Live Nation Sells Its British Empire, $160 Million

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Live Nation confirmed the sale of its various British venues to the Ambassador Theatre Group on Monday afternoon.

The sale price of $160 million covers two West End theaters, the Lyceum and Apollo Victoria, and fourteen regional theaters located throughout the United Kingdom, according to an official statement from Live Nation.

That Ambassador deal follows the sale of the Dominion Theatre in London to the Nederlander Group, finalized October 23rd, and the $160 million tag actually covers both deals.

Collectively, the price tag on the properties represents a 10.4x multiple on operating income, according to calculations offered by Live Nation.  After various fees and taxes are paid, one-half of the proceeds will be used to pay down outstanding loans.  “The proceeds generated from this sale allow us to continue our goal to de-lever our balance sheet by selling off assets that are not core to our live music strategy,” said  Michael Rapino, president and CEO of Live Nation.

Report by Alexandra Osorio.