LOS ANGELES (CelebrityAccess) — Knitting Factory Entertainment announced that they have acquired a stake in Los Angeles-based promoter and venue operator Spaceland Presents.
The acquisition extends KFE's pre-existing relationship with Spaceland that saw them partnering in the operation of venues such as the Regent Theater. Going forward, the equity stake will give Spaceland access to KFE's national footprint in developing tours and music festivals.
The partnership also creates a natural economy of scale in the areas of talent buying, marketing, ticketing, and promotion, among others, the companies said.
Each company’s properties will continue to operate as they currently do, KFE’s portfolio will remain as is and Spaceland Presents will continue to operate the Echo and Echoplex, The Regent (in partnership with KFE) and other venues, in addition to the indie music publication, DoLA.
"Knitting Factory and Spaceland Presents are two nationally known, independent-minded organizations with talented and imaginative personalities with over 40 years of combined music history," said KFE President and CEO Morgan Margolis. "Mitchell is an innovator with roots in the LA music scene, has a true tastemaker's sensibility. Our teams are looking forward to working together nationwide."
"The independent spirit embodied by both Knitting Factory and Spaceland is what makes this partnership unique,” said Frank. “Spaceland has grown its reputation by developing bands and taking risks early on and thus has formed strong ties with artists, managers, and agents in moving their acts up the venue ladder. "We are not just another indie promoter leaving the ranks of independents, we (KFE and Spaceland) are just aligning our efforts into one vision that represents the start of something unprecedented." – Staff Writers
