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|Live Nation Acquires Stake in Concert Productions International Inc.|
Further Solidifies Live Nation's Position as a Leader in Global Artist Touring Michael Cohl to Join Live Nation's Board of Directors
LOS ANGELES, May 30 /PRNewswire-FirstCall/ -- Live Nation (NYSE: LYV), a leading live event, venue and digital distribution company, today announced it has acquired a controlling interest in the touring division of a commonly owned group of companies operating under the name of Concert Productions International, or CPI, and a 50% interest in the Grand Entertainment division of CPI. CPI's Chief Executive Officer, Michael Cohl, has joined Live Nation's Board of Directors in connection with the transaction, increasing the total number of company directors to ten.
Founded and led by entertainment industry visionary Michael Cohl, CPI is a world leader and innovator in full service global touring, having produced some of the largest grossing tours in history, including the Rolling Stones, Pink Floyd and U2. CPI has also successfully created new revenue streams around the tours that it produces, such as VIP ticketing, fan clubs, merchandising and DVDs.
"Under Michael Cohl's leadership, CPI has established an impressive track record of expanding the relationship between artists and fans beyond the live event," said Michael Rapino, Chief Executive Officer of Live Nation. "CPI has consistently been a leader in creating new revenue streams centered around the live show. This acquisition reunites two of the pioneers of the global touring business: Michael Cohl and Live Nation's head of Global Touring, Arthur Fogel, who helped establish TNA as one of the world's most successful worldwide touring operations. By reuniting these two global touring businesses under the same roof, this deal allows Live Nation to enhance its leadership position in world touring, fueling our distribution network to maximize revenues for the artist and Live Nation."
"Live Nation understands that you can't sit still and embrace the status quo," added Mr. Cohl. "We believe in their approach and want to share and contribute to their vision of the future. This is a great partnership for us, but it is the artists and fans that will truly benefit."
CPI will continue to operate as a separate unit and will work in conjunction with Live Nation's existing global touring division led by Mr. Fogel. CPI will spearhead Live Nation's initiatives to secure rights to content beyond the live show, including recordings, films, DVDs and more.
Mr. Cohl began his career in 1969 as a local promoter of concerts and created CPI in 1973. He has worked on successful projects in most fields of entertainment -- music, sports, theater (on and off Broadway and throughout North America), film and television. Over the years, Mr. Cohl has overseen tours and related ancillary businesses for more than 150 artists, including Frank Sinatra, Michael Jackson, Prince, Stevie Wonder, Pink Floyd, Crosby, Stills, Nash and Young and U2. In addition to the dozens of television specials he has produced, he created and produced the World Professional Skating Championships for ABC TV's "Wide World of Sports" and countless concert film projects including FOUR FLICKS by the Rolling Stones, the top-selling music DVD of all time.
Mr. Cohl developed the concept of "global" touring, working directly with the artist to strategize and route the tour, promote the dates and ultimately ensure an exciting touring experience for both artists and fans. He then helped to develop aftermarket revenue opportunities -- books, television shows, videos, films and merchandise. He has promoted five of the top ten tours of all time and has received Promoter of the Year awards several times from an array of trade publications and industry associations.
About Live Nation
Live Nation is a leading live event, venue and digital distribution company focused on creating superior experiences for artists, performers, corporations and fans. Live Nation owns, operates and/or has booking rights for 153 venues worldwide and produced more than 29,500 events in 2005. Live Nation operates more than 60 websites globally. Headquartered in Los Angeles, California, Live Nation is listed on the New York Stock Exchange, trading under the symbol "LYV." For more information regarding Live Nation and its businesses, please visit the company's website at www.livenation.com.
Portions of this release may contain forward-looking statements regarding future events and are subject to risks and uncertainties. Live Nation wishes to caution you that there are some factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to: difficulty in integrating the CPI businesses and operations in an efficient and effective manner; challenges in achieving strategic objectives; the risk that our markets do not evolve as anticipated; and the potential loss of the services of key employees of the CPI businesses, including those of Mr. Cohl. Live Nation refers you to the documents it files from time to time with the U.S. Securities and Exchange Commission, specifically the section titled "Item 1A. Risk Factors" of Live Nation's most recent Annual Report filed on Form 10-K, which contains and identifies other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statements.
SOURCE Live Nation -0- 05/30/2006 /CONTACT: John Vlatin, Vice President, Communications of Live Nation, +1- 310-867-7127, JohnVlautin@LiveNation.com/ /Web site: http://www.livenation.com/ (LYV) CO: Live Nation ST: California IN: ENT MUS CPR MLM ITE SU: TNM BK-MS -- LATU053 -- 5943 05/30/2006 09:00 EDT http://www.prnewswire.com