MSG Buys Chicago Theatre

The details have finally been worked out, and MSG Entertainment is the official owner of the Chicago Theatre.

MSG announced in October it would be buying the Chicago landmark, noting the actual purchase could take some time.

"Madison Square Garden has agreed in principle to purchase the Chicago Theatre," a spokesman for Madison Square Garden Entertainment told the Chicago Tribune at the time.

"However, there remain several additional details that must be worked out before the purchase can be finalized. … We look forward to completing the transaction as quickly as possible and will comment further at the appropriate time."

The 3,600-seat Chicago Theatre, located on State Street in Chicago’s downtown Loop district, opened in 1921, originally as a lavish movie palace.

The last owner, Theatre Dreams Chicago LLC, bought the building from the city of Chicago in 2003 for $3 million.

"We are extremely proud to add the acclaimed Chicago Theatre to the Madison Square Garden family of venues," MSG Chairman James Dolan said.  "The Chicago Theatre allows us to expand our brand into one of the most important and vibrant entertainment markets in the country and we are committed to ensuring that the theatre is world-class in every way – for the benefit of our customers and performers for generations to come."

The Chicago Theatre is expected to host 140 events this year, up 40 percent from 2007, MSG stated.

Madison Square Garden Entertainment, the live entertainment arm of Cablevision Systems Corporations, handles events at New York City’s Radio City Music Hall, Beacon Theatre, Madison Square Garden and a 6,000-seat theater within the Garden.

The organization also produces the Radio City Christmas Spectacular, starring the Rockettes, at Radio City and other venues across the country, including a theater in northwest suburban Rosemont.