(CelebrityAccess MediaWire) —
Live Nation has sold portions of its interests in several large-scale theatre projects to BASE Entertainment, the
newly formed production company launched by former Clear Channel Entertainment executives Brian Becker and Scott Zeiger.
Live Nation has divested its interests in Planet Hollywood Las Vegas, which will now be operated by BASE.Entertainment.
The deal also includes BASE Entertainment's purchase of partnership interests in
Andrew Lloyd Webber's Phantom — The Las Vegas Spectacular at the Venetian and
the touring property Cirque de Soleil/Delirium, which itself is a partnership
with Cirque de Soleil American. BASE Entertainment will also assume all
interests in a variety of theatre projects that are currently in development by
Live Nation.
"The sale of these assets is reflective of our strategy of focusing our capital
on our core businesses, namely music venues and global music tours," said
Michael Rapino, CEO, Live Nation. "Our ties run deep with
Brian and Scott and under their leadership we believe that BASE Entertainment
will be a highly successful enterprise." –Jane Cohen and Bob Grossweiner
