LOS ANGELES, CA (October 7, 2014) – Nederlander Concerts claims to have garnered over 12,000 signatures in 24 hours on a petition to support the organizations bid to continue operating the iconic Greek Theatre.
“We are humbled by the overwhelming support from our fans, community, neighbors and industry,” Rena Wasserman, the Greek Theatre’s General Manager said about the petition. “This is more than just a venue to us, and we have a vision for the future of the venue and hope to continue operating it for many years to come."
Nederlander has operated, managed and booked the Greek Theatre since 1976, but their future operation of the venue is in question as their contract with the city is next year and Live Nation has submitted a competitive bid for the venue.
According to Nederlander, they have teamed up with AEG Live for the future management rights, and tendered proposal that offers $6,250,000 more rent revenue to the City of Los Angeles in the guaranteed 10 years than Live Nation, and $17,500,000 in more rent revenue to the city, if extended.
Nederlander also claims that their bid offers 10% vs 8% percentage rent when the venue performs well, which Nederlander says could potentially amount to as much as $20 million in revenue for Los Angeles.
As well, Nederlander touted their renovation plans for the venue, led by award winning architect Brenda Levin, which includes upgrades to the stage, restaurants, a landscaped plaza and new seats. – Staff Writers