AEG Live is reportedly closing in on a deal acquire large independent New York promotor Bowery Presents. There has been speculation of such a move over the past three or so years, so this isn't all that surprising. Terms of the deal have not been disclosed since it has not been officially announced yet.
The move, which was first reported by Billboard, gives AEG Live more leverage in the Northeastern market, where they are fighting for turf with event behemoth Live Nation.
Bowery Presents has developed a strong foothold in New York City ever since it was firs founded in 1993. It operates or has exclusive partnerships with buildings across Manhattan and Brooklyn such as the 250-cap Mercury Lounge, 3,000-cap Terminal5, 250-cap Rough Trade, 575-cap Bowery Ballroom and 550-cap Music Hall of Williamsburg. Bowery also presents shows at Madison Square Garden, Barclays Canter, Brooklyn Bowl and the Capitol Theater in Port Chester, NY.
What could have made Bowery Presents more attractive now than in the past is its recent expansion beyond New York City. It now presents Great Scott, The Royale and The Sinclair in Boston and Union Transfer and a few others in Philadelphia. It also puts on shows in Portland, Maine and opened a Bowery South division with more venues in Atlanta, Birmingham and New Orleans.
This will allow AEG to consolidate its live event properties on the East Coast with a growing and well-respected brand. AEG is making a strong statement in New York with their new festival Panorama coming to the Big Apple this year. It is set to compete with Founders Entertainment's Governors Ball, which was just snatched up by Live Nation, setting up a heavyweight matchup for the biggest market in the area.
