Cynthia Littleton Business EditorPrivate equity giant Providence Equity Partners is betting on the rebound of the live event business, backing Ambassador Theatre Group’s acquisition of high-end venues in San Francisco and Detroit.The deal calls for International Entertainment Holdings Ltd, parent company of U.K.-based ATG, to acquire the San Francisco’s Golden Gate Theatre and Orpheum Theatre and Detroit’s Fisher Theatre.
The pact includes the programming operations of the historic Detroit Opera House and arts venue Music Hall. Financial terms of the deal were not disclosed.Mark Cornell, CEO of ATG, emphasized the importance of San Francisco and Detroit as touring markets for Broadway and West End productions.
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