The National Theatre was built in 1923 in an Italian Renaissance style. (Photo by Robert Windel)
In an effort to expand its operations in the Mid-Atlantic region and align programming and routing with its other East Coast venues, AEG Live has acquired The National Theatre in Richmond, Va. and The NorVa Theatre in Norfolk, Va.
Although financial details of the deals were not disclosed by AEG, according to city property records, the company purchased The National for $6.7 million and The NorVa for $5.9 million.
“These two venues, which are in great shape and highly regarded by concertgoers, will drop nicely into the other like-size rooms we have across the country,” said Shawn Trell, AEG Live’s COO.
Located near Virginia Commonwealth University, The National is an Italian Renaissance-style theatre built in 1923. It underwent a $15.6-million restoration in 2008.
Built in 1917 as a vaudeville theater, and later serving as a movie theater, The NorVa was renovated in 2000 for $6 million. It was recently voted #1 “Best Club” in the 2013 Rolling Stone magazine’s readers’ poll.
The 1,500-capacity theaters are listed on the National Register of Historical Places, part of a national program to coordinate and support public and private efforts to identify, evaluate and protect America's historic and archeological resources.
AEG purchased The National Theatre in Richmond, Va. for $6.7 million. (Photo by Robert Windel)
“Each theater will host between 135 and 150 shows a year, so this will be a high volume business,” Trell said. “It’s important to have venues like these, as artists are making the climb from smaller facilities to ones of this size,” Trell said.
AEG Live will run its regional offices at The NorVa, which will be headed by Bill Reid and Rick Mersel, the theatres’ prior owners and managers.
“No changes are planned, except to keep on doing what we’re doing,” said Reid, vice president of AEG Live. “AEG will help us do a better job, since now we have the resources of an international company. Despite the venues’ accolades, we’ve never been able to successfully lure sponsors. Having AEG Live will be a game changer because they do and can.”
Both venues have general admission floors and are described as a hybrid between a club and a theater.
“Technically, these are ballrooms not theaters or clubs,” Reid said. “But we have the first class amenities of a theater.”
He anticipates the AEG Live deal will increase the number of shows by between 15 and 20 percent.
According to the Richmond-Times Dispatch, the acquisition ends a lawsuit The National’s minority owner James River Entertainment filed last year against Reid and The National’s manager Scott Benton for alleged mismanagement, concealing revenue from ticket sales and failing to pay payroll taxes.
“Those in the live entertainment industry know the key to success is to move quickly and efficiently,” Reid said. “We have an entrepreneurial spirit that AEG says it wants us to continue, and that’s why we did this deal. They’ll support us and give us the tools to do what we want to do.”
Interviewed for this article: Bill Reid, (757) 622-9877; Shawn Trell, (323) 930-5700