(Via Brooklyn Vegan) In further Live Nation news, Michael Rapino and co. continue the company's forward march with the unexpected acquisition of House of Blues Entertainment. The company which consists of ten clubs and eight ampitheatres throughout the country, will be purchased for $350 million in cash.
Live Nation Chief Executive Officer Michael Rapino commented: "We have great respect for the House of Blues employees and what they have accomplished and we look forward to welcoming them into the Live Nation family."
"This represents a compelling opportunity to grow our brand and accelerate the expansion of our club business, both in the United States and abroad," said House of Blues Chief Executive Officer Greg Trojan. "Together, we will be able to take live music to a new level, delivering more music on more dates in more local venues."
The transaction should be complete by the close of 2006, in the meantime I'm hunting down more information about how much this merger will increase Live Nation's marketshare. It seems like it's leaning towards monopoly-time in the midsize concert market.
Full article at billboard.biz.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment