London-based venue operator Academy Music Group (AMG) has increased its portfolio of venues to 13 with the acquisition for an undisclosed sum of the former cinema, ABC Glasgow.

AMG has taken a majority stake in the ABC, previously operated as a concert venue by promoters Regular Music and PCL Concerts. Both remain as minority shareholders.

The Art Deco building in Glasgow's best-known shopping thoroughfare, Sauchiehall Street contains two live music venues ABC (1,362 capacity) and ABC 2 (350 capacity). It will be renamed O2 ABC Glasgow during the summer. AMG already owns and operates the 2,500-capacity O2 Academy Glasgow.

In a statement, Academy Music Group CEO, John Northcote said: "The ABC is a first class venue, with an excellent reputation and we're looking forward to working with Regular Music and PCL to develop the venue within Academy Music Group, expanding our reach in the fourth largest city in the U.K."

AMG staged some 2700 shows within the United Kingdom in 2008, attended by 3.5 million paying customers according to the company, which is owned by promoters Metropolis Music, SJM Concerts, MCD Productions (Eire) and Live Nation. Its existing venues include the O2 Brixton Academy and O2 Shepherds Bush Empire in London.

The ABC site housed Scotland's first cinema, opened in 1896, and the current building dates back to 1929, when it operated as the Regal cinema. It opened as a concert venue in June 2005 and has staged shows by the Raconteurs, Kasabian, the Charlatans, Buzzcocks, Primal Scream and Glasvegas.

According to Regular Music managing director Mark Mackie: "We really love the ABC and wanted to stay involved. The group of companies and promoters investing in the venue will help expand the diary of events, securing a bright future for the ABC."