LOS ANGELES, May 5 /PRNewswire-FirstCall/ — Live Nation (NYSE: LYV), a leading live event, venue and digital distribution company, announced today that it has sold portions of its interests in several large-scale theatre projects to the newly formed production company BASE Entertainment.
Live Nation has divested its interests in Planet Hollywood Las Vegas, a venue project which is comprised of two theatres and related areas. BASE Entertainment will now solely guide the Planet Hollywood properties in Las Vegas.
The deal also includes BASE Entertainment’s purchase of partnership interests in Andrew Lloyd Webber’s Phantom — The Las Vegas Spectacular at the Venetian and the touring property Cirque de Soleil/Delirium, which itself is a partnership with Cirque de Soleil American. BASE Entertainment will also assume all interests in a variety of theatre projects that are currently in development by Live Nation.
Headed by accomplished live entertainment executives Brian Becker and Scott Zeiger, BASE Entertainment is a producer, presenter, venue programmer, and operator involved in live, theatrical entertainment and content on a worldwide basis. The company is partnered with Los Angeles-based private equity firm, Clarity Partners, LP. Through a combination of development and acquisition, Becker and Zeiger will continue to grow BASE Entertainment from its initial properties into a worldwide live entertainment company whose portfolio of projects already includes Broadway and touring theatrical productions, entertainment venues, Las Vegas attractions and various intellectual properties.
“The sale of these assets is reflective of our strategy of focusing our capital on our core businesses, namely music venues and global music tours,” commented Michael Rapino, Chief Executive Officer of Live Nation. “Our ties run deep with Brian and Scott and under their leadership we believe that BASE Entertainment will be a highly successful enterprise.”
About Live Nation
Live Nation is a leading live event, venue and digital distribution company focused on creating superior experiences for artists, performers, corporations and fans. Live Nation owns, operates or has booking rights for 153 venues worldwide and produced more than 29,500 events in 2005. Live Nation operates more than 60 websites globally. Headquartered in Los Angeles, California, Live Nation is listed on the New York Stock Exchange, trading under the symbol “LYV.” For more information regarding Live Nation and its businesses, please visit the company’s website at www.livenation.com.
SOURCE Live Nation
-0- 05/05/2006
/CONTACT: John Vlautin of Live Nation, +1-310-867-7127,
[email protected]/
/Web site: http://www.livenation.com/
(LYV)
CO: Live Nation; BASE Entertainment
ST: California
IN: ENT ART
SU: PDT
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4169 05/05/2006 09:00 EDT http://www.prnewswire.com