Concert promoter Live Nation Inc. said Tuesday it plans to pay down debt by selling three well-known Boston theaters, including the Boston Opera House, for about $22.5 million.
Live Nation, which hopes to merge with competitor Ticketmaster later this year, said it would take a non-cash impairment charge of about $7.7 million in the first quarter to account for the difference between the sales price and the carrying value on the company's balance sheet.
The Beverly Hills company said that in addition to the opera house, it also is divesting the Orpheum Theatre and Paradise. The buyer wasn't named, but Live Nation said it expects the deal to close in the third quarter and it will continue to promote concerts at the venues.
"We are actively working to divest our remaining non-core assets as we continue to enhance our liquidity and de-lever our balance sheet," Chief Executive Michael Rapino said in a statement.
Live Nation shares were down 12 cents, or 2.4 percent, to $4.96 in midday trading on the New York Stock Exchange
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