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"With its location right on Biscayne Bay, the Bayfront Park Amphitheater is a beautiful and unique place to see concerts," said Neil Jacobsen, President of Live Nation Miami. "The amphitheater perfectly complements our Florida venue portfolio which now enables us to nurture bands at all stages of their career as they grow from the 2,700 capacity Fillmore at Jackie Gleason to the 2,800 capacity Pompano Beach Amphitheatre and our 3,400 capacity Mizner Park Amphitheater in Boca Raton, through to Bayfront Park and finally to our 19,000 capacity Cruzan Amphitheatre in West Palm Beach and 20,000 capacity Ford Amphitheatre in Tampa. We have been aggressive in our strategy to build a diverse venue portfolio in this area, which is the number 16 market in the United States according to Nielsen Media. I want to thank the Bayfront Park Management Trust and the City of Miami for placing their trust in Live Nation. We look forward to bringing the people of Miami an eclectic variety of world class musical talent for many years to come."

As part of the deal, Live Nation will make a number of upgrades to the venue, which operates year round. The venue’s stage house is being refurbished with state-of-the-art production capabilities. In addition, modern seating will replace the venue’s current bench seating, and there are also plans to include a number of corporate boxes featuring private tables and waiter service. Food and beverage upgrades include both facility improvements and added points of sale in addition to enhancements to the overall menu. The venue will be closed while renovations are being made and is expected to re-open in June of 2009.

"The partnership with Live Nation will bring new life to our beautiful Bayfront Park, adding to our transformational vision of Miami’s downtown into a cultural and urban hub," said Mayor of the City of Miami, Manny Diaz. "We join other great municipalities who have partnerships with Live Nation, such as San Bernardino County in Southern California, in our efforts to focus on the cultural growth of our cities. The state-of-the art upgrades to the amphitheater and the added tourism the venue will provide will benefit all of the residents of Miami."

"We believe this partnership between the City, the Trust and Live Nation creates the opportunity for high quality entertainment in the park and will ensure the long-term success of Bayfront and our ability to fund the largest shade tree planting effort the City has ever considered," said Miami City Commissioner Marc Sarnoff, Chairman of the Bayfront Park Management Trust. "This will be a great start to the evolution of the park and surrounding areas."

"The Trust views this as a winning partnership," said Timothy Schmand, Executive Director of the Bayfront Park Management Trust. "We believe Live Nation’s investment in the amphitheater coupled with their ability to bring talent to this venue will re-energize Bayfront Park and all of downtown."

ABOUT LIVE NATION:

Live Nation is the future of the music business. With the most live concerts, music venues and festivals in the world and the most comprehensive concert search engine on the web, Live Nation is revolutionizing the music industry: onstage and online. Headquartered in Los Angeles, California, Live Nation is listed on the New York Stock Exchange, trading under the symbol "LYV." Additional information about the company can be found at www.livenation.com under the "About Us" section.

ABOUT BAYFRONT PARK MANAGEMENT TRUST:

The Miami City Commission created the Bayfront Park Management Trust in 1987 to "direct, manage and maintain all aspects of Bayfront Park for the purposes of ensuring maximum community utilization and enjoyment."

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SOURCE: Live Nation