AEG Live Purchases The National

national-exterior-2Popular music venue The National is now under new management.

According to Richmond BizSense, the National was purchased for $6.7 million by Los Angeles-based AEG Live, a concert promoter for festivals like Coachella and Edgefest.

From the news release:

Los Angeles, Calif. & Norfolk, VA (October 8, 2014) AEG Live, one of the world’s leading producers and promoters of live entertainment and operators of live music venues, has acquired two historic and prestigious theatres in Virginia, The National Theatre in Richmond and The NorVa Theatre in Norfolk, it was announced today by Jay Marciano, Chairman of AEG Live. Acquiring the two venues in Virginia further solidifies AEG Live’s business operations in the Mid-Atlantic region, aligning programing and routing with other AEG Live properties on the East Coast.

Located in downtown Richmond, The National is an Italian Renaissance-style theatre built in 1923 and was added to the National Register of Historical Places in 2003. The 1,500-capacity venue underwent a full restoration in 2008 at the cost of $15.6 million. Hosting 150 events annually, The National sits blocks away from the campus of Virginia Commonwealth University.

Newly established offices at The NorVa will provide AEG Live a strategically located regional office under the leadership of the prior owners and management with industry veterans, Bill Reid and Rick Mersel. AEG Live’s Mid-Atlantic regional office will serve as a critical component and base of operations for touring and additional venue opportunities.

“We are fortunate to have acquired these two incredible historic and important theatres that will join AEG Live’s portfolio of elite venues,” said Jay Marciano, CEO, AEG Live. “We are also privileged to now have the opportunity to work with Bill Reid and Rick Mersel as part of our AEG Live team. Their experience in the industry and this marketplace in particular will benefit both our organization and the guests who attend events in the theatres.”

“While both Norfolk and Richmond have proven to be active live entertainment markets, our new association with AEG Live will further establish these special theatres as ‘must play’ venues in the region,” said Bill Reid, Vice President, AEG Live. “Having the ability to book these venues alongside of AEG Live’s other well regarded properties in addition to taking advantage of AEG Live’s well-established and deep artist relationships will truly benefit all of our guests.”

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