Live Entertainment to Buy Chain of Record Stores
Live Entertainment Inc. said it has agreed to acquire Waxie Maxie Quality Music Co., a Washington, D.C., operator of 33 stores that sell recorded music, for $11.75 million.
Live, a Van Nuys-based entertainment concern, said it will pay $20.90 a share for all of Waxie Maxie’s outstanding shares. It said the deal, which is subject to regulatory approval, is expected to close early next year.
Waxie Maxie, with $23.9 million in sales in its fiscal year that ended July 31, will become an operating unit of Live’s specialty retail division.
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