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Live Nation sells motorsports division

Feld Entertainment purchases the unit

Concert promoter Live Nation finalized the sales of it its motorsports division Tuesday, which puts $175 million in the company’s pocket to reduce debt and invest in its core music business.

Feld Entertainment purchased the unit for an aggregate purchase price of $205 million, consisting of the cash plus a performance-based earn-out of up to $30 million.Like the company’s other divestitures over the last two years, the company’s strategy has been to focus on its core music business.

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