<PAGE>

                                                                   EXHIBIT 10.34

                 ASSIGNMENT OF INTERESTS UNDER LEASE AGREEMENT
                 ---------------------------------------------

     THIS ASSIGNMENT OF INTERESTS UNDER LEASE AGREEMENT ("Assignment") is made
and entered into this 12th day of May, 1993, by and between Rama Media
Investments, Inc., a Tennessee corporation ("Assignor") and House of Blues Los
Angeles Restaurant Corp., a Delaware Corporation ("Assignee").

                             W I T N E S S E T H:
                             - - - - - - - - - -

     WHEREAS, William L. Penzner, Trustee of the William L. Penzner, Trust, as
lessor, and Rama Media Investments, Inc., a Tennessee corporation or Assignee,
as lessee, did heretofore make and enter into that certain Standard Industrial
Lease-Net, dated April 10, 1992, as amended by that First Amendment to Standard
Industrial Lease--Net, dated as of September 19, 1992 (said Standard Industrial
Lease--Net, as amended (the "Lease")) pursuant to which the said lessee leased
from the said lessor that certain real property situated in the County of Los
Angeles, State of California, commonly known as 8434 Sunset Boulevard, West
Hollywood, California (herein called the "Premises"); and

     WHEREAS, Assignor desires to assign and transfer to Assignee all of the
rights and benefits of Assignor in, to and under the said Lease, and in and to
the said Premises, upon the terms here-inafter set forth, and the Assignee
desires to accept and receive such assignment and to assume all obligations
under the Lease and with respect to the Premises arising or accruing from and
after the date hereof;

     NOW, THEREFORE, for and in consideration of the above and foregoing
premises and the sum of Ten and No/100 Dollars ($10.00) cash in hand paid,
together with other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, it is hereby agreed as follows:

     1. Assignor does hereby ASSIGN, TRANSFER, SET OVER, CONVEY and DELIVER unto
Assignee, and Assignee's successors and assigns, all of the rights, powers,
benefits, privileges and interests of Assignor in, to and under the Lease and in
and to the Premises.

     2. By its acceptance hereof, Assignee hereby assumes all obligations of the
Assignor as lessee under the Lease, commencing from and after the date of this
Assignment, and Assignee agrees that it shall thereby become obligated to keep,
fulfill, observe, perform and discharge each and every covenant, duty, debt and
obligation that may accrue and become performable, due or owing from and after
the date hereof by the lessee under the terms, provisions and conditions of the
Lease.

ASSIGNMENT OF INTERESTS
UNDER LEASE AGREEMENTS - Page 1
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     3. This Assignment shall be and is binding upon and shall inure to the
benefit of each of the parties hereto and their respective successors and
assigns.

     IN WITNESS WHEREOF, the parties hereto have made and executed this
Assignment as of the date first set forth hereinabove.

                                             ASSIGNOR:
                                             --------

                                             RAMA MEDIA INVESTMENTS, INC.,
                                             a Tennessee corporation


                                             By:  /s/ Isaac B. Tigrett,
                                                 ---------------------------
                                                 Isaac B. Tigrett, President


                                             ASSIGNEE:
                                             --------

                                             HOUSE OF BLUES LOS ANGELES
                                               RESTAURANT CORP.,
                                             a Delaware corporation


                                             By: /s/ Isaac B. Tigrett,
                                                ----------------------------
                                                Isaac B. Tigrett, President



ASSIGNMENT OF INTERESTS
UNDER LEASE AGREEMENTS - Page 2
<PAGE>

STATE OF TEXAS                         (S)
                                       (S)
COUNTY OF DALLAS                       (S)

     BEFORE ME, the undersigned, a Notary Public in and for the County and State
aforesaid, on this 12th day of May, 1993, came Isaac B. Tigrett, President of
Rama Media Investments, Inc., a corporation duly organized, incorporated and
existing under and by virtue of the laws of Tennessee, personally known to me to
be the same person who executed, as such officer, the within instrument of
writing on behalf of said corporation, and such person duly acknowledged the
execution of the same to be the act and deed of said corporation.

     IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my notarial
seal the day and year last above written.


                                                  /s/ Tracy D. Detherage
                                                 -----------------------------
                                                 Notary Public, State of Texas

[SEAL]
                                                  /s/ Tracy D. Detherage
                                                 ------------------------------
                                                 Printed Name of Notary Public

My Commission Expires:

      4-11-97
----------------------


ASSIGNMENT OF INTERESTS
UNDER LEASE AGREEMENTS - Page 3
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                             CONSENT TO ASSIGNMENT
                             ---------------------

     The undersigned, as lessor under the Lease (as defined in the above and
foregoing Assignment) does hereby consent to the assignment of interests under
the Lease by Rama Media Investments, Inc. to House of Blues Los Angeles
Restaurant Corp. as set forth in the above and foregoing Assignment and for all
purposes under the Lease.

     EXECUTED this 28th day of May, 1993.


                                                  /s/ William L. Penzner
                                                 ------------------------------
                                                 William L. Penzner, Trustee of
                                                 the William L. Penzner Trust

STATE OF CALIFORNIA                    (S)
                                       (S)
COUNTY OF LOS ANGELES                  (S)


     This instrument was ACKNOWLEDGED before me on the 28th day of May, 1993, by
William L. Penzner as Trustee of the William L. Penzner Trust.



[S E A L]                                     /s/ Elizabeth H. Maloy
                                             ----------------------------------
                                             Notary Public, State of California

                                                 Elizabeth H. Maloy
                                             ------------------------------
                                             Printed Name of Notary Public
My Commission Expires:

June 2, 1995
----------------------                                    [SEAL]


ASSIGNMENT OF INTERESTS
UNDER LEASE AGREEMENTS - Page 4