AEG Live says it has become “the #1 concert promoter in New York City” after acquiring a stake in promoter The Bowery Presents.
Bowery is a major concert promotion and venue management company in the Northeast US with venues in New York, Philadelphia, Boston, Maine and Alabama.
The two companies said the partnership expands AEG Live’s and The Bowery Presents’ presence throughout the East Coast. Bowery’s venues include Brooklyn Steel, located in Brooklyn, as well as Terminal 5 and Music Hall of Williamsburg in New York City, The Sinclair in Boston and Union Transfer in Philadelphia.
Bowery partners Jim Glancy and John Moore, along with Mark Shulman, AEG Live’s senior vice-president of the Northeast Region, will oversee all of the company’s operations.
Jay Marciano, chairman and chief executive of AEG Live, said: “The Bowery Presents and AEG Live share a passion and commitment to delivering the best music experiences to fans.
“Jim and John have built an incredibly respected organisation with a proven track record of success and we are pleased that they chose to partner with us. We look forward to working closely with them to further grow The Bowery Presents brand.”
The Bowery Presents books, produces and promotes more than 2,500 events annually.
“We are excited to join forces with the like-minded innovators that make up the AEG Live family,” said Glancy. “When we started looking at how AEG Live has partnered with other independent promoters, it gave us the confidence that AEG Live will allow us to not only run The Bowery Presents autonomously and stay true to our entrepreneurial spirit, but increase our reach within our existing markets and expand our horizons for future growth. Bands and audiences can continue to expect the same music-first experience we’re known for providing.”
AEG’s acquisition comes following a busy few weeks of M&A in the industry. Live Nation has already taken a stake in a number of organisations during the first month of 2017.