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Dateline: 24th June, 2009
Live Nation Sell-Off? Live Nation, which owns or operates seventeen theatre across the UK, including the Apollo Victoria, the Dominion (in which the company has a 33% interest) and the Lyceum in the West End, has invited bids for all its UK theatres. According to a report in The Stage, Paul Latham, chief operating officer for live music, said, "We might not sell them. It’s not a foregone conclusion that they will be sold. It will only be if somebody makes an offer we can’t refuse that it will be accepted. If we do sell, it will only be if the money is right - it will only be if someone pays a reasonable amount for what is still a going concern." The "right" money is believed to be a minimum of £75m. In 2007 it sold off its US theatres and it is understood that the buyer, Key Brand Entertainment, may well be interested in buying the uK operation. There are said to be around twenty companies which are likely to make a bid, including ATG, the second-largest UK theatre owning group. The announcement is not unexpected as the company is known to be keen to concentrate on what it considers its core operation, live music, but in fact its UK theatre arm is profitable, which is why it has not made a commitment to sell.
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