February 05, 2009

By By Mitchell Peters, L.A.

Live Nation and CBS Radio have entered into a multi-year agreement to produce select radio-sponsored concerts at Live Nation's more than 110 venues across North America.

As part of the deal, Live Nation and CBS Radio will partner to develop new live music events. Financial terms of the deal were not disclosed.

"Our alliance with CBS Radio is another example of our focus on leveraging our unmatched portfolio of live venues across the nation to drive profitable revenue streams," Live Nation CEO of global music Jason Garner said in a statement.

Live Nation expects the deal to draw more than 260,000 concertgoers to its venues per year, which would in turn bring in additional sponsorship, ticket sales and ancillary revenue, according to the company. CBS Radio operates 137 radio stations across the United States.

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