LONDON, Jan 18 (AFP) - Andrew Lloyd-Webber, the British composer behind blockbuster musicals "Phantom of the Opera" and "Evita", is to sell his massive business empire including his London theaters and the copyright to his hit shows, reports said Tuesday.
The West End tycoon, who was made a British peer in 1997, could make "several hundred million pounds" (euros/dollars) with a sell-off of his half-share of 11 theaters and the copyrights, The Daily Telegraph reported.
His theater stock was acquired by his company Really Useful Group five years ago for 90 million pounds (168 million dollars, 128 million euros).
A spokesman said Lloyd-Webber had received an inquiry about a potential purchase, and had appointed former business colleague Patrick McKenna to advise on the possible deal.
"The process is in its formative stages and no decisions have yet been made. The Really Useful Group and Really Useful Theatres continue to operate as normal," the spokesman said.
The composer's longtime association with lyricist Tim Rice produced, in addition to "Evita", "Jesus Christ Superstar" and "Joseph and the Amazing Technicolor Dreamcoat".
He worked with other lyricists on later shows, hits on Broadway and in London's West End and which were reproduced worldwide, including "Phantom", "Sunset Boulevard" and "Cats".
Lloyd-Webber, also the winner of a bundle of awards including seven Tonys, six Grammys, six Oliviers, an Oscar and a Golden Globe, is reported to be worth about 400 million pounds, but in an interview in December complained he was short on cash.
"Everyone thinks we've got a fortune hanging around, but in actual fact the company's got a big debt," he said.
"I'm a very, very bad businessman and I don't think I've always been very well advised."
The Daily Telegraph said Lloyd-Webber could be seeking to secure cash and time to concentrate on his art collection, worth some 200 million pounds.
"I haven't been buying much art recently. I haven't been able to afford to, which will please a few people, I suppose," he said in December.
01/18/2005 11:39 GMT - AFP