Report: Bowery Presents is Acquired by Concert Behemoth AEG Live
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Everything on the Lower East Side is getting sold out. This next one cuts deep, and is a blow to what’s left of the neighborhood music scene.
Unlike many of the artists its venues promote, Bowery Presents is itself no longer an indie. The hip Lower East Side-based promotion company was just scooped up by the global concert behemoth AEG Live.
Billboard broke the news, and further noted that a deal between the two parties is imminent. It’s reportedly in the final stages of negotiations. There had been speculation of this marriage for some three years, according to the publication.
An accord is expected next week.
The development significantly impacts not only the New York concert scene but brings national implications as another successful promoter leaves the ranks of independents. Founded in 1993, Bowery has been a viable third promoter option in New York (with AEG and Live Nation), and has formed strong ties with artists, managers, and agents in moving acts up the venue ladder.
Bowery owns, operates or has exclusives with New York’s 575-capacity Bowery Ballroom, the 250-cap Mercury Lounge in New York, the 3,000-cap Terminal 5, the 250-cap Rough Trade, and Brooklyn’s 550-cap Music Hall of Williamsburg.
It’s unclear at this time whether the offices will remain at 158 Ludlow Street, above Pianos bar.