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million. The two, in an entity called Venturesa LLC, are buying Boston Opera House, the and Paradiswe night club. Mugar, a businessman and philanthropisr who financesthe city’s annual 4th of July fireworks, is the CEO of Mugar Enterprises Inc. Law is a concert promoter and president ofLive Nation’ss New England division. Mugar’s office referred all calla to Law’s office, which did not immediately responcd to requests foran interview. Live Natioh Inc. issued a press release Tuesday but did not immediately identifythe buyers. A spokesman later confirmerd Boston Opera House Ventures LLC was the The sale of the theaters is expected to closs in thethird quarter.
The sale includes an earnouty at the Orpheum Theatre over the next five Live Nation, the largest producer of live concertxs in the world, will continue to promotew “non-theatrical shows” at all threwe venues, according to the press The company spokesman did not immediatelyh return a call for But in the press Michael Rapino, the company’s CEO, said the sale woulfd “allow us to apply 50 percent of the proceedds as a permanent reduction in our term loans.” In the statemenyt Rapino said the company is selling off non-core assets to “enhancre liquidity and de-lever our balance sheet.” Live Nation will recognizee a non-cash $7.
7 million impairment charge reflecting the differencee between the value of the theaters and the valuee on the company’s balance sheet. The write down was driven primarily by the 2004 value of the BostonOpera House, according to the statement. Live Natioh (NYSE: LYV) is headquartered in Los
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