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Sony joins race to acquire HMV's live music business

Adam Savage
Sony joins race to acquire HMV's live music business

Sony Music is tipped to be in the running to acquire the live music business of HMV's live music business.

According to a report by The Independent, the deal covers 13 music venues and five festivals, and is worth around £65m.

Live music promoters AEG and Oakley Capital, the private-equity firm behind Time Out magazine, are also bidding to buy the operator.

HMV became the country’s second-largest live music and ticketing operator after purchasing the MAMA Group Limited live venue and artist management company in January 2010.

Venues owned include the HMV Hammersmith Apollo, the Jazz Café, The Forum in London's Kentish Town, HMV Institute in Birmingham and the Ritz in Manchester.

HMV’s MAMA Group also owns and stages the annual Lovebox, High Voltage, The Great Escape, Global Gathering, Wilderness and the HMV Next Big Thing festivals, and has an artist management division – SuperVision, that is home to Franz Ferdinand and The Kaiser Chiefs.

HMV put its live business up for sale in December to help slash its debts of up to £180 million.

With thanks to Music Week


Tags: hmv, sony music

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