Smashing Estate

One of the biggest concert promoters of the world Live Nation Inc. is selling 3 of its Boston venues. The show or concert organizer is selling those 3 venues for $22.5 million to pay down some of its debt. Michael Rapino, the chief executive and president of Live Nation, in a statement said,

“We are actively working to divest our remaining non-core assets as we continue to enhance our liquidity and de-lever our balance sheet.”

California-based Live Nation will be selling the Orpheum, the Paradise and Opera House. The company described the 3 Boston venues as “non-core real estate holdings.” A combined group together with David Mugar and Don Law are paying for the venues. Though Live Nation will still carry on their theater shows at the venues and the new proprietors capable to reserve plays, dance and musicals events at their preference. According to Boston.com a Live Nation spokesman indicated that Live Nation tries to keep ownership of 2 other local amusement theaters.