AEG To Acquire Bowery Presents
The New York Times reports that two direct sources, speaking on condition of anonymity, confirmed the pending acquisition. The Bowery Presents promotes shows at clubs including New York City’s Bowery Ballroom, Terminal 5, Music Hall of Williamsburg, Mercury Lounge and Port Chester’s Capitol Theatre.
Bowery Presents also promotes shows at major venues including Madison Square Garden, where it recently scored something of a coup by landing Adele for six shows in September, and operates outposts in Boston and Atlanta.
AEG recently announced it would stage the Panorama festival, billed as a sort of “Coachella East,” on Randall’s Island in July. Regionally, it already produces Firefly Festival in Dover, Del., and promotes venues including the PlayStation Theatre in NYC.
The deal, if completed, will make AEG Live a force to be reckoned with in New York City, and a more potent competitor with Live Nation, which has the Governors Ball in July – also on Randall’s Island – and major clubs including Irving Plaza and Gramercy Theatre, and sheds including Nikon at Jones Beach Theatre in Wantaugh, N.Y.
The Bowery Presents, founded in 2004, is expected to retain its name and operate somewhat autonomously from AEG Live, according to the Times. Last year, the promoter sold nearly 1.3 million tickets to shows from New Orleans to Boston.
It’s not clear how an acquisition will affect the real estate. The Bowery Ballroom and Mercury Lounge are owned by Bowery Presents founder Michael Swier and partners Jim Glancy and John Moore.