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Non-Tech : TBAE that's E for Entertainment! -- Ignore unavailable to you. Want to Upgrade?

To: Terry Menia who wrote (70)	1/21/1999 12:19:00 PM
From: cmg	Respond to of 163

TBA Entertainment Finalizes Sale of Nashville Country Club Site NASHVILLE, Tenn.--(BUSINESS WIRE)--Jan. 20, 1999--TBA Entertainment Corporation (Nasdaq/NM:TBAE) has finalized the sale of the former Nashville Country Club site at 1811 Broadway in Nashville. Gary Prosterman, President of Development Services Group of Memphis, purchased the one and a quarter-acre property for approximately $3.2 million and will develop a 220-room, 11 story, Embassy Suites Hotel on the site as originally planned. TBA closed The Nashville Country Club in November 1997 following its original announcement for hotel development on the site. Embassy Suites is an upscale, all-suites hotel franchised by the Promus Hotel Company. A tentative groundbreaking for the project is set for Summer 1999 and hotel completion is expected by Summer 2000. "It was important that we sell this property to someone who would carry out our original plans for this site," said TBA Entertainment Corporation Chairman and Chief Executive Officer, Thomas Jackson "Jock" Weaver, III. "This sale completes TBA's divestiture of all fixed assets, an aggressive plan we've executed since May 1998, and it further strengthens our position as a diversified entertainment services company." TBA sold its West Coast amphitheater operations to SFX Entertainment in May 1998 for $10 million and The Village at Breckenridge to Vail Resorts Inc. in July 1998 for $34 million. Also during that time, the company acquired four companies: Magnum Communications of Dallas and Salt Lake City, Corporate Productions of Chicago, Image Entertainment of Phoenix and Titley/Spalding & Associates of Nashville. The company also formed a joint venture with Frank Productions and established a television production operation,TBA TV. With offices in Nashville, New York, Los Angeles, San Diego, Chicago, Phoenix, Dallas and Salt Lake City, TBA is a diversified entertainment company that produces more than 1000 events annually through its four business divisions: -- Entertainment Marketing & Special Events, which produces customized music marketing initiatives including music tours, special events and television programming -- Corporate Communications & Entertainment, which provides a broad range of corporate communications, meeting and entertainment production services -- Artist Management, which manages the careers of some of today's most successful entertainers -- Event Merchandising, which develops and implements merchandising, programs for large entertai