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ATG Become The Biggest Theatrical Landlords In The Country. *LATEST*

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MamasDoin'Fine
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ATG will complete and sign today, the contact for the Live Nation portfolio.
The final figure is now believed to be 98M pounds and possibly more by the time everything is tied up.


Updated On: 12/2/09 at 09:31 AM
Jonwo
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That's a lot of money but it means that ATG will run the majority of major regional theatres in the country with the exception of The Mayflower and a couple that I cannot remember off the top of my head.

Interesting that only for the London theatres, The Lyceum and The Apollo Victoria are being sold to ATG but not The Dominion which has or is going to become a Nederlander theatre.

Updated On: 11/2/09 at 09:59 AM
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LOL i think, seeing what they now have, its a really great deal.

The Nederlander have had a large stake in the Dominion for a long time now.
The whole new set up will be interesting and I wish them all the luck. They seem to have a genuine love of the theatre that never came through with the likes of Apollo Leisure, Live Nation etc.

Updated On: 11/2/09 at 10:05 AM
AnythingGoes2
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Very interesting - A nice to see Nederlanders owning the Dominion... I think this could see WWRY close next year.

95 million is a huge some. I wouldn't be suprised if ATG sell off some smaller London venues to concentrate on the regional and bigger venues in London. Nimax I think would purchase more...

Still no body wants the New London.
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Live Nation has always been first and foremost a live music promoter that just happen to own theatres on both sides of the Atlantic. I think The Hilton Theatre is still under their control but it wouldn't surprise me if it sold off within the next year as I'm sure the Shuberts, Nederlanders and Jujacym will want it in their portfolio. One thing, Apollo Leisure did was to restore The Lyceum to its former glory.

I'm surprised The Nederlanders haven't made a bid for more London Theatres, they fully own The Dominion and The Aldwych and part own the Adelphi, I'm guessing money is the main factor. I doubt WWRY will close yet as it's still a seller both on tour and in London,

The Apollo Victoria's name from its original ownership from Apollo Leisure but I doubt ATG will change it as it hasn't needed to change its name with the change of ownership over the years.
Updated On: 11/2/09 at 10:23 AM
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MamasDoin'Fine
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And I remember all the fuss when Apollo Leisure reopened the Apollo Victoria. The fuss was all about the confusion the public would endure as there was already a theatre in London called the Apollo.
That nonsense died away pretty fast.
Even as Apollo was putting its name on to its theatres at the time I saw no reason why it changed from the New Victoria.
The New Theatre Oxford was renamed the Apollo but recently went back to the New.
Manchester and a few other places have still kept the Apollo name.

I hope that 50% of the theatres in the UK don't get their names changed to 'The Ambassador' now lol.
Jonwo
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That's a good point regarding ATG's smaller London theatres, they sold The Ambassadors Theatre a few years ago but they are good playhouses like The Comedy and The Duke of York's which usually have plays that are successful, the only one I think they would sell would be the Playhouse, The Fortune and at a push The Trafalgar Studios. Their biggest London theatres currently are The Piccadilly with 1200 seats, The Savoy with 1150 seats and The Phoenix with 1012 seats and ATG have been producing more musicals in the last few years with Legally Blonde as their next big show.



Jonwo
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The funny thing is that people do still get confused, a friend told me that the Apollo Victoria tends to get the odd tourist who turn up five-ten minutes before the show begins and are confused of why such and such a show is not on before being told they are at the wrong Apollo. They even had someone who was going to see Little Britain Live which was on at The Hammersmith Apollo!

I reckon they'll keep the name, The Ambassador Victoria doesn't sound right although changing it back to The New Victoria would be fine.
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I think they will keep there big venues (1000 plus) and the main playhouses - Duke of Yorks, Comedy and probably Studios. But I can see them selling off Fortune and Playhouse. Probably to fund some of the money used to buy this deal - which in the end will be profitable.
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I think they will keep there big venues (1000 plus) and the main playhouses - Duke of Yorks, Comedy and probably Studios. But I can see them selling off Fortune and Playhouse. Probably to fund some of the money used to buy this deal - which in the end will be profitable.
Jonwo
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I imagine if ATG does sell some of their playhouses then I imagine Nimax or Sir Stephen Waley-Cohen will be interested, The Trafalgar Studios could be reconfigured back to its original state if it was sold but I'm sure it would be an expensive procedure.

With the selling of the Live Nation theatres, Theatreland now consists of theatres owned by ATG, Really Useful Group, Delfont Mackintosh, Nimax, Stephen Waley Cohen, Nederlander and The Theatre of Comedy/Stage Entertainment. Will be interesting if any more theatres change ownership in the next few years.


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Shame I came on this thread so late!

If the Nederlander group bought the Dominion, would they open the Balcony? I doubt it, however it would make great public relations.

The Hilton up for sale? The second biggest theatre in New York, has not had one hit show, apart from the seasonal Grinch!
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The Hilton has had bad luck when it comes to shows, Ragtime was mired with the Livent scandal, 42nd Street lost money despite a 4 year run, Chitty and Hot Feet ran for a short period and lost money, The Pirate Queen was a flop and Young Frankenstein ran for just over a year and I don't have much hope for Spider-Man.

It only takes one show to turn a theatre around and even The Gershwin had flop after flop until Wicked came along, if all else fails, maybe Live Nation can sell it to The Time Square Church in exchange for the Mark Hellinger.
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Key Brand Entertainment, the losing bidders in the buy out of Live Nation, have filed a lawsuit against the sale of the property to ATG.

**The statement (I may have to take this down later!)**

Tue, Nov 3rd 2009 6:05 pm EST
By Alfred Branch Jr.

Claiming that Live Nation violated a previous agreement by selling 17 UK theaters to a rival, Key Brand Entertainment (KBE) is suing the concert and promotion giant to block the deal.

Last month, Live Nation agreed to sell the theaters to Ambassador Theatre Group (ATG) for just over $140 million, but according to KBE's lawsuit, filed last week in Los Angeles Superior Court, KBE and Live Nation had an arrangement under which KBE would have a chance to essentially be the last bidder on the assets if certain conditions were met. KBE had bought several North American theaters from Live Nation in 2008 for $90 million, and upon the completion of that deal the two sides allegedly entered into the bidding agreement.

"Since July of 2008, Key Brand has, at great expense and effort, made multiple bona fide offers, supported by committed financing, to purchase Live Nation's UK Theatres, all in the context of, and in compliance with, a bidding rights agreement it negotiated with Live Nation in January 2008," the lawsuit states.

"After encouraging Key Brand for well over a year to submit increasingly higher offers to buy its UK Theatres and, after contractually obligating itself to provide Key Brand with full and most favorable bidding and matching offer rights, Live Nation in the final hours or possibly after the close of bidding unilaterally disclosed information about Key Brand's bid to another bidder to make sure Key Brand's final bid would not be the winning bid."

KBE contends that under the bid agreement it forged with Live Nation, Live Nation could only accept a bid from a higher bidder if that bid was more than 107.5 percent higher than KBE's bid. And, KBE alleges that Live Nation informed ATG of what KBE's final bid was, which allowed ATG to bid slightly higher than the 107.5 percent threshold. The bidding procedure was conducted by investment band Goldman Sachs.

The lawsuit claims that Live Nation essentially rigged the bid process in favor of ATG, which also helped to boost the sale price. KBE's final offer of about $134 million for the properties, which it believed should have been enough to win the bidding. ATG's final offer came in late, KBE contends, which allegedly allowed it to learn what KBE's offer was and beat it. At one point, Goldman Sachs allegedly went back to KBE and said the company could buy the theaters for about $158 million, if it essentially ripped up the bid agreement, but KBE refused.

Over the past two years or so, Live Nation has been selling off assets to pay down debt, and to allow it to better concentrate on its core concert promotion and venue operation business. The sale of the UK theaters is an enormously important step toward maintaining that mission.
'As a matter of corporate policy, we do not comment on rumors, acquisitions or pending litigation' Michael Hartman, spokesperson for KBE, told TicketNews.

John Vlautin, spokesperson for Live Nation, said the company would not comment on the lawsuit.

Updated On: 11/4/09 at 10:14 AM
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Interesting. However, the change to the subject line of the post is misleading as the sale is not blocked.They are seeking to block it, which is not quite the same thing. It may end up being delayed or even not going ahead but it is not blocked.
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This is an ugly mess which is just going to get uglier. In the meantime, jobs are on the line. Bad times at Live Nation.
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Love the picture of the Palace Manchester, but where is the late SADM2?
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im sure ill get shot down for this but I dont care! I think the OPera House is far nicer than the Palace in Manchester! Love the Bristol Hippadrome and Edinburgh Playhouse to.
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The outside of the Opera House is nicer than the Palace, but the inside does ot come close. The Opera House has a far smaller stage and a ugly audotrium. The outside of the Palace used to be beautiful.
former sadm2 (wink)
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What the Palace looked like until the mid 60s when they rebuild the facade to look like an Odeon Cinema!!!!
First on ATG agenda should be to remove the tacky tiles.
re: ATG Become The Biggest Theatrical Landlords In The Country.


The ugly Opera House auditorium
re: ATG Become The Biggest Theatrical Landlords In The Country.

...just doesnt come close to the stunning Palace.
re: ATG Become The Biggest Theatrical Landlords In The Country.
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