Britain's biggest theatre operator Live Nation has put its package of UK theatre venues on the market, which will enable it to concentrate on its live music business.
Live Nation is accepting bid approaches for all 17 UK venues, to include well-known sites in the West End such as the Apollo Victoria and Lyceum theatres, as well as a 33% holding in the Dominion. These venues are host to popular long running shows Wicked, The Lion King and We Will Rock You.
The live entertainment group aims to sell the whole theatre package for over £75m, and may consider selling it off in chunks if necessary.
In 2007, investment bank Goldman Sachs sold Live Nation's US theatres to Key Brand Entertainment for $90m.
Goldman Sachs will also be managing the UK sale, which is at an early stage and has attracted over 20 bids from private equity firms and international theatre operators among others. European theatre operator Stage Entertainment, which produces Hairspray, and Key Brand Entertainment are among the interested parties.
There is a possibility that the profitable theatre business will not be sold; Live Nation could well be simply sounding out interest.
