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Boston.com - May 5, 2009
Live Nation agrees to sell three Boston theaters
May 5, 2009 08:49 AM
Live Nation Inc., the world's largest concert promoter, has agreed to sell three well-known theaters in Boston for about $22.5 million, using the proceeds to pay down debt.
In a press release, the company said that it would sell the Boston Opera House, Orpheum Theatre, and Paradise. The deal, expected to close in the third quarter, also includes an earnout clause at the Orpheum Theatre over the next five years.
The buyer wasn't named and the company was not immediately available to comment. (In a press release, California-based Live Nation, a live music and venue management company, described the three Boston theaters as "non-core real estate holdings.")
Live Nation will continue to promote concerts at the three venues.
The company said it would take a non-cash impairment charge of approximately $7.7 million in the first quarter of 2009 to account for the difference between the sales price and the carrying value on the company's balance sheet. (Reuters)