LOS ANGELES (CelebrityAccess MediaWire) — Following last week’s report of losses in the fourth quarter, Live Nation has stated that it is in the process of divesting much of its theatrical division, to continue narrowing its focus on its core global music business.
The company plans to sell its Broadway Across America business, which has become the largest subscription series in the U.S. for touring theatrical performances.
Live Nation also plans to unload thirteen theatrical venues that the company owns, operates or have an equity interest in, located in the seven major North American markets of Chicago, Boston, Baltimore, Minneapolis, Toronto, Washington D.C. and Philadelphia.
Finally, the company also plans to divest its 50.1% interest in a production of The Phantom of the Opera at the Venetian Resort Hotel & Casino in Las Vegas.
U.K. Theatrical assets, as well as the New York Hilton and the Boston Opera House will not be included in the divestiture process, due to certain tax restrictions associated with Live Nation’s spin-off from Clear Channel Communications last year.
Over the past year, Live Nation has sold several non-core assets, including some sports representation businesses, Las Vegas productions, Donnington Park race track in the U.K., and has listed several amphitheaters across the country for sale. –by CelebrityAccess Staff Writers