Live Nation is taking over the venerable Hollywood Palladium on Sunset Boulevard and plans to renovate the place for a 2008 reopening. Council President Eric Garcetti announced the deal this morning. News release after the jump.
Los Angeles-Based Live Music Company Signs Long-term Lease Agreement
To Operate Legendary Music Venue
LOS ANGELES, CA - April 11, 2007 - Live Nation (NYSE: LYV), the world*s largest live music company, will enter into a long-term lease agreement to operate, manage and book the world famous Hollywood Palladium in Los Angeles, California. The mid-sized music venue has a general admission capacity of 4,000 and enhances Live Nation*s existing venue portfolio in Los Angeles, one of the most important live music markets in the world. The deal was announced today at a press conference by Live Nation Chief Executive Officer, North American Music, Bruce Eskowitz, and Los Angeles City Council President Eric Garcetti.
Live Nation plans to completely renovate the 4,000 capacity live music venue, including adding major upgrades to the stage infrastructure to accommodate larger productions. In addition, the venue will get a top to bottom overhaul of all interior and exterior areas that will bring the music hall up to date while preserving the Palladium*s original aesthetic integrity. The renovation will begin immediately and the venue is expected to re-open in Fall 2008.
*The addition of the Hollywood Palladium to our Los Angeles-area venue portfolio provides us with the mid-sized capacity venue that we were previously missing, and one with a tremendous rock and roll history which makes it very exciting for us. Our strategy in large markets like Los Angeles is to own and/or operate a mix of venues that gives us the ability to nurture artists through all stages of their development,* said Mr. Eskowitz. *We plan to continue to establish the right venue mix in major music markets.*
*Live Nation's restoration of the Hollywood Palladium synthesizes the best of Hollywood's past, present and its future," said Council President Eric Garcetti. *In Hollywood's heyday, the Palladium welcomed the titans of entertainment. Hollywood's next golden age is here, and the Palladium will be the first stop to watch it up close.*
*At one time, the Palladium was one of the social hot spots of Hollywood. You never knew what famous or familiar faces you were going to see,* said Honorary Mayor of Hollywood Johnny Grant, who conducted a DJ interview show and a coast-to-coast Big Band broadcast from the Palladium. *It will be a great contribution to the revitalization of Hollywood to have it back in operation.*
The Hollywood Palladium opened its doors on September 23, 1940 with a concert by the Tommy Dorsey Orchestra featuring the soon to be famous Frank Sinatra. In those days, the Palladium was the place to be seen for celebrities and wildly popular with local music and dance fans as well. The venue became a television studio in 1961 and over the years has served as the location for such award shows as the Emmy Awards, The Grammy Awards, The NAACP Awards and Country Music Awards. Eventually the venue returned to its musical roots, hosting many of the biggest names in rock and roll, including The Rolling Stones, James Brown, Led Zeppelin, The Who, Rod Stewart, The Police and Red Hot Chili Peppers, to name a few.
In Los Angeles, Live Nation currently owns and/or operates the House of Blues on Sunset (capacity 1,000), The Wiltern Theatre (capacity 2,300), Gibson Amphitheatre (capacity 6,185), the Verizon Wireless Amphitheatre in Irvine (capacity 16,300) and the Hyundai Pavilion in San Bernardino (capacity 65,000). In addition to its House of Blues in Anaheim (capacity 950), Live Nation also has an exclusive booking agreement with the Avalon in Hollywood (capacity 1,400), the Long Beach Arena (capacity 13,500) and the Honda Center in Orange County (capacity 7,500). The company also promotes or co-promotes and produces concerts at other area venues including, among others, The Hollywood Bowl, Dodger Stadium and Staples Center.
The Hollywood Palladium is a versatile location for live concerts and special events of all kinds. For information on venue rentals call Jennifer Tafolla at 310-867-7103.
About Live Nation
Live Nation is the world's largest live music company. Our mission is to inspire passion for live music around the world. We are the largest promoter of live concerts in the world, the second-largest entertainment venue management company and have a rapidly growing online presence. We create superior experiences for artists and fans, regularly producing tours for the biggest superstars in the business, including The Rolling Stones, Barbra Streisand, Madonna, U2 and Coldplay. Globally, we own, operate, have booking rights for and/or have an equity interest in more than 160 venues, including House of Blues* music venues and prestigious locations such as The Fillmore in San Francisco, Nikon at Jones Beach in New York and London*s Wembley Arena. Our websites collectively are the second most popular entertainment/event websites in the United States, according to Nielsen//NetRatings. In addition, we also produce, promote or host theatrical, specialized motor sports and other live entertainment events. In 2006, we connected nearly 60 million fans with their favorite performers at approximately 26,000 events in 18 countries around the world. Headquartered in Los Angeles, California, Live Nation
is listed on the New York Stock Exchange, trading under the symbol *LYV.* For more information regarding concerts near you, Live
Nation and its businesses, please visit our website at www.livenation.com.