Hub music venues land in local hands
Partners in $22.5m deal to buy concert halls from Live Nation
Music impresario Don Law's newest act is a reprise of his earlier career.
The longtime rock 'n' roll promoter, who cut his music business teeth in the 1970s pushing bands at the Commonwealth Avenue nightspot the Paradise, is returning to own some of Boston's most prominent music venues.
Yesterday Law and his onetime partner, David Mugar, teamed again, this time to buy the Boston Opera House and the Orpheum Theatre from the concert management giant Live Nation Inc. for $22.5 million. As part of the deal, Law again will own the club where he made his mark, the Paradise.
The three venues will be controlled by Boston Operas Ventures LLC, a new entity formed by Mugar and Law after it became apparent Live Nation was looking to unload some of its local assets.
"Our feeling was that, if it was going to be sold, why not step up and keep the ownership local," said Law, who has been promoting events at the venues for decades. "It really made sense for both sides."
The transaction is the latest in a series of ownership changes over the years that has kept the region's major concert halls rotating among a small group of individuals.
Law, for example, is president of Live Nation's New England operations, and has been involved over the years in operating the trio of venues. He previously owned the Paradise and managed the Orpheum during his long career promoting concerts around New England in the 1970s, '80s, and '90s.
In 1998 Law sold his business to SFX Enter tainment, which included the rights to operate the Orpheum and the former Great Woods amphitheater in Mansfield, now known as the
SFX was then acquired by
Mugar, whose family once owned Star Market, is one of the principal supporters of the annual Fourth of July Pops concert and fireworks event along the Esplanade. He could not be reached for comment yesterday.
For consumers, the latest ownership change is unlikely to have a significant impact on the programming or ambiance of the three venues. Law said he does not anticipate making significant renovations to any of the facilities.
In fact, he said, shows at the venues will be promoted by California-based Live Nation, which was primarily seeking to sell the properties to use the proceeds to pay down debt, and to divest assets it considers outside its core business of large-scale music shows. Live Nation, a publicly traded company listed on the New York Stock Exchange, is the world's largest promoter of concerts and owns and manages dozens of venues in major cities in the United States, Canada, and Europe.
In a statement yesterday, Live Nation president and chief executive Michael Rapino said the company is continuing to streamline operations after shedding its theatrical and motorsports divisions last year. "We are actively working to divest our remaining noncore assets as we continue to enhance our liquidity and de-lever our balance sheet," he said.
A Live Nation spokesman said yesterday the company expects to retain ownership of the Comcast Center and Bank of America Pavilion. Those are larger than the three venues the firm is selling and account for the bulk of its income in the region.
The Comcast Center has consistently ranked among the top-selling summer amphitheaters in the country.
Casey Ross can be reached at cross@globe.com. 