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.
About
IHRA
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
http://www.feldentertainment.com/
.