketing and selling live concerts. The company produces more than 22,000 concerts for 1,600 artists in 33 countries annually.
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