AEG Live and Live Nation's battle for the east coast heats up as the arch-rivals acquire make big acquisitions within weeks of each other
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The independent New York promotion and venues group has joined AEG Live, finalising a deal first reported last April
By IQ on 31 Jan 2017
AEG Live has finalised its agreement to acquire an undisclosed stake in New York-based promoter/venue operator The Bowery Presents.
The deal – believed to have been close to completion as far back as last April – gives AEG a significant presence in the American north-east, and marks the end of a second independent New York promoter following Live Nation’s April 2016 acquisition of Founders Entertainment.
Bowery partners Jim Glancy and John Moore will, alongside AEG Live’s senior vice-president of the north-east region, Mark Shulman, oversee The Bowery Presents’ operations, including its newest venue, the 1,800-cap. Brooklyn Steel in East Williamsburg. The company books, produces and promotes more than 2,500 events annually.
According to The New York Times, the famed Bowery Ballroom and Mercury Lounge venues are not a part of the deal, as they are still owned by Michael Swier, who sold his stake in The Bowery Presents in 2010.
“We are confident that AEG Live will allow us to run The Bowery Presents autonomously and stay true to our entrepreneurial spirit”
“The Bowery Presents and AEG Live share a passion and commitment to delivering the best music experiences to fans,” comments AEG Live chairman and CEO Jay Marciano. “Jim and John have built an incredibly respected organisation with a proven track record of success and we are pleased that they chose to partner with us. We look forward to working closely with them to further grow The Bowery Presents brand.”
Glancy adds: “We are excited to join forces with the like-minded innovators that make up the AEG Live family. When we started looking at how AEG Live has partnered with other independent promoters, it gave us the confidence that AEG Live will allow us to not only run The Bowery Presents autonomously and stay true to our entrepreneurial spirit, but increase our reach within our existing markets and expand our horizons for future growth.
“Bands and audiences can continue to expect the same music-first experience we’re known for providing.”
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