Ambassador Theatre Group (ATG), the UK’s largest theatre owner/operator and a multi-award-winning theatre production group, has through its subsidiary Lyric Theatre LLC acquired The Foxwoods Theatre from Live Nation Entertainment.
The Foxwoods Theatre, the largest theatre on Broadway, is situated in a prime 42nd Street location. It opened in 1997, seats nearly 2000 people, and is home to Spider-Man:Turn Off the Dark, the most talked about show there.
This strategic acquisition makes The Foxwoods Theatre ATG's 40th venue and comes just months after they announced plans to expand overseas into key international territories, including North America, Australia and the Asia Pacific Region.
Berenson and Company LLC acted as financial adivisor to the Ambassador Theatre Group with respect to this transaction.
Companies within the ATG Group have for many years been active producers on Broadway. Recent productions have included The Mountaintop starring Samuel L Jackson and Angela Bassett, Exit the King starring Geoffrey Rush and Susan Sarandon and John Doyle's award-winning production of Stephen Sondheim's Sweeney Todd.
Howard Panter and Rosemary Squire, ATG's co-CEOs, say that the deal for The Foxwoods Theatre will mark a significant increase in 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 this 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 incredicly 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 magnifiicent New York theatre. The management are exceptionally dedicated, passionate and diligent and we look forward to working alongside our new colleagues in North America."
Michael Rapino, president and chief executive officer of Live Nation Entertainment, said, "My team at Live Nation worked very hard to find the right buyer for the Foxwoods and we are confident that the ATG will ensure a bright future for this historic theatre. We will continue to focus on delivering live music to our fans".
Erich Jugwirth, previously Vice President Theatrical for the Foxwoods, is remaining with the venue as the Chief Operating Officer for Lyric Theatre, LLC.
ATG Productions' output is currently at its highest ever presenting an average of 30 productions a year in a large number of theatres and markets worldwide. ATG has been behind some of the most successful productions in Britain and internationally and has subsidiary offices in London, New York and Sydney.