A24– The production company behind Everything Everywhere All at Once and The Whale – bought the Cherry Lane Theatre, an off-Broadway venue in New York City’s West Village. The production company purchased the theatre for $10 Million, featuring a 179-seat main stage and a 60-seat studio theater. The location will be kept as a venue for live theater.
The building started to be used as a playhouse in 1923 and would show works from authors like David Mamet, Harold Pinter, Gertrude Stein, and Samuel Becket. In 1996 the theater was purchased by Angelina Fiordellisi. However, due to finances, they listed the theater for sale in July 2021. Issues. The Lortel Theatre Foundation intended to buy it; however, there was no agreement on a price. The theater entered the market again with an asking price of $12,95 Million last November.
A24 raised a $225 million equity round in 2022. The plan for the capital was to invest it in films and “continue to develop high-quality initiatives beyond the screen.”
Despite sounding like a rare move from the studio, this is not the first time a film company has shown interest in buying small venues. Netflix has already been investing in independent theaters going through financial issues. The company has been leasing the Paris Theater since 2019, which is used for special events, screenings, and its own films. Netflix also acquired an ownership stake in the Egyptian movie theater in LA. A24 is following those steps but innovating by expanding into live theater. Time will tell what kind of new projects will come from the company.
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