International Entertainment Holdings Limited, the parent company of The Ambassador Theatre Group, and The Nederlander Company, LLC announced March 22 ATG's pending acquisition of San Francisco's Golden Gate Theatre and Orpheum Theatre and Detroit's Fisher Theatre, as well as programming operation of the Detroit Opera House and Music Hall in Detroit.
The transaction is scheduled to close March 29. Nederlander has overseen the operation of these San Francisco and Detroit theatres for more than 50 years.
Ambassador Theatre Group CEO Mark Cornell said in a statement, “This extraordinary portfolio of venues located in San Francisco and Detroit, two of America’s key theatrical touring cities, is comprised of precious assets, and we are delighted to be taking over their stewardship. We look forward to providing the best of Broadway’s shows to their loyal following when the theatres re-open in 2021 and are equally excited to welcome the staff of these prestigious theatres into the ATG community, where we hope that they will thrive and be happy. ATG congratulates Robert Nederlander Sr. and his management team on many decades of success.”
Robert Nederlander, Sr. added, “These unique venues have been home to Broadway’s greatest shows, serving local and regional audiences for generations. We are confident that the ATG team will continue to look after the strong foundation that we have created with these theatres in their respective communities and to take them into this next decade with great success.”
The Golden Gate Theatre, built in 1922, has a venue capacity of approximately 2,300 seats. The Orpheum Theatre, built in 1926, has a venue capacity of 2,200. The Fisher Theatre, built in 1928, was renovated into a legitimate Broadway touring house under the management of the Nederlanders in 1961 and has a venue capacity of approximately 2,100. The Detroit Opera House, built in 1922, has a venue capacity of approximately 2,750 seats, while the Music Hall, built in 1928, has a seating capacity of 1,700.
The transaction was initiated by Lisbeth R. Barron, whose firm Barron International Group, LLC, was the exclusive financial advisor to Nederlander.