UPDATE 1-Live Nation sells three Boston theaters
* Live Nation agreed to sell three Boston theaters
* Using proceeds to pay down debt
NEW YORK, May 5 (Reuters) - Live Nation Inc. (LYV.N), the world's largest concert promoter, has agreed to sell three well-known theaters in Boston for about $22.5 million, using the proceeds to pay down debt.
The buyer wasn't named and the company was not immediately available to comment.
The company said on Tuesday that it would sell the Boston Opera House, Orpheum Theatre and Paradise. The deal, expected to close in the third quarter, also includes an earnout clause at the Orpheum Theatre over the next five years.
Live Nation will continue to promote concerts at the three venues.
The company said it would take a non-cash impairment charge of approximately $7.7 million in the first quarter of 2009 to account for the difference between the sales price and the carrying value on the company's balance sheet. (Reporting by Paul Thomasch; Editing by Derek Caney)
