April 22, 2016
By: Daniella Soloway
Billionaire investor Philip F. Anschutz’s AEG Live is reportedly in final talks to acquire a majority of The Bowery Presents, an independent concert promoter in New York.
AEG Live currently ranks second only to Live Nation in the global concert business, but this merger would give the company a strong foothold on the east coast and have national implications for concertgoers. The behemoth company already owns Coachella music festival, and arenas like Staples Center in L.A.
Sources close to the deal say that Bowery would still retain its name, as its reputation is already strong and growing stronger along the east coast. Michael Swier, founder of Bowery Presents, still owns some clubs including Bowery Ballroom, Teragram Ballroom, and Mercury Lounge, despite his partners buying him out in 2010. It’s still unconfirmed as to whether or not AEG Live will assume ownership of these venues.
Many music executives and concert promoters fear that this merger will further increase already skyrocketing concert tickets.