Pantages Naming Rights for SaleMonday, July 29, 2013
Naming rights for Pantages Theatre in Hollywood are on the block.
Nederlander Concerts of Los Angeles, which operates Pantages and other venues, is working with naming rights broker Front Row Marketing Services to find a buyer.
Sergio del Prado, regional vice president at Front Row, said he has contacted brands in the automotive, financial and technology industries.
Nederlander is hoping to capitalize on the resurgence of the Hollywood area.
“It’s an iconic venue,” he said. “With the rebirth of the Hollywood corridor, it’s a great time.”
Earlier this year, the nearby Chinese Theatre licensed naming rights for 10 years to Chinese TV maker TCL Group for $5 million.
Del Prado said he’s looking to strike an even more lucrative deal, citing higher traffic around the venue.
Marketing materials sent out to potential buyers by email earlier this month claim the theater has foot traffic of 10 million people annually. The email was first reported by blog L.A. Observed on Monday.
The theater has been known by the Pantages name for 83 years and, depending on the deal, could remain as part of the new name.
“We hope to keep the Pantages incorporated in there,” he said.