Live buyout a done deal

The acquisition of Live Entertainment by an investor group led by Bain Capital and Richland Gordon & Co. was approved Wednesday at a shareholders meeting in Los Angeles.

Live’s board of directors, topped by chairman and CEO Roger Burlage, heaved a collective sigh of relief as the corporate formalities closed in the space of about 15 minutes a deal that had been months in the making.

The deal heads off a financial squeeze for Live from preferred bondholders, who control $60 million in senior debt. The cost of the buyout of the bondholders and Live’s 50% shareholder, Pioneer Electronics, will be more than $100 million, including the refinancing of Live’s existing debt.

With the deal now inked, Burlage collects just better than $800,000, as his stock options are bought out by the new owners.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading