LOS ANGELES, July 8 /PRNewswire-FirstCall/ -- Live Nation (NYSE: LYV)
President and Chief Executive Officer Michael Rapino announced today that the
company has entered into a long-term global partnership with Nickelback, one
of the most successful contemporary hitmaking and touring rock bands in the
world. Nickelback is the fourth global superstar that Live Nation has signed
to a unified rights deal, on track with the company's strategic plan to sign
four to six such deals with world-class artists in the first year of operation
of its Live Nation Artists division.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080708/LATU038)
Shaped by Mr. Rapino, the new partnership contemplates all areas of
Nickelback's global music enterprises, including three touring and album
cycles, with an option for a fourth. Under the deal Live Nation has acquired
12 separate artist rights to feed its global distribution pipe. These include
touring, tour sponsorship, tour merchandise, tour VIP/travel packages,
secondary ticketing, recorded music, clothing, licensing and other retail
merchandise, non-tour sponsorship and endorsements, DVD and broadcast rights,
fan club, website and literary rights.
"Our relationship with everyone at Road Runner Records has been amazing
throughout our career and we look forward to continuing that same great
relationship for the remainder of our recording commitment with them," said
Nickelback's Chad Kroeger. "With that said, the Live Nation deal helps us
maximize the band's opportunities in all areas of our career. We are
extremely confident that Live Nation's complete global team is the world's
finest and we are excited to be a part of the Live Nation vision and future!"
"Nickelback has struck a chord with music fans all over the world and
their universe continues to expand exponentially," said Mr. Rapino. "Year
over year the band has sold more records and concert tickets, and has
tremendous upside potential as they continue to break into new markets around
the world. Our global distribution and marketing platform is uniquely
positioned to help them accelerate the growth of their fan base and maximize
their earnings across all their potential revenue streams. Nickelback's
addition to our incredible roster of artists confirms that we remain on plan
to sign global rights deals with the world's most successful artists to feed
our core concert pipe."
"This deal with Nickelback will enable us to fully capitalize on our
vertically integrated platform to connect the band with their fans, monetizing
our unparalleled reach to drive revenues and increase overall margins,"
continued Mr. Rapino. "This partnership is structured to increase our revenue
and cash flow potential significantly, while reducing our risk profile. This
investment is cross collateralized, spread over multiple years and comprises
multiple business opportunities."
Nickelback becomes the fourth superstar act to join the Live Nation
Artists' roster, along with Madonna, JAY-Z and Shakira, with the previously
announced U2 deal expected to be completed in the coming months, as well.
Nickelback has sold more than 26 million albums worldwide, with their last
album selling more than 10 million units globally. They are a touring
powerhouse and have built their fan base by relentlessly breaking into new
markets with their live shows. Nickelback's last tour, which visited North
America and Australia in 2006/2007, sold more than 1.5 million tickets and
grossed in excess of $67 million.
ABOUT LIVE NATION:
Live Nation is the future of the music business. With the most live
concerts, music venues and festivals in the world and the most comprehensive
concert search engine on the web, Live Nation is revolutionizing the music
industry: onstage and online. Headquartered in Los Angeles, California, Live
Nation is listed on the New York Stock Exchange, trading under the symbol
"LYV." Additional information about the company can be found at
http://www.livenation.com under the "About Us" section.
SOURCE Live Nation
John Vlautin of Live Nation, +1-310-867-7127, johnvlautin@livenation.com; or
Bill Douglass of Brainerd Communicators, +1-212-986-6667,
douglass@braincomm.com, for Live Nation
