Nederlander Gets Community Endorsement To Continue Operating Greek Theatre
October 8, 2014 at 11:39 AM (PT)
NEDERLANCER CONCERTS gathered more than 12,000 signatures in 24 hours on a grassroots petition to support the organization's bid to continue operating the iconic GREEK THEATRE, challenging a bid by LIVE NATION/TICKETMASTER to take over the award-winning, iconic venue.
NEDERLANDER, which has operated, managed and booked the GREEK THEATRE since 1976, has teamed up with AEG LIVE for the future management rights, presenting a 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. Other features of the NEDERLANDER/AEG LIVE proposal include:
-- A comprehensive community plan that involves a diverse group of leading non-profit organizations.
-- 10% vs 8% percentage rent when the venue performs well – potentially $20 million more revenue to the CITY OF LOS ANGELES than from LIVE NATION.
-- A complete historically sensitive renovation of the venue, led by award-winning architect BRENDA LEVIN (GRIFFITH OBSERVATORY, DODGER STADIUM, CITY HALL, etc.), including the historic stage, restaurants, landscaped plaza and new seats.
The most recent renewal with the CITY OF LOS ANGELES will expire in OCTOBER, 2015, and after a REQUEST FOR PROPOSAL (RFP) was issued, an initial recommendation was made for LIVE NATION/TICKETMASTER to take over its management. That possibility has caused a massive public outcry about the decision and concerns about the underlying process.
Due to the outpouring of community support, NEDERLANDER created WEARETHEGREEK.COM as a platform to give the public information about this issue and how they can take action. The site also links to the Change.org petition which continues to grow.
“We are humbled by the overwhelming support from our fans, community, neighbors and industry,” said THE GREEK THEATRE GM RENA WASSERMAN. “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."