Los Angeles-Based Live Music Company Signs Long-Term Lease Agreement to
Operate Legendary Music Venue
LOS ANGELES, April 11 /PRNewswire-FirstCall/ -- Live Nation (NYSE: LYV),
the world's largest live music company, will enter into a long-term lease
agreement to operate, manage and book the world famous Hollywood Palladium in
Los Angeles, California. The mid-sized music venue has a general admission
capacity of 4,000 and enhances Live Nation's existing venue portfolio in Los
Angeles, one of the most important live music markets in the world. The deal
was announced today at a press conference by Live Nation Chief Executive
Officer, North American Music, Bruce Eskowitz, and Los Angeles City Council
President Eric Garcetti.
Live Nation plans to completely renovate the 4,000 capacity live music
venue, including adding major upgrades to the stage infrastructure to
accommodate larger productions. In addition, the venue will get a top to
bottom overhaul of all interior and exterior areas that will bring the music
hall up to date while preserving the Palladium's original aesthetic integrity.
The renovation will begin immediately and the venue is expected to re-open in
"The addition of the Hollywood Palladium to our Los Angeles-area venue
portfolio provides us with the mid-sized capacity venue that we were
previously missing, and one with a tremendous rock and roll history which
makes it very exciting for us. Our strategy in large markets like Los Angeles
is to own and/or operate a mix of venues that gives us the ability to nurture
artists through all stages of their development," said Mr. Eskowitz. "We plan
to continue to establish the right venue mix in major music markets."
"Live Nation's restoration of the Hollywood Palladium synthesizes the best
of Hollywood's past, present and its future," said Council President Eric
Garcetti. "In Hollywood's heyday, the Palladium welcomed the titans of
entertainment. Hollywood's next golden age is here, and Palladium will be the
first stop to watch it up close."
"At one time, the Palladium was one of the social hot spots of Hollywood.
You never knew what famous or familiar faces you were going to see," said
Honorary Mayor of Hollywood Johnny Grant, who conducted a DJ interview show
and a coast-to-coast Big Band broadcast from the Palladium. "It will be a
great contribution to the revitalization of Hollywood to have it back in
The Hollywood Palladium opened its doors on September 23, 1940 with a
concert by the Tommy Dorsey Orchestra featuring the soon to be famous Frank
Sinatra. In those days, the Palladium was the place to be seen for
celebrities and wildly popular with local music and dance fans as well. The
venue became a television studio in 1961 and over the years has served as the
location for such award shows as the Emmy Awards, The Grammy Awards, The NAACP
Awards and Country Music Awards. Eventually the venue returned to its musical
roots, hosting many of the biggest names in rock and roll, including The
Rolling Stones, James Brown, Led Zeppelin, The Who, Rod Stewart, The Police
and Red Hot Chili Peppers, to name a few.
In Los Angeles, Live Nation currently owns and/or operates the House of
Blues on Sunset (capacity 1,000), The Wiltern Theatre (capacity 2,300), Gibson
Amphitheatre (capacity 6,185), the Verizon Wireless Amphitheatre in Irvine
(capacity 16,300) and the Hyundai Pavilion in San Bernardino (capacity
65,000). In addition to its House of Blues in Anaheim (capacity 950), Live
Nation also has an exclusive booking agreement with the Avalon in Hollywood
(capacity 1,400), the Long Beach Arena (capacity 13,500) and the Honda Center
in Orange County (capacity 7,500). The company also promotes or co-promotes
and produces concerts at other area venues including, among others, The
Hollywood Bowl, Dodger Stadium and Staples Center.
The Hollywood Palladium is a versatile location for live concerts and
special events of all kinds. For information on venue rentals call Jennifer
Tafolla at 310-867-7103.
About Live Nation
Live Nation is the world's largest live music company. Our mission is to
inspire passion for live music around the world. We are the largest promoter
of live concerts in the world, the second-largest entertainment venue
management company and have a rapidly growing online presence. We create
superior experiences for artists and fans, regularly producing tours for the
biggest superstars in the business, including The Rolling Stones, Barbra
Streisand, Madonna, U2 and Coldplay. Globally, we own, operate, have booking
rights for and/or have an equity interest in more than 160 venues, including
House of Blues(R) music venues and prestigious locations such as The Fillmore
in San Francisco, Nikon at Jones Beach in New York and London's Wembley Arena.
Our websites collectively are the second most popular entertainment/event
websites in the United States, according to Nielsen//NetRatings. In addition,
we also produce, promote or host theatrical, specialized motor sports and
other live entertainment events. In 2006, we connected nearly 60 million fans
with their favorite performers at approximately 26,000 events in 18 countries
around the world. Headquartered in Los Angeles, California, Live Nation is
listed on the New York Stock Exchange, trading under the symbol "LYV." For
more information regarding concerts near you, Live Nation and its businesses,
please visit our website at www.livenation.com.
SOURCE Live Nation
CONTACT: Josh Kamensky, +1-213-473-7013, for Eric Garcetti; or John
Vlautin of Live Nation, +1-310-867-7127, firstname.lastname@example.org
Web site: http://www.livenation.com