NEW YORK (CelebrityAccess) — Concert giant AEG Live, has taken a stake in Bowery Presents, one of the largest independent promoter/venue management companies.
Bowery's principal partners, Jim Glancy and John Moore, along with AEG Live's Senior Vice President of the Northeast Region Mark Shulman, will oversee all of The Bowery Presents' operations, including the partnership's newest venue, Brooklyn Steel, located in East Williamsburg, Brooklyn, as well as venues from the Gulf Coast to Maine, such as Terminal 5 and Music Hall of Williamsburg in New York City, The Sinclair in Boston and Union Transfer in Philadelphia. The Bowery Presents books, produces and promotes more than 2,500 events annually.
The deal, completed in December, was estimated to be worth $40 million according to the New York Times. Two sources close to the negotiations told the Times, that the figure quoted includes investments and advances by AEG Live in addition to its purchase of equity.
In an interview with The Times, AEG Chairman and CEO Jay Marciano said that The Bowery Presents team will handle booking for AEG's venues in New York, including the PlayStation Theater in Times Square and will also have a role at Panorama. As well, AEG will be looking to acquire other venues in the region for Bowery to operate.
"The Bowery Presents and AEG Live share a passion and commitment to delivering the best music experiences to fans. Jim and John have built an incredibly respected organization 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," Marciano said. – Staff Writers