AEG live has officially announced their purchase in The Bowery Presents stake, a concert promotion and venue management organization who oversees major venues all along the East Coast.
Under this new agreement, AEG will be responsible for managing several of The Bowery Presents most prominent venues: Music Hall of Williamsburg, Terminal 5, and Brooklyn Steel in New York, The Sinclair in Boston, and Union Transfer in Philadelphia. Venues under The Bowery Presents unaffected by the new deal are the Bowery Ballroom and the Mercury Lounge as they’re owned by original TBP founder Michael Swier who left the company in 2010 after being bought out. However, AEG has yet to make any agreements with Swier.
Upper management for Bowery Ballroom, Jim Glancy and John Moore, will stay working with the company as a press release has stated, “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.”
American entertainment presenter AEG owns shares in several of the world’s biggest music festivals including Coachella, Firefly, and Panorama. Recently, the company’s owner Philip Anschutz has come under major scrutiny after the media exposed his ties with anti-LGBT groups. It was discovered that Anschutz had been donating thousands of dollars to support the radical conservative organizations, going against the ideals behind the festivals that AEG oversees.