Live Nation to Restore World Famous Hollywood Palladium

Los Angeles-Based Live Music Company Signs Long-Term Lease Agreement to

Operate Legendary Music Venue

    LOS ANGELES, April 11 /PRNewswire-FirstCall/ -- Live Nation (
 LYV), the world's largest live music company, will enter into a long-term
 lease agreement to operate, manage and book the world famous Hollywood
 Palladium in Los Angeles, California. The mid-sized music venue has a
 general admission capacity of 4,000 and enhances Live Nation's existing
 venue portfolio in Los Angeles, one of the most important live music
 markets in the world. The deal was announced today at a press conference by
 Live Nation Chief Executive Officer, North American Music, Bruce Eskowitz,
 and Los Angeles City Council President Eric Garcetti.
     Live Nation plans to completely renovate the 4,000 capacity live music
 venue, including adding major upgrades to the stage infrastructure to
 accommodate larger productions. In addition, the venue will get a top to
 bottom overhaul of all interior and exterior areas that will bring the
 music hall up to date while preserving the Palladium's original aesthetic
 integrity. The renovation will begin immediately and the venue is expected
 to re-open in Fall 2008.
     "The addition of the Hollywood Palladium to our Los Angeles-area venue
 portfolio provides us with the mid-sized capacity venue that we were
 previously missing, and one with a tremendous rock and roll history which
 makes it very exciting for us. Our strategy in large markets like Los
 Angeles is to own and/or operate a mix of venues that gives us the ability
 to nurture artists through all stages of their development," said Mr.
 Eskowitz. "We plan to continue to establish the right venue mix in major
 music markets."
     "Live Nation's restoration of the Hollywood Palladium synthesizes the
 best of Hollywood's past, present and its future," said Council President
 Eric Garcetti. "In Hollywood's heyday, the Palladium welcomed the titans of
 entertainment. Hollywood's next golden age is here, and Palladium will be
 the first stop to watch it up close."
     "At one time, the Palladium was one of the social hot spots of
 Hollywood. You never knew what famous or familiar faces you were going to
 see," said Honorary Mayor of Hollywood Johnny Grant, who conducted a DJ
 interview show and a coast-to-coast Big Band broadcast from the Palladium.
 "It will be a great contribution to the revitalization of Hollywood to have
 it back in operation."
     The Hollywood Palladium opened its doors on September 23, 1940 with a
 concert by the Tommy Dorsey Orchestra featuring the soon to be famous Frank
 Sinatra. In those days, the Palladium was the place to be seen for
 celebrities and wildly popular with local music and dance fans as well. The
 venue became a television studio in 1961 and over the years has served as
 the location for such award shows as the Emmy Awards, The Grammy Awards,
 The NAACP Awards and Country Music Awards. Eventually the venue returned to
 its musical roots, hosting many of the biggest names in rock and roll,
 including The Rolling Stones, James Brown, Led Zeppelin, The Who, Rod
 Stewart, The Police and Red Hot Chili Peppers, to name a few.
     In Los Angeles, Live Nation currently owns and/or operates the House of
 Blues on Sunset (capacity 1,000), The Wiltern Theatre (capacity 2,300),
 Gibson Amphitheatre (capacity 6,185), the Verizon Wireless Amphitheatre in
 Irvine (capacity 16,300) and the Hyundai Pavilion in San Bernardino
 (capacity 65,000). In addition to its House of Blues in Anaheim (capacity
 950), Live Nation also has an exclusive booking agreement with the Avalon
 in Hollywood (capacity 1,400), the Long Beach Arena (capacity 13,500) and
 the Honda Center in Orange County (capacity 7,500). The company also
 promotes or co-promotes and produces concerts at other area venues
 including, among others, The Hollywood Bowl, Dodger Stadium and Staples
 Center.
     The Hollywood Palladium is a versatile location for live concerts and
 special events of all kinds. For information on venue rentals call Jennifer
 Tafolla at 310-867-7103.
     About Live Nation
     Live Nation is the world's largest live music company. Our mission is
 to inspire passion for live music around the world. We are the largest
 promoter of live concerts in the world, the second-largest entertainment
 venue management company and have a rapidly growing online presence. We
 create superior experiences for artists and fans, regularly producing tours
 for the biggest superstars in the business, including The Rolling Stones,
 Barbra Streisand, Madonna, U2 and Coldplay. Globally, we own, operate, have
 booking rights for and/or have an equity interest in more than 160 venues,
 including House of Blues(R) music venues and prestigious locations such as
 The Fillmore in San Francisco, Nikon at Jones Beach in New York and
 London's Wembley Arena. Our websites collectively are the second most
 popular entertainment/event websites in the United States, according to
 Nielsen//NetRatings. In addition, we also produce, promote or host
 theatrical, specialized motor sports and other live entertainment events.
 In 2006, we connected nearly 60 million fans with their favorite performers
 at approximately 26,000 events in 18 countries around the world.
 Headquartered in Los Angeles, California, Live Nation is listed on the New
 York Stock Exchange, trading under the symbol "LYV." For more information
 regarding concerts near you, Live Nation and its businesses, please visit
 our website at www.livenation.com.
 
 

SOURCE Live Nation