Live Nation sells UK theaters for $160 mln
Live Nation sells off UK theaters for $160 million; about half to pay down debt
- On 7:54 pm EST, Monday November 2, 2009
LOS ANGELES (AP) -- Live Nation Inc., the concert promoter that plans to merge with Ticketmaster Entertainment Inc. this year, said Monday it sold its remaining U.K. theater venues for $160 million.
The portfolio of theaters, including the Lyceum, Apollo Victoria and 14 regional theaters in the U.K., were sold to The Ambassador Theatre Group. Live Nation also sold a one-third interest in the Dominion Theatre in London to The Nederlander Group.
The company said about half of the gross proceeds from the sales, adjusted for closing fees, expenses, taxes and other items, will go toward reducing its term debt.
The sales prices represent more than 10 times the assets' estimated operating profit for 2009, which Live Nation CEO Michael Rapino called "an attractive valuation multiple."
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