Live Nation has purchased sole ownership of downtown Phoenix music venue The Van Buren and local concert promotions company Stateside Presents.
Previously, the multibillion-dollar entertainment company was partnering with Charlie Levy on both ventures. It has now bought out Levy's interest, according to the Arizona Republic.
The deal, first reported on Wednesday evening, is a consequence of the ongoing coronavirus pandemic and its virtual shutdown of the concert industry locally and globally since last March, Levy said.
"Because of everything that happened in the past year and the timing issues, they have bought my half out," Levy told the Republic.
Phoenix New Times was unable to reach Levy for comment on the deal.
Levy founded Stateside Presents in 1995 and grew it into one of the largest independent concert promoters in Arizona. He will remain co-owner of downtown Phoenix venues Crescent Ballroom and Valley Bar, which respectively opened in 2011 and 2015.
Live Nation began partnering with Levy on the Van Buren prior to its opening in August 2017. Per Arizona Department of Liquor Licenses and Control records, the company had a 51 percent stake in the venue, with Levy owning 49 percent.
Stateside Presents hasn't promoted a show since spring 2020 due to the pandemic.
Levy told the Republic he has no plans to sell the other venues or bow out of concert promotions.
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