Ambassador Theatre Group has bought its first theatre on Broadway – the Foxwoods, which is currently home to Spider-Man: Turn off the Dark.
The UK’s largest theatre operator, ATG has bought the 2,000-seat venue from Live Nation Entertainment – the same company from which it also bought much of its UK stable in 2009 – and will run the New York theatre via a subsidiary, Lyric Theatre LLC.
The Foxwoods Theatre is the largest theatre on Broadway and opened in 1997. The deal is reported to be worth between $60 million and $70 million.
ATG joint chief executives Howard Panter and Rosemary Squire, said the deal would mark a significant increase in the group’s activity in North America.
Panter said: “It is no secret that we at ATG have been looking to expand our impressive portfolio of UK theatres, by making acquisitions and alliances in strategic markets around the world.
“We have been waiting for the right opportunity and The Foxwoods Theatre is a perfect match for our ambitions. Ownership of The Foxwoods Theatre within the group will provide a catalyst to expand in the North American market and to further build on our past production successes in North America.”
Squire added: “We are incredibly excited to be operating this beautiful landmark facility, situated right at the heart of one of the world’s most iconic streets for theatre and we hold great esteem for Cora Cahan and The New 42nd Street, Inc. and their impressive vision to preserve and restore the historic theatres of 42nd Street.
“It is a great privilege for our group to be entrusted with the guardianship of this magnificent New York Theatre. The Foxwoods Theatre management are exceptionally dedicated, passionate and diligent and we look forward to working alongside our new colleagues in North America.”
Erich Jungwirth, previously vice president Theatrical for The Foxwoods is remaining with the venue as the chief operating officer for Lyric Theatre, LLC.
ATG is majority owned by private equity firm Exponent, following its £90 million purchase of Live Nation’s UK theatres in 2009, which was funded by the firm.