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.