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Live Nation Looks To Shed UK Theatrical Unit

LONDON (CelebrityAccess MediaWire) — Live Nation has put its entire collection of UK theatrical venues up for sale. The 17 theatres cover than 30,000 seats in venues in diverse cities such as London, Manchester and Edinburgh and Liverpool, Stage News reports.

Among the properties on the block are several high profile venues in London's West End, the Apollo Victoria and Lyceum theatres as well as a partial stake in The Dominion.

The sale is similar to the $90 million, 2007 divestiture of Live Nation's North American theatrical division and conforms to Live Nation's ongoing strategy to shift its focus to live music sector.

At present, Live Nation is only shopping for a purchaser who can take the whole unit off of their hands, rather than piecemeal sales but LN has indicated that they aren't necessarily opposed to the individual sales, The Stage said.

"We might not sell them. It’s not a foregone conclusion that they will be sold. It will only be if somebody makes an offer we can’t refuse that it will be accepted. If we do sell, it will only be if the money is right – it will only be if someone pays a reasonable amount for what is still a going concern." Live Nation's COO of Live Music Paul Latham told The Stage. – CelebrityAccess Staff Writer