Ambassador Theatre Group buys Live Nation

The Ambassador Theatre Group said Tuesday it has completed a 90 million pound ($147 million) deal that makes it one of Britain's biggest theater groups.

The company _ which already owns several central London theaters, including the Savoy Theatre and Trafalgar Studios _ has agreed to buy Live Nation's UK theaters.

Live Nation owns theaters around London, including the Edinburgh Playhouse and London's Apollo Victoria, which is currently showing the musical "Wicked," a precursor to the "The Wizard of Oz."

The new group will be made up of 39 theaters and will have a combined value of around 150 million pounds ($246 million). Former BBC Director General Greg Dyke will join the new enlarged group as executive chairman.

Terra/AP