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Live Nation Acquires HOB Entertainment
Next purchase: dorm resident who covers Bob Marley songs on acoustic guitar

Live Nation

So we all know Clear Channel Communications, the mastodon-sized company that controls over 1200 U.S. radio stations. And most of us are also familiar with HOB Entertainment, Inc. via its numerous House of Blues venues and amphitheaters in 12 U.S. states and two Canadian provinces.

What about Live Nation, formerly Clear Channel Entertainment, which spun off from the parent company in December? Live Nation has 153 worldwide venues of its own, and the company produced over 29,500 live events last year alone.

Now put those last two in a blender and hit "CRUSH," because, according to various news sources, Live Nation has announced that it is in the process of purchasing HOB for $350 million in a deal that will go through by the end of the year. Live Nation and HOB both look poised to make the $1.3 billion and $245 million they respectively grossed last year.

As for what exactly this means for concertgoers, we're not totally sure. There have been no announcements of changes in policy or ticket pricing, but just weeks ago HOB CEO Greg Trojan told Billboard, "I don't see [a sale] happening," so you never really know with these guys.

But we do think this whole thing is kinda scary.

Posted by Dave Maher in business on Thu: 07-06-06: 04:55 PM CDT | Digg this article | Add to del.icio.us | Permalink
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