Live Nation wins bid to operate L.A.’s Greek Theater over AEG/Nederlander
The Recreation and Park commission board of Los Angeles has decided that they will support Live Nation’s proposal over AEG/Nederlander to operate the iconic Greek Theater for the next 10 years. Nederlander had previously operated the Greek for 38 years after winning the first contract in 1976. Live Nation’s proposal included hosting 1,400 events over the next 20 years (Live Nation won the rights to a 10-year contract, although there are two 5-year contracts that could be extended for a total of 20 years) earning an estimated $77.9 million in revenue share for the city of Los Angeles. Last year, the Greek grossed $23 million which resulted in $1.6 million towards the city. While the battle over one iconic venue is over, expect the two mega promoters to be pitted against each other for the forseeable future.
Via: Billboard Biz