'Spider-Man' Broadway venue sold to Britain's Ambassador Theatre
(Reuters) - British theater company Ambassador Theatre Group's subsidiary Lyric Theatre LLC has purchased Foxwoods Theatre, currently home to the "Spider-Man" musical, from Live Nation Entertainment Inc, the companies said on Monday.
Lyric Theatre paid about $65 million for Foxwoods, according to a person with knowledge of the deal.
The Foxwoods Theatre, which opened in 1997 and seats nearly 2,000, is one of Broadway's largest venues. It is the current home of the rock musical "Spider-Man: Turn Off the Dark," which a Broadway record for weekly ticket sales of $2.9 million during the 2011 Christmas and New Year holidays.
Foxwoods, located adjacent to New York's Times Square, is Ambassador's first theater in the United States and 40th venue overall. Musicals such as "Chitty Chitty Bang Bang" and "Jesus Christ Superstar" have previously been staged at the venue.
Ambassador said the purchase of Foxwoods was part of its focus on overseas expansion. It also is eyeing venues in Australia and Asia.
"Ownership of the Foxwoods Theatre within the group will provide a catalyst to expand in the North American market and to further build on our past production successes in North America," Ambassador's Co-CEO Howard Panter said in a statement.
Live Nation said Foxwoods did not fit into the company's future strategy.
(Reporting by Eric Kelsey, Editing by Piya Sinha-Roy)
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