Media - Friday, March 30, 2007
LiveNation Buys UK Music Concert Chain Academy Music Group For $114M
We think that LiveNation [NYSE: LYV]has a very interesting strategy where it is buying up cool music venues then turbo-charging profits buy running concerts online. By owning the venues, LiveNation not only gains but it makes events cooler (because they are live broadcast globally) and it makes money from the Internet audience.
Today LiveNation Live Nation and Gaiety Investments completed the acquisition of a 56% interest in Academy Music Holdings Limited from RJD Partners. AMG owns and operates 12 live music venues which host over 2,500 events attracting 3M+ fans annually.
The transaction values AMG at $114M, including the assumption of $56.9M of bank debt and third-party shareholder loans. For the twelve months ended December 2006, AMG generated $11.6M of adjusted EBITDA.
Read - Live Nation Acquires Significant Stake in Academy Music Group (Release)
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