LOS ANGELES, Jan. 26, 2015 /PRNewswire/ -- The Greek
Theatre is an incredible Los
Angeles treasure, owned by the people of this city. Live
Nation has delivered a superior proposal that will set a new
standard for this iconic venue, with plans to invest 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.
We remain confident that the full City Council will be guided by
the merits of our proposal – not the political strong-arm tactics
of our opponent. Selecting Live Nation's superior financial bid has
far-reaching repercussions well beyond the Greek Theatre: much of
the revenue generated by Live Nation will support
critically-important Recreation and Parks programs throughout the
entire city.
Ultimately, the Greek Theatre contract will be awarded by the
Board of Recreation and Parks Commissioners, which has already
voted unanimously on behalf of Live Nation – joining Recreation and
Parks staff and a panel of independent, expert evaluators. We
outscored the Nederlander/AEG bid, earning 91% of all possible
points compared to their total of 79%. Our commitment to Union
labor at the venue is stronger. And our financial proposal is far
superior, delivering nearly $10
million more at a minimum, and a total of $30 million more when comparing our guaranteed
performance minimum to Nederlander's historic average. We also
commit to investing more than twice as much in capital improvements
as Nederlander, which failed to complete many of the improvements
it promised years ago.
Live Nation remains committed to operating the Greek Theatre to
the highest standard, driven by hometown pride. Live Nation is a
locally-based company. We employ 2,500 people in Los Angeles County through our corporate
headquarters and 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.
When Nederlander pursued the Greek Theatre contract 15 years
ago, the process became so mired in politics that the L.A. Times
termed it a "Greek Tragedy." This year, we are confident the City
will avoid a sequel. The extended team at Live Nation is committed
to earning this contract and operating the Greek Theatre in a way
that will make all of Los Angeles
proud.
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visit:http://www.prnewswire.com/news-releases/statement-from-live-nation-re-greek-theatre-300025994.html
SOURCE Live Nation Entertainment