LOS ANGELES (CelebrityAccess MediaWire) — Live Nation announced on September, 9th that it has completed the sale of its Motor Sports division to Feld Entertainment for an aggregate purchase price of $205 million, consisting of $175 million in cash, plus a performance based earn out of up to $30 million. The company will use the net proceeds from the sale to repay borrowings under its revolving credit facility, to permanently reduce a portion of its term loan and to invest in its core music business.
With the sale of its Motor Sports division, Live Nation has sold assets with a total aggregate sale price of over $465 million since 2006. These divestitures have been part of the company's strategy to focus on its core music business by divesting non-music or other non-core assets and utilizing the proceeds from those sales to reinvest in music-related assets. In addition to Motor Sports, the company has sold substantially all of its North American theatrical business, substantially all of its sports representation business, its San Francisco office building and a number of non-core venues in the United Kingdom and the United States. –by CelebrityAccess Staff Writers