Live Nation Pays $114 Million For Majority Stake In UK’s Academy Music Group

Concert promoter Live Nation, along with Gaiety Investments, has bought a 56 percent interest in UK-based Academy Music Group from RJD Partners. AMG owns and operates 12 live music venues which host over 2,500 events attracting 3 million individuals annually. Release
The purchase is part of Live Nation’s strategy to buy music venues and the profit by running concerts online, Alarm Clock noted. Since the Beverly Hills-based company was spun off from Clear Channel two years ago, Live Nation has sought to ally itself with a variety of digital outlets. Most recently, Live Nation announced a partnership with social net/online radio programmer Last.FM. And as we reported in January, purchased e-commerce/fan community site MusicToday. At an industry conference in February, Live Music Blog pointed out that the company’s stated goal was to become “the MySpace of venues.”

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