Live Nation Buys Stake in Concert Productions International Inc - ProSoundNetwork.com

Live Nation Buys Stake in Concert Productions International Inc

Los Angeles (May 31, 2006)--Live Nation--formerly Clear Channel's concert touring division before being spun off and renamed last year--has acquired a controlling interest in the touring division of Concert Productions International (CPI) and a 50 percent interest in the Grand Entertainment division of CPI. CPI's chief executive officer, Michael Cohl, has joined Live Nation's board of directors in connection with the transaction, increasing the total number of company directors to ten.
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Los Angeles (May 31, 2006)--Live Nation--formerly Clear Channel's concert touring division before being spun off and renamed last year--has acquired a controlling interest in the touring division of Concert Productions International (CPI) and a 50 percent interest in the Grand Entertainment division of CPI. CPI's chief executive officer, Michael Cohl, has joined Live Nation's board of directors in connection with the transaction, increasing the total number of company directors to ten.

Founded and led by Cohl, CPI is a well-known name in full service global touring, having produced some of the largest grossing tours in history, including the Rolling Stones, Pink Floyd and U2. CPI has also created new revenue streams around the tours that it produces, such as VIP ticketing, fan clubs, merchandising and DVDs.

"Under Michael Cohl's leadership, CPI has established an impressive track record of expanding the relationship between artists and fans beyond the live event," said Michael Rapino, Chief Executive Officer of Live Nation. "CPI has consistently been a leader in creating new revenue streams centered around the live show. This acquisition reunites two of the pioneers of the global touring business: Michael Cohl and Live Nation's head of Global Touring, Arthur Fogel, who helped establish TNA as one of the world's most successful worldwide touring operations. By reuniting these two global touring businesses under the same roof, this deal allows Live Nation to enhance its leadership position in world touring, fueling our distribution network to maximize revenues for the artist and Live Nation."

CPI will continue to operate as a separate unit and will work in conjunction with Live Nation's existing global touring division led by Fogel. CPI will spearhead Live Nation's initiatives to secure rights to content beyond the live show, including recordings, films, DVDs and more.

Live Nation
www.livenation.com