Live event company Live Nation has bought out the House of Blues for $360 million.
The House of Blues operates 10 venues across North America, including Toronto, the home town of founder Dan Aykroyd.In a statement, Aykroyd said "This configuration will be a great fit for the growth of the brand originated by myself and Isaac Tigrett in 1994. If anything, House of Blues is a survivor, we survived the equities collapse of 2000, the DOT.COM bomb and September 11. Although my own capital investment will not quite be the bonanza which my advisors might have hoped for, the important thing is that the majority of our 2,000 employees will now be assured of a bright future in a well funded company poised for exciting expansion."
The sale is expected to be finalized by the end of 2006.
