Into the live sector, and Live Nation has announced it has sold off a bulk of its US theatrical business, another sign the company, formerly Clear Channel's live entertainment division of course, is restructuring to become primarily a music company.
As much previously reported, Live Nation has been busy moving into areas of the music business other than its traditional domain of venue management and tour/festival promotion, most notably with its new relationship with Madonna, which will encompass merchandising, recording and branding activity, and also with its planned launch of a music ticketing business next year.
Live Nation's Broadway Across America theatre tour business was sold to Key Brand Entertainment last week in a $90.4 million deal. Reports suggest the profits from the sale will be used to repay debts and bolster the firm's music operations.
The live conglom does still own a number of theatrical venues in the US, including New York's Hilton Theatre and the Boston Opera House, and their UK theatre business is seemingly unaffected by the sale. However, some are speculating those other theatrical assets could be sold off in due course.