HOUSE OF BLUES DEAL COMPLETED.Byline: Staff and Wire Services Live Nation, a Los Angeles-based live music entertainment company, announced Monday that it has completed its $354 million acquisition of the House of Blues House of Blues (HOB) is a chain of music halls and restaurants founded in 1992 by Hard Rock Cafe founder Isaac Tigrett and his friend and investor Dan Aykroyd. It is a home for live music and southern-inspired cuisine, whose clubs celebrate African-American culture, specifically . The deal gives Live Nation booking rights for more than 170 clubs and venues across the country, including the House of Blues on Sunset Boulevard Sunset Boulevard is a street in the western part of Los Angeles County, California, that stretches from Figueroa Street in downtown Los Angeles to the Pacific Coast Highway at the Pacific Ocean in the Pacific Palisades. and Anaheim. ``The House of Blues brand is one of the most highly recognizable names in live music and we are excited about the strong foothold House of Blues provides us in the small-sized music venue A music venue is any location regularly used for a concert or musical performance. Music venues range in size and location, from an outdoor bandshell or bandstand to an indoor sports stadium. Typically, different types of venues host different genres of music. segment of the market,'' Live Nation President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael Rapino said in a statement. Los Angeles-based HOB hob a male ferret. ran 10 House of Blues locations in cities such as Toronto, San Diego and Dallas. Its House of Blues venues have capacity for between 1,000 and 2,300 concertgoers. ``This eliminates one of the major competitors in the marketplace,'' said Gary Bongiovanni, editor of the trade weekly Pollstar, which covers the concert industry. ``House of Blues was certainly programming against Live Nation, but that's not to say the landscape is now devoid of competition.'' The area's other top concert promoters include AEG AEG Aeger (Latin: Sick) AEG Allgemeine Elektrizitäts-Gesellschaft (Common Electricity Company) AEG Aircraft Evaluation Group AEG Association of Engineering Geologists AEG Air Expeditionary Group Live, which owns Goldenvoice (creators of the Coachella Music Festival), and Nederlander (which operates the Greek Theatre and Staples Center). ``The HOB club chain is very valuable to Live Nation,'' Bongiovanni added. ``It's a very successful brand.'' The total purchase price for the deal, including reimbursement for development capital expenditures and working capital adjustments, was about $354 million, the company said. |
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