Report: Bowery Ballroom and Mercury Lounge Excluded from Blockbuster Bowery Presents-AEG Deal
It’s official – AEG Live has reportedly acquired a fifty-percent stake in hometown heroes Bowery Presents for an estimated $40 million.
News of negotiations first broke last year, and was the worst-kept secret in the business. However, AEG and Bowery Presents broke their collective silence on the transaction in a New York Times article yesterday.
The deal, completed in late December, is estimated at $40 million, according to three people briefed on the deal who were not authorized to speak about it publicly. That amount includes investments and advances by AEG Live in addition to its purchase of equity, two of those people said. Both companies declined to comment on the price.
It was also revealed that the two marquee properties in the Bowery Presents stable – the Bowery Ballroom and Mercury Lounge – are not part of the deal. Apparently co-founder Michael Swier still owns the popular clubs, but is no longer with the promoters.
The deal does not include what are perhaps the company’s two most famous clubs, the Mercury Lounge and its namesake, the Bowery Ballroom. Those are owned by Michael Swier, who founded the company and left the partnership. Mr. Marciano said that he and Mr. Swier had not yet discussed a deal.
Don’t be surprised, though, if Swier is just holding out for a higher price. These two venues arguably lend the most cache to the Bowery Presents moniker. It sure as shit isn’t Terminal 5, the worst live venue in Manhattan.