AEG Live Finalizes Bowery Presents Partnership
AEG Live has completed its deal to form a partnership with Bowery Presents, the two companies announced today. The deal, first reported by Billboard last April, gives AEG a stronger foothold in Northeast markets like New York, Boston and Philadelphia, and spells the end for another New York-based indie promoter after Founders Entertainment's owners sold a majority stake in the company to Live Nation last year.
A press release accompanying the announcement touts AEG Live as the new No. 1 concert promoter in New York City after this deal, which will include the latest Bowery venue, Williamsburg's Brooklyn Steel, which is set to open this spring. Bowery owns, operates or has exclusives with NYC's 575-capacity Bowery Ballroom, 250-cap Mercury Lounge, 3,000-cap Terminal 5, 250-cap Rough Trade and 550-cap Music Hall of Williamsburg; presents shows at Madison Square Garden, Barclays Center, Brooklyn Bowl and the Capitol Theater in Port Chester, N.Y.; promotes several venues in Boston (the Great Scott, The Sinclair), Philadelphia (Union Transfer) and Portland, Maine (State Theater); and has expanded into Albany, New Orleans and Atlanta in recent years.
"We are excited to join forces with the like-minded innovators that make up the AEG Live family," said Jim Glancy, partner at Bowery Presents, in a statement explaining the deal. "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 Live is the second-largest promoter in the world, behind Live Nation, and operates high-profile festivals like Coachella, Panorama and last year's record-breaking Desert Trip, through its Goldenvoice subsidiary.
"The Bowery Presents and AEG Live share a passion and commitment to delivering the best music experiences to fans," said AEG Live Chairman/CEO Jay Marciano in a statement. "Jim and [Bowery co-founder and partner] John [Moore] have built an incredibly respected organization 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 deal is also another twist in the battle between AEG Live and Live Nation over the New York area, one which became more pronounced in the festival space with the launch of AEG Live's Panorama last summer, held a few weeks after Founders/Live Nation's Governors Ball festival in the same location.
"We are proud to have built this company based on our love of live music and passion for both the fan and artist experiences," said Moore in a statement. He and Glancy will continue to run Bowery's operations under the new partnership. "The Bowery Presents is excited about all of the opportunities to grow and evolve as a company with our new partners at AEG Live. Brooklyn Steel is a perfect example of the type of venue and concert experience we will continue to deliver to fans and artists under our partnership."