Perhaps nothing is as emblematic of both the old and new Brooklyn as the newly restored Kings Theatre in Flatbush. After a $93 million restoration, it opened in February for the first time in 40 years and has gone on to win a preservation award and kindle renewed interest in the area.
And now it will be acquired by Ambassador, a vertically integrated theater chain, which produces shows, sells tickets and runs theaters. The iconic theater was not an acquisition target on its own but is part of another theater group, ACE Theatrical Group, that Ambassador is acquiring, The Wall Street Journal reported Tuesday. Terms of the deal were not disclosed. (more…)