Company buys interest in Broadway in Chicago
James L. Nederlander, prexy of Broadway landlords the Nederlander Org, has upped his stake in Chicago legit.
Conglom Live Nation is selling off its 50% interest in Broadway in Chicago — as well as its ownership of Chicago’s Oriental Theater — to entities owned by Nederlander for $60 million. Deal is expected to close by the end of the year.
A company that presents Rialto fare in Chi, Broadway in Chicago was formerly an equal partnership between Live Nation and the Nederlanders.
News came as part of a report of Live Nation’s third-quarter financial results. Sale of Broadway in Chicago is a part of Live Nation’s efforts to focus on its live music biz; the company also is in the process of auctioning off its Rialto touring interests.
Owners of nine Broadway houses, the Nederlanders already are a strong presence on the road, and have recently begun a push to develop the market for Broadway tours in China.