London - U.K. media retailer HMV has purchased a 50% stake in MAMA Group, a live event venue owner, for about $26.7 million, Times Online reported.

The joint venture will be funded by a share placement expected to raise about $29 million.

The company, to be run by MAMA management, will operate 11 venues, including the Hammersmith Apollo, The Forum, Jazz Cafe and Heaven.

"The live music market is booming, despite these tough times. The physical music market is changing structurally and we need to diversify," Simon Fox, chief executive of HMV, told Times Online.

"Live music is an important and growing part of the UK music market and it also delivers a younger demographic to our brand."

Related Links:
http://snipurl.com/a4k5z (Times Online)

http://www.mamagroup.co.uk

http://hmv.com