TOKYO — Toho has made Koma Stadium, which owns the Shinjuku Koma Theater in Tokyo’s Shinjuku entertainment district, a wholly owned subsid, the company announced on Tuesday.
Toho currently owns a 9.45% share of Koma stock.
From Wednesday to Friday, Toho will buy up Koma stock at $69 a share from other shareholders, including Hankyu Hanshin Holdings.
Toho intends to redevelop the Koma together with a pic palace it owns next door. Plans have not yet been announced.
The Koma, which opened in 1956, became a Mecca for fans of Kabuki, musicals and enka (Japanese ballads), who staged elaborate shows in the 2,000-capacity house. At its peak, it was recording nearly one million admissions annually.
But as the building aged, so did audiences and eventually the theater’s elderly loyalists faded away, together with its profits. The theater will close at the end of the year.