CHICAGO (CelebrityAccess MediaWire) — Live Nation has announced that they are selling their holdings in the Broadway on Chicago and the associated Oriental Theater, The LaSalle Bank Theatre and The Cadillac Palace Theatre as well as other holdings in the market to the Nederlander Organization for a cool $60 million.
The agreement was announced along with Live Nation's Q3 financial statements.
Live Nation's Michael Rapino stated "we entered into a definitive agreement to sell our 50 percent interest in Broadway in Chicago, a nonconsolidated investment, to certain entities wholly-owned by James L. Nederlander, who owns a controlling interest in our joint venture partner in Broadway in Chicago for a gross sales price of $60 million."
"Broadway in Chicago primarily presents theatrical shows at four venues in Chicago, including the Ford Center for the Performing Arts – Oriental Theater which, he said, "we wholly own and will be sold as part of the transaction." he added.
This divestment is a part of Live Nation's efforts to orient themselves entirely along a live music axis. Similar efforts have been rumored to be in the offing in other markets such as London for some time.
Similarly, Live Nation has also put its touring Broadway operations on the auction block. The Chicago Tribune reported that the both Jam Theatricals and TheatreDreams Inc have been active bidders. Results from the auction are reportedly expected soon. – CelebrityAccess Staff Writers