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Broadway's biggest theatre sold to British company Ambassador Theatre Group

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(Globalpost/GlobalPost)

NEW YORK, N.Y. - Britain's biggest theatre group has reached across the Atlantic Ocean and bought Broadway's biggest theatre from Live Nation Entertainment for about $60 million.

Ambassador Theatre Group said Monday it has acquired The Foxwoods Theatre, the current home of "Spider-Man: Turn Off the Dark." The theatre has about 2,000 seats.

The acquisition makes the Foxwoods the 40th venue now owned by the Ambassador Theatre Group. The group, which owns several central London theatres including the Savoy Theatre and Trafalgar Studios, bought Live Nation's UK theatres for $147 million in 2009.

In a statement, the company said it hoped to keep the "Spider-Man" musical at its 42nd Street home "for a very long time." The show is still regularly topping $1 million in revenue a week.

http://www.globalpost.com/dispatch/news/the-canadian-press/130521/broadways-biggest-theatre-sold-british-company-ambassador-th