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Live Nation acquires House of Blues for $350m
Live Nation, the Los Angeles-based concert promoter, is to acquire House of Blues Entertainment (HOB), the chain of live music venues, for US$350m (£191m, 275m euro).
HOB operates 10 1,000-2,300 capacity venues under the House of Blues brand in cities including Las Vegas in Nevada, Los Angeles in California, Chicago in Illinois and Dallas in Texas, as well as eight 20,000-seat amphitheatres in Atlanta in Georgia, San Diego in California and Toronto in Canada.
Greg Trojan, chief executive officer at Live Nation, said: “This represents a compelling opportunity to grow our brand and accelerate the expansion of our club business, both in the United States and abroad.”
Live Nation, which produced more than 29,500 events in 2005, was advised by Goldman Sachs and Morrison & Foerster. Details: www.livenation.com