- Associated Press - Thursday, October 28, 2010

LONDON (AP) - Andrew Lloyd Webber says his company has sold four of its seven London theaters to a group headed by former senior British television executive Michael Grade.

The mid-size venues include the Cambridge, the New London, the Palace, and Her Majesty’s _ which has served as the home of Lloyd Webber’s “The Phantom of the Opera” for the past 25 years.

Lloyd Webber’s Really Useful Group will retain its larger music houses: the Palladium, the Theatre Royal Drury Lane and a 50 percent interest in the Adelphi.

The value of the sale wasn’t disclosed but reports put the theaters’ price tag at 50 million pounds ($80 million.)

Contact information for the buyer, GradeLinnit, led by Grade, could not be immediately located Thursday.

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