Under terms of the deal, AEG will oversee operations of Bowery’s current venues, including Music Hall of Williamsburg, Terminal 5, and Brooklyn Steel in New York City, as well as The Sinclair in Boston and Union Transfer in Philadelphia.
Update: According to the New York Times, the deal excludes Bowery Ballroom and Mercury Lounge, which are owned by Michael Swier. As the Times explains, Swier founded Bowery Presents, but was bought out of the company in 2010. AEG has yet to discuss a potential acquisition with Swier. Additionally, The Sinclair in Boston remains an independently owned venue, but will staged AEG/Bowery-promoted shows.
Bowery Ballroom’s principal partners, Jim Glancy and John Moore, will remain involved in the company, as a press release stresses, “the agreement allows The Bowery Presents to stay true to its entrepreneurial culture and provides the support and investment to continue to drive growth and innovation and expands its venue partnerships.”
One of the largest live music companies in the world, AEG Live already owns stakes in several major US music festivals, including Coachella, Panorama, Firefly, and Hangout, as well as 60 clubs and theaters across the country. Recently, the company has been embroiled in controversy over revelations that its owner, Philip Anschutz, has donated to anti-LGBTQ and climate denial groups.