LONDON (CelebrityAccess MediaWire) — Stage C, a joint venture between AEG Live and European ticketing company CTS Eventim has acquired one of London's leading mid-sized venues, the Hammersmith Apollo from the HMV's live entertainment unit MAMA Group.
The deal for the 5,000 capacity venue, was valued at £32 million ($42.1 million), the Guardian reported.
AEG had been recently identified as a preferred buyer for MAMA, which HMV is looking to sell in order to help draw down the music retailer's debt load. The sale of just one venue indicates that HMV is planning to sell off MAMA's assets piecemmeal instead of as a single unit as seemed likely.
Other venues in MAMA's portfolio include the HMV Forum in Kentish Town, HMV Institute, Jazz Café in Camden Town, Relentless Garage in Islington, HMV Picture House in Edinburgh, Heaven in London, G-A-Y and Barfly chains. In addition, MAMA operates a number of festivals, including the Lovebox festival and the HMV Next Big Thing festivals as well as a music management division.
"The strategic review of the remaining [HMV] Live business is ongoing and we will update the market as appropriate," the company said. – CelebrityAccess Staff Writers