Live Nation Sells Motorsports Division To Feld Entertainment
Feld Entertainment yesterday completed its acquisition of Live Nation Motor Sports, which will now be named Feld Entertainment Motor Sports. The unit will continue its operations in Aurora, Illinois, and will maintain its current management, tour schedules, promotional partnerships and performance structure (Feld Entertainment). DAILY VARIETY's Phil Gallo reports the deal is for an aggregate purchase price of $205M, "consisting of the cash plus a performance-based earn-out of up to $30[M]." The deal will give Live Nation $175M to help "reduce debt and invest in its core music business" (DAILY VARIETY, 9/10). The WALL STREET JOURNAL's Ethan Smith reports Feld Entertainment is a "producer of family-oriented shows including Ringling Bros. and Barnum & Bailey Circus and Disney on Ice." Feld Entertainment Chair & CEO Kenneth Feld said the deal is "the single biggest expansion of [the company] in over 40 years." The unit, through Live Nation's Int'l Hot Rod Association and "other divisions, stages races and monster-truck events such as Monster Jam." Live Nation indicated that "such events last year accounted for around $164[M] in revenue," or 4% of its total revenue. Selling Live Nation Motor Sports "has proved somewhat difficult," with the company last year receiving interest from Wasserman Media Group, who "explored acquiring the division, but the talks didn't lead to a deal" (WALL STREET JOURNAL, 9/10).
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