LN Locks In NJ Deal

Live Nation has expanded its New Jersey holdings with the inking of an exclusive deal to promote and book the 3,600-capacity Convention Hall, 1,600-capacity Paramount Theatre and 850-capacity Stone Pony in Asbury Park.

The agreement sees LN partnering with investors Madison Marquette and Asbury Partners, who are fronting the city’s boardwalk redevelopment efforts, through 2011.

"This one deal enables us to complete our New Jersey venue portfolio by adding three key venues in the important small and midsize venue range, with no significant capital outlay," Live Nation New York President Kevin Morrow said in a statement. "From an artist’s first play at the historic Stone Pony to the 16,000-capacity PNC Bank Arts Center, we now have a complete venue portfolio spanning every attendance level to offer artists and fans in New Jersey."

The city’s boardwalk redevelopment is set to include new restaurants, retail, public spaces and residential units alongside the venues, which are in the process of receiving upgrades as well.

Improvements to the Stone Pony include new lighting and sound equipment and the Paramount Theatre underwent an extensive renovation last summer. Likewise, the Convention Hall will receive new lighting and sound systems as well as interior beautification, the statement said.