Law, Mugar group agrees to buy Hub theaters
Concert impresario Don Law and philanthropist David Mugar are part of group that has agreed to buy three well-known Boston theaters from Live Nation Inc. for $22.5 million, Live Nation said.
The sales agreement is for the Boston Opera House, Orpheum Theatre, and Paradise, said Live Nation, which added that the transaction includes an earnout clause at the Orpheum over the next five years. The transaction is expected to close in the third quarter, Live Nation said.
Law is the chairman of Live Nation Boston, a Live Nation spokesman said. And Mugar's family once owned the Star Market supermarket chain. Mugar is one of the principal supporters of the annual Fourth of July Pops concert and fireworks event along the shores of the Charles River.
In a press release, California-based Live Nation, a live music and venue management company, described the three Boston theaters as "non-core real estate holdings."
The sales agreement is part of a larger Live Nation strategy to sell off non-core assets and pay down debt.
Live Nation president and chief executive Michael Rapino said in a statement, "We are actively working to divest our remaining non-core assets as we continue to enhance our liquidity and de-lever our balance sheet."
Live Nation will continue to promote concerts at the three Boston venues, and it plans to retain ownership of two other local entertainment venues - the Comcast Center in Mansfield and the Bank of America Pavilion in Boston, the Live Nation spokesman said.
Calls to Law and Mugar were not immediately returned.
(By Casey Ross, Globe staff)