Broadway's biggest theater sold to British group

Broadway's biggest theater sold to British company Ambassador Theatre Group

Associated Press
Lease to Broadway's biggest theater sold
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FILE - This May 12, 2011 file photo shows the marquee for "Spider-Man: Turn Off The Dark" outside the Foxwoods Theatre in New York. Ambassador Theatre Group said Monday, May 20, 2013, it has acquired The Foxwoods Theatre, the current home of “Spider-Man: Turn Off the Dark.” The theater has about 2,000 seats. (AP Photo/Tina Fineberg, file)

NEW YORK (AP) -- Britain's biggest theater groups has reached across the Atlantic Ocean and bought Broadway's biggest theater from Live Nation Entertainment for about $60 million.

Ambassador Theatre Group said Monday it has acquired The Foxwoods Theatre, the current home of "Spider-Man: Turn Off the Dark." The theater has about 2,000 seats.

The acquisition makes the Foxwoods the 40th venue now owned by the Ambassador Theatre Group. The group, which owns several central London theaters including the Savoy Theatre and Trafalgar Studios, bought Live Nation's UK theaters for $147 million in 2009.

In a statement, the company said it hoped to keep the "Spider-Man" musical at its 42nd Street home "for a very long time." The show is still regularly topping $1 million in revenue a week.

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