Music giant HMV has sold most of its remaining live music assets to the private equity arm of Lloyds Banking Group for the large sum of £7.3 million ($11.7 million).

Some of the assets HMV has now given up include the Jazz Cafe and Barfly in Camden, London, the Ritz in Manchester and Lovebox festival (pictured below).

The company sold MAMA Group, which owns music magazine The Fly, and as part of the deal it has also offloaded its 50% interest in the Mean Fiddler joint venture it held with MAMA. Mean Fiddler currently owns 11 venues.

MAMA's chief executive Dean James explained in an official statement that cutting ties with HMV has been a 'long and difficult process', but is finally complete:

"MAMA has for some time been one of the leading live music companies in the UK and with LDC we will develop our venue and festival business to consolidate our position in this market, and will look to expand into Asia and America. Untangling ourselves from HMV has been long and difficult process but one that has been handled with extraordinary grace and patience by all involved."

Watch part of Lana Del Rey's 2012 Lovebox performance: