November 03, 2009

By By Andre Paine, London

Live Nation has closed the sale of its remaining U.K. theatrical venues and operations to the Ambassador Theatre Group.

Live Nation has also sold its one-third interest in the Dominion Theatre in London to the Nederlander Group.

The portfolio being purchased by Ambassador includes two West End theaters, the Lyceum and Apollo Victoria, and 14 regional theaters. The total gross sales price for the entire theatre portfolio (including the Dominion) is approximately $160 million, Live Nation said.

"Despite extremely difficult economic conditions, our U.K. Theatre division has performed exceedingly well over the past year, enabling us to complete the sale at a price that represents an attractive valuation multiple," said Michael Rapino, president and COO, in a statement.

"The proceeds generated from this sale allow us to continue our goal to de-lever our balance sheet by selling off assets that are not core to our live music strategy. We are very pleased to have worked with both the Ambassador Theatre Group and the Nederlander Group and wish them all the success through their ownership in these great theatres."

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