SEAGRAM SELLS UNIVERSAL CONCERTS TO HOB ENTERTAINMENT
By Adnews Staff
The Seagram Company Ltd. of Montreal has announced plans to sell a unit of its Universal Music Group, Universal Concerts, to HOB House of Blues Entertainment, Inc. of Los Angeles. Seagram operates two global business segments: entertainment and spirits and wine. Universal Concerts is a venue developer and operator in the United States and Canada, controlling 20 concert venues. Under the terms of the agreement, worth more than $190 million (US), Seagram will retain ownership of the Universal Amphitheatre in Los Angeles and HOB Entertainment will operate the venue under a long-term lease. GetMusic.com, Universal's online music joint venture with BMG, will become the e-commerce provider for HOB's online properties. HOB and Universal Music Group will also work together to promote special concert series featuring UMG artists at HOB venues and on HOB websites. Universal Concerts Canada, in partnership with Molson Breweries, operates the Molson Amphitheatre in Toronto, Molson Park in Barrie, Ontario and The Commodore Ballroom in Vancouver. The deal is expected to close before the end of September.