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HMV shareholders back Apollo sale

By | Published on Thursday 12 July 2012

HMV

HMV’s shareholders have backed the previously reported plan for the flagging retailer to sell the Hammersmith Apollo, the West London venue run by its live division MAMA Group. HMV will get £32 million for the venue from Stage C Limited, a joint venture between live music giant AEG and ticketing firm CTS Eventim.

What HMV will now do with the rest of MAMA – which still owns a network of smaller venues and festivals and other live, artist and brand services companies – remains to be seen, a management buyout is still not out of the question.

As previously reported, HMV bought the MAMA Group in 2010 as part of its bid to diversify its brand into all areas of music, though that plan was dropped last year when banks, to which the firm is heavily indebted, insisted the company focus on its core retail business.



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