Barclays Center Owners and AEG assume new ownership of Webster Hall
Iconic Manhattan concert venue Webster Hall is being sold.
After 27 years of owning and operating Webster Hall, the Ballinger family is selling the 131-year-old space to entertainment giant AEG and Brooklyn Sports Entertainment, the managing body at Barclays Center. The deal comes after extensive discussions between BSE CEO Brett Yormark and Webster’s principal owner Lon Ballinger, brokered by investment bank Houlihan Lokey, according to Billboard. The move also comes at a time when AEG is making a notable push to expand its visibility in New York, which appears to be going well, considering they started by bringing LCD Soundsystem back to Brooklyn. Upon officially acquiring promoter Bowery Presents, which, up until March 2014, had exclusive booking rights at Webster, AEG joined the transaction, becoming a 50-50 partner on the purchase with BSE.
Now under the AEG umbrella, Bowery Presents will again assume control of marketing and programming at Webster Hall. The new agreement also brings the people behind Panorama Festival to spaces including Manhattan’s Terminal 5, as well as the Music Hall of Williamsburg.
Rather than attempt to build a competing venue from the ground up, AEG and BSE also revealed lofty renovation plans along with the purchase, planning to spend an additional $10 million dollars updating Webster Hall’s Grand Ballroom, The Studio, and The Marlin Room venues.
H/T: Billboard
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Categories: Music