Live Nation Completes Sale of U.K. Theatre Division for Approximately U.S. $160 Million

Live Nation Completes Sale of U.K. Theatre Division for Approximately U.S.
$160 Million

LOS ANGELES, Nov. 2 /PRNewswire-FirstCall/ -- Live Nation (NYSE: LYV), the
world's largest live music company, announced today that it has closed the
sale of its remaining U.K. theatrical venues and operations to The Ambassador
Theatre Group, an owner and operator of regional theatres in the United
Kingdom. In addition, on October 23, 2009, Live Nation closed on the sale of
its one-third interest in the Dominion Theatre in London to The Nederlander
Group.

The U.K. theatre portfolio being purchased by Ambassador includes two West End
theatres, the Lyceum and Apollo Victoria, and 14 regional theatres located
throughout the United Kingdom. The total gross sales price for the entire
theatre portfolio, including Dominion, is approximately U.S. $160 million.

The two sales represent a multiple of approximately 10.4X estimated 2009
operating income. In accordance with the terms of Live Nation's credit
facilities, approximately 50% of the proceeds after payment of fees, expenses
(including tax), adjustments for show cash utilized by the company and other
adjustments, will be applied as a permanent reduction to the company's term
loans with the remaining cash going to fund working capital.

"Despite extremely difficult economic conditions, our U.K. Theatre division
has performed exceedingly well over the past year, enabling us to complete the
sale at a price that represents an attractive valuation multiple," said
Michael Rapino, President and Chief Executive Officer of Live Nation. "The
proceeds generated from this sale allow us to continue our goal to de-lever
our balance sheet by selling off assets that are not core to our live music
strategy. We are very pleased to have worked with both The Ambassador Theatre
Group and The Nederlander Group and wish them all the success through their
ownership in these great theatres."

ABOUT LIVE NATION
Live Nation's mission is to maximize the live concert experience. Our core
business is producing, marketing and selling live concerts for artists via our
global concert pipe. Live Nation is the largest producer of live concerts in
the world, annually producing over 22,000 concerts for 1,600 artists in 33
countries. During 2008, the company sold over 50 million concert tickets and
drove over 70 million unique visitors to LiveNation.com. Live Nation is
transforming the concert business by expanding its concert platform into
ticketing and building the industry's first artist-to-fan vertically
integrated concert platform. The company is headquartered in Los Angeles,
California and is listed on the New York Stock Exchange, trading under the
symbol LYV. For additional information about the company, please visit
www.livenation.com/investors.

SOURCE Live Nation

John Vlautin of Live Nation, +1-310-867-7127, johnvlautin@livenation.com