Broadway’s Foxwood Theatre attracts $45M bids

From left: Jordan Roth, Foxwoods Theatre and Jon Platt
From left: Jordan Roth, Foxwoods Theatre and Jon Platt

One of the Great White Way’s biggest play houses, the Live Nation-owned Foxwoods Theatre, has two potential buyers, the New York Post reported.

The 1,932-seat theater, at 213 West 42nd Street, received bids from Broadway producer Jon Platt, of “Wicked” and “The House of Mormon” fame, and Jordan Roth, president of Jujamycn Theaters, the third largest owner of Broadway houses.

Platt and Roth both offered about $45 million, well below the theater’s $60 million valuation, because of  a $15 million pension liability issue, sources told the Post.

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Live Nation put Foxwoods on the market in December and the due diligence period is nearing an end.

“Because of the last-minute financial issues, it is not as certain to go to any particular lead person,” another source told the Post.

Some also have speculated that a sale has also been stalled by the venue’s technical complexities and sound system. On stage now at the theater is “Spider-Man: Turn Off The Dark,” a highly technical production.

Both the Nederlander Organization, the second largest Broadway owner, and Broadway Across America considered acquiring the property but neither ultimately made bids, the source added. [NYP]Christopher Cameron