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Live Nation To Sell Boston Performance Spaces00:44
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The world's largest concert promoter, Live Nation, has agreed to sell three Boston performance venues to two area business owners.

Don Law, who is also the New England chairman of Live Nation, will join with philanthropist David Mugar to buy the Orpheum Theatre, the Paradise Rock Club, and the Boston Opera House for $22.5 million.

Live Nation says it will still book and promote most concerts at the venues, but it is divesting of some real estate holdings to pay down debt.

Boston rock critic Tim Riley says a shift to local ownership could be a positive development for the Boston music scene.

"We're looking at a larger company that's breaking up and we're looking at more diverse ears and interests coming in to run some of these things," explained Riley. "That's always a good thing in music."

Live Nation will still own several other local venues including the Comcast Center in Mansfield, Mass.

This program aired on May 6, 2009.

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