Statement From Live Nation Re: Greek Theatre

LOS ANGELES, Oct. 23, 2014 /PRNewswire/ -- Live Nation is pleased that the Recreation and Parks Commission unanimously selected our company to be the new operator of the Greek Theatre.

The Greek is an incredible Los Angeles treasure, owned by the people of this city. We look forward to setting a new standard for this iconic venue, investing heavily to return it to its rightful place as a world-class entertainment destination for fans and artists while being sensitive to neighbors in the surrounding community.

Live Nation engaged in the City's RFP process with focus and determination. Following a rigorous process, Recreation and Parks staff and a panel of independent, expert evaluators agreed unanimously that Live Nation submitted the superior bid.

Live Nation's financial commitment to the City of Los Angeles is higher than Nederlander/AEG under any scenario. Our minimum guaranteed proposal value is higher, and our company even outbid Nederlander/AEG when considering their unrealistic revenue projections.

Despite false assertions made in an aggressive, political-style campaign waged by Nederlander/AEG, the facts tell a compelling story about Live Nation's proposal:

• Our bid delivered the highest guaranteed investment by nearly $10 million, delivering $106 million in guaranteed benefit over 20 years. Nederlander/AEG's bid totaled only slightly more than $96 million.
• The scoring reveals that Live Nation secured 91% of all possible points. Nederlander, the 40-year incumbent, could muster only 79%. They had 40 years to study for the test, and only earned a C grade.
• Live Nation will invest more than twice as much as Nederlander/AEG in capital improvements to the Greek Theatre, which has been neglected for too long. Nederlander reneged on its commitment to invest in the facility, which is not ADA-compliant and in some places not earthquake-safe. We will spend $25 million in the first ten years to update and upgrade the venue, delivering significant improvements in the concessions, seating, stage areas, and surrounding open space.
• Live Nation's financial proposal is based on solid performance guarantees, not unrealistic projections. We are guaranteeing 70 shows a year. Nederlander/AEG based its projections on 75-76 shows annually, yet only guaranteed 50 shows. Ultimately, they were not willing to commit the investment dollars that we were.

We fully expect Nederlander/AEG to continue its deceptive campaign of misinformation in an attempt to discourage the City Council from supporting today's decision. Unfortunately, this is business as usual for Nederlander, which waged a similar campaign in 2001 that was so distasteful that the LA Times termed it "Greek Tragedy."

Live Nation is committed to operating the Greek Theatre to the highest standard, driven by hometown pride. We are a locally-based company, with headquarters less than 10 miles from the Greek Theatre. We employ 2,500 people in Los Angeles County through our many local venues, which include the House of Blues, the Wiltern Theater and the Palladium. We're proud to be named the world's #1 concert promoter by Pollstar magazine for the past eight consecutive years.

Live Nation appreciates the comprehensive, thorough and transparent process that led to our selection as the clear and unanimous choice to operate the Greek Theatre. We believe the process worked as intended.

The extended team at Live Nation is committed to earning the support and trust of the residents of Los Feliz, and operating the Greek Theatre in a way that will make the entire City of Los Angeles proud.

For media inquiries from trade & entertainment media, please contact Melissa Zukerman at [email protected] or (323) 658-1555.

All other media should contact Randy James at [email protected] or (310) 974-6680.

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SOURCE Live Nation