Mon, 21 May 2012 | BUSINESS SALE
AEG, the American entertainment giant, has been granted preferred bidder status for HMV Live, it has been revealed.
The live venue business was put up for sale towards the end of 2011 in a bid to generate cash to help the struggling retail side of the firm. Its £65 million price tag incorporates five festivals and 13 music venues, including London's Hammersmith Apollo and the Jazz Cafe.
Lovebox festival and the HMV Next Big Thing events are also up for sale as part of the deal, along with the artist management division, which is home to bands including Franz Ferdinand and the Kaiser Chiefs.
As the second biggest live music and ticketing operator in the UK, the sale has garnered a significant amount of interest and AEG is thought to have beaten off competition from Sony Music and Oakley Capital among others, the Mail on Sunday reported.
At the moment, the company is controlled by Philip Anschutz, a wealthy American. But it is understood that a sale is needed to help tackle HMV's debts, which are currently running at around £180 million.
Furthermore, the firm warned that its losses for the year to 28 April are likely to be higher than expected and could be up to £16 million. Difficult economic conditions affecting the business's retail sector are largely to blame.
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