The Ambassador Theatre Group has increased its number of theatres in London and countrywide after finalising a deal to buy Live Nation’s UK theatres for £90 million.
The deal sees ATG add London musical houses the Lyceum theatre and the Apollo Victoria, which currently house hit shows The Lion King and Wicked, to its West End portfolio that already includes the Comedy theatre, the Donmar Warehouse, the Duke of York’s theatre, the Fortune theatre, the Phoenix theatre, the Piccadilly theatre, the Playhouse theatre, the Savoy theatre and the Trafalgar Studios.
Live Nation’s one third share of the Dominion theatre was not included in the transaction.
The deal, which also includes 14 regional venues, is being heralded as the most significant development in ATG’s 17 year history and has taken the value of the business to £150 million.
Speaking about the purchase, ATG’s joint CEO and Creative Director, Howard Panter, said: “Live Nation Theatres is a very successful company with first class staff and significant customer loyalty. It is also blessed with some of the world’s best producers and productions. Our aim is to help maintain the shows and theatres as vibrant successes. It will be a privilege to operate this additional group of historic venues.”
As the company expands its portfolio of venues, it has also employed the former Director General of the BBC, Greg Dyke, in the new role of Executive Chairman. Dyke, who has enjoyed a long and successful career in broadcasting and is currently Chairman of both Brentford Football Club and the British Film Institute, commented: “I am delighted to be joining ATG as Executive Chairman. I’ve known the group for many years and seen it grow from its early years in Woking to become one of the biggest theatre operators in the UK. ATG is a great British success story and the acquisition of the Live Nation Theatres will make the group even more successful and I’m looking forward to being part of its future.”
In addition to owning 40 theatres around the UK, ATG is also a major producer, with recent London shows including Elling, Sunset Boulevard, Fat Pig, Guys And Dolls and the upcoming production of The Misanthrope starring Keira Knightley and Damian Lewis. It also owns Sonia Friedman Productions, whose West End hits include Lenny Henry’s Othello, La Cage Aux Folles, Arcadia and the eagerly anticipated musical Legally Blonde.
MA