Genesis Capital, LLC is pleased to announce the Woodruff Arts Center (“WAC”) has entered into a long term agreement with Live Nation Entertainment, Inc. (“Live Nation”) to manage and operate the Verizon Wireless Amphitheatre (“VWA”) and its interests related to Chastain Park Amphitheater (“Chastain”).
Under the terms of the agreement, Live Nation will be responsible for operating VWA, including scheduling and marketing events and investing in customary maintenance. The agreement includes an initial term of 20 years and options for two additional 5-year periods. WAC will continue to own the 12,000-seat outdoor amphitheater and surrounding 45 acres in Alpharetta, Georgia.
Additionally, WAC assigned to Live Nation its interest in a joint venture where WAC and Live Nation had jointly managed scheduling and marketing efforts at Chastain under an agreement with the City of Atlanta. The Atlanta Symphony Orchestra will continue to have opportunities to perform at both VWA and Chastain each year and continue to schedule and promote touring events and concerts in Symphony Hall.
Doug Hertz, Chairman of the Woodruff Arts Center, said “Genesis Capital was invaluable in helping us analyze strategic alternatives to meet our objectives. They orchestrated a process which resulted in a great outcome that will benefit our organization and community over the long term.”
Virginia Hepner, President and CEO of WAC went on to say, “We are delighted to partner with Live Nation in this new agreement. They are well positioned to grow the number and diversity of events at both VWA and Chastain and to enhance the overall customer experience.”
Genesis Capital, LLC acted as the investment banking advisor to the Woodruff Arts Center while Jones Day provided legal counsel on the transaction.
About Woodruff Arts Center
The Woodruff Arts Center is one of the largest arts centers in the world, home to the Tony-Award winning Alliance Theater, the Grammy-Award winning Atlanta Symphony Orchestra and the vibrant High Museum of Art. Each year, these centers of artistic excellence play host to over 1.2 million patrons across the Atlanta community, including at the Woodruff Arts Center’s Midtown Atlanta location, one of the only arts centers in the U.S. to host both visual and performing arts on a single campus. The Woodruff Arts Center also offers remarkable education programming, serving over 200,000 students annually. That effort makes the Arts Center the largest arts educator in Georgia.
About Live Nation Entertainment, Inc.
Live Nation Entertainment, Inc. (NYSE: LYV) is the world’s leading live entertainment company comprised of four market leaders: Ticketmaster, Live Nation Concerts, Artist Nation Management and Live Nation Media/Sponsorship.