LOS ANGELES (CelebrityAccess MediaWire) – Effective November 6, Live Nation has completed its previously announced acquisition of House of Blues. On October 25 the Federal Trade Commission gave the green for the proposed merger.
Live Nation now owns, operates and/or has booking rights for more than 170 venues, including the addition of 10 House of Blues-branded small-
sized music venues in Los Angeles, Anaheim, San Diego, Las Vegas, New Orleans, Chicago, Cleveland, Orlando, Myrtle Beach and Atlantic City; The Commodore Ballroom, a small-sized music venue in Vancouver; and eight amphitheaters in Seattle, Los Angeles, San Diego, Denver, Dallas, Atlanta, Cleveland and Toronto.
"The House of Blues brand is one of the most highly recognizable names in live music and we are excited about the strong foothold House of Blues provides us in the small-sized music venue segment of the market," said Live Nation President and Chief Executive Officer Michael Rapino. "This acquisition also extends our music venue portfolio into Canada and amphitheater presence into key markets in the western United States, complementing our already strong East coast venues."
The total purchase price for the deal, including reimbursement for development capital expenditures and working capital adjustments, was approximately $354
million. Live Nation financed the acquisition with a combination of cash on hand, borrowings under its revolving credit facility and a new term loan as
provided for under its existing credit agreement. — Jane Cohen and Bob Grossweiner