Nederlander Will Reclaim Control Over the National Theatre in Washington, D.C.

According to Forbes, the Nederlander family has regained control of The National Theatre for the first time in four decades.

James L. Nederlander of The Nederlander Organization, joined forces with JAM Theatricals earlier this week to create a new company that will oversee season ticket subscriptions at 26 theaters across the United States.

As part of the deal, Nederlander will also get another chance to manage The National Theatre in Washington, D.C., after losing control of the venue to The Shubert Organization in 1980.

The Nederlander Organization previously had control of the 184-year-old theater in 1972. The National Theatre later struggled to attract large audiences, causing The Nederlander Organization to sublease the venue to the New National Theatre Corporation, a not-for-profit organization.

When the theatre still struggled to make money, other directors of the not-for-profit organization began to voice their concerns about its management. Roger Stevens, the organization's leader, was fired amid embezzlement allegations, and The New National Theatre Corporation terminated the lease with The Nederlander Organization.

After many proposals were given, The Shubert Organization gained control on The National Theatre.

The Shubert Organization spent $1.6 million renovating The National Theatre over its 30+ year reign. JAM Theatricals then took over after the lease expired in 2012.

Read more on Forbes.

According to the theatre's website, for almost 200 years, Washington's historic National Theatre has occupied a prominent position on Pennsylvania Avenue - "America's Main Street." Located a stone's throw from the White House and bordering the Pennsylvania Avenue National Historic Site, The National Theatre is the historic cultural center for the performing arts in our nation's capital and the oldest enterprise on Pennsylvania Avenue continuously operating in its original designated capacity.