Feld Entertainment Acquires Live Nation Motor Sports Leading global producer of live family entertainment marks largest expansion in company's 40-year history Vienna, Virginia (September 10, 2008) -- Feld Entertainment, Inc., today announced...
Feld Entertainment Acquires Live Nation Motor Sports
Leading global producer of live family entertainment marks largest expansion in company's 40-year history
Vienna, Virginia (September 10, 2008) -- Feld Entertainment, Inc., today announced the completion of its acquisition of Live Nation Motor Sports, Inc., a division of Live Nation, Inc. (NYSE: LYV). As a result of the acquisition, Live Nation Motor Sports will be immediately renamed Feld Entertainment Motor Sports.
Feld Entertainment Motor Sports will continue operations in Aurora, Illinois, and will maintain its current management, tour schedules, promotional partnerships and performance structure. As the newest addition to Feld Entertainment, Feld Entertainment Motor Sports will continue to produce Monster Jam Series, Monster Energy AMA Supercross, FIM Championship and other high-energy motor sports events, including the AMA Arenacross Series; Freestyle Motocross; and International Hot Rod Association (IHRA) sanctioned events, including Knoll Gas Nitro Jam, Thunder Jam and Street Warriorz.
"Today marks the single biggest expansion of Feld Entertainment in over 40 years," according to Kenneth Feld, Chairman and CEO of Feld Entertainment. "With the addition of Motor Sports, Feld Entertainment can now offer families everywhere an even wider range of live family entertainment options. The edge-of-the-seat excitement of all the Motor Sports events appeals to families in the US and around the world. We plan to take Monster Jam and all the Motor Sports spectaculars to more domestic and international markets than ever before."
With productions of Ringling Bros. and Barnum & Bailey®, Disney On Ice, Disney Live! and Doodlebops Live!, Feld Entertainment is the world's largest producer of live touring entertainment events. Live Nation Motor Sports, now Feld Entertainment Motor Sports, is the premier producer and promoter of specialized motor sports with more than 600 performances a year. The acquisition of Motor Sports dramatically expands Feld Entertainment's family spectaculars to reach more than 30 million people in 55 countries with over 5,000 performances globally each year.
For the acquisition of Live Nation Motor Sports, Deutsche Bank Securities Inc. acted as financial advisor, and Fulbright & Jaworski, L.L.P. served as outside legal counsel to Feld Entertainment. In addition, Bank of America, N.A. led a group of seven banks to provide financing to Feld Entertainment in connection with the transaction.
Headquartered in Norwalk, Ohio, the International Hot Rod Association (IHRA), a division of Feld Entertainment, promotes professional, semi-professional and local-level racing opportunities for drivers at all levels. The $21.5 million Knoll Gas Nitro Jam™ Drag Racing Series is a 10-event North American professional drag racing circuit. In 2008, the series will be comprised of eight events in major cities throughout the United States and two in Canada. The Summit Racing Equipment Pro-Am Championship presented by Mr. Gasket consists of competition at national events and 40 events in six regional divisions, while IHRA's Summit SuperSeries is conducted nearly every weekend at over 85 IHRA-sanctioned tracks. Providing a safe environment to develop future stars, IHRA offers the Junior Dragster Racing Series for youths ages 8-17. Stand-alone events include Feld Entertainment Motor Sports' action-packed "Thunder Jam" shows and the street legal racing and lifestyle event series Street Warriorz. More information can be found at www.nitrojam.com.
About Feld Entertainment, Inc.
Feld Entertainment is the worldwide leader in producing and presenting live entertainment experiences that lift the human spirit and create indelible memories, with 30 million people in attendance at its shows each year. Feld Entertainment's productions have appeared in more than 55 countries on six continents and include Ringling Bros. and Barnum & Bailey®, Disney On Ice, Disney Live!, Doodlebops Live! and now Feld Entertainment Motor Sports.
More information about Feld Entertainment, Inc. is available online at www.feldentertainment.com