Sunderland Empire sold as part of £90m ATG takeover deal
Nov 4 2009 The Journal
THE Sunderland Empire was sold as part of a £90m deal announced yesterday.
The Ambassador Theatre Group (ATG) has completed the deal to become Britain’s biggest theatre owner.
ATG, which was founded in 1992, announced it has completed its purchase of Live Nation’s UK theatres, creating a combined business valued at some £150m. Former BBC director general Greg Dyke will be joining the company in the new role of executive chairman.
He said: “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.” ATG will have a total of 39 venues, rising to 40 when a new theatre opens in Aylesbury.
Live Nation Theatres is currently home to two of London’s biggest shows – The Lion King at The Lyceum and Wicked at the Apollo Victoria.
The other theatres being acquired include the Edinburgh Playhouse; The Auditorium, Grimsby; Liverpool Empire; Bristol Hippodrome; the Palace Theatre and The Opera House, Manchester; Southport Theatre; Sunderland Empire; Grand Opera House, York; Alexandra Theatre, Birmingham; Leas Cliff Hall, Folkestone; the New Theatre and the Old Fire Station, Oxford; and the Princess Theatre, Torquay.
The group will now also have sole ownership of First Family Entertainment, which is producing 12 pantomimes for the Christmas 2009/10 season featuring Pamela Anderson, Paul O’Grady, and Henry Winkler among others. Live Nation has said it wants to concentrate on its “core business” of producing, marketing and selling live concerts. Howard Panter, ATG’s joint CEO and creative director, said: “Live Nation Theatres is a very successful company, with first-class staff and significant customer loyalty.”
Live Nation’s one third share of The Dominion Theatre is not part of the deal.
