 |
|
|
|
|
|
||
|
News
|
||
|
News |
Dateline:18th December, 2005
Clear Channel Communications Inc is to separate its international theatre business into a separate company, Live Nation. Under its new business model, each of the company's content divisions will be responsible for driving event profitability and increasing activity in its venues as well as those of its partners. Clear Channel Communications will distribute to each holder of Clear Channel Communications common stock one share of Live Nation common stock for every eight shares of Clear Channel Communications common stock held by such stockholder on 14th December, 2005, the record date for the distribution. The distribution will occur on or about 21st December, 2005. The $2.75 billion company will operate three global live-content divisions - theatrical, music and sports - as well as divisions focusing on venue management, marketing and interactive technology. This is a reduction from fourteen divisions, a move which will lead to a loss of 400 jobs (10% of the workforce). The Global Theater division will be led by the current head of Clear Channel Europe's theatre division, David Ian, who becomes chairman. It owns or operates thirty leading venues across England, Wales, Scotland and Ireland; including London’s Carling Apollo, Cardiff Arena, Hallam Arena Sheffield, Liverpool Empire, Manchester Apollo theatre, the Manchester Opera House, Sunderland Empire, Edinburgh Playhouse and the Lyceum and Dominion theatres in the West-End. It recently bought music company the Mean Fiddler Group, which has seven venues. What effect the changes will have on Clear Channel Europe is as yet not clear. Please note that all three Archive indices are very long and will therefore take some time to download.
|
|
|
|
