Sign in Subscribe
Cable television broadcasting industry

MTV to Develop Studio Complex in Times Square

Strategic Insights

— 1 min read

The announcement that MTV will develop a studio complex in three Times Square theaters has sent shockwaves through the entertainment industry. As part of the 42d Street Development Project, the music channel has taken an option on the Apollo, Times Square, and Lyric theaters, with the New 42d Street organization holding the leases on the buildings. This move is seen as a significant step towards transforming the area into a mainstream entertainment center.

Key Takeaways:

  • MTV will develop a studio complex in the Apollo, Times Square, and Lyric theaters, with the New 42d Street organization holding the leases on the buildings.
  • The project is part of the 42d Street Development Project, which aims to revitalize the area.
  • The project has been hailed as "sensational news for New York City" by Cora Cahan, the president of the New 42d Street.
  • MTV will announce a timetable soon with more detailed information about the project.
  • The redevelopment of 42d Street has been a tale of false starts and abandoned plans for years, but the MTV project is a sign of tangible progress.
  • The nearby Victory Theater is being renovated into a space for plays and other entertainment for children, with money provided by the Prudential Insurance Company of America and Park Tower Realty.
  • The Walt Disney Company has entered into an initial agreement to lease and rebuild the New Amsterdam Theater, with $21 million in low-interest loans provided by the city and state.
  • Disney plans to present live productions, including new shows and adaptations, at the New Amsterdam Theater.

Statistics:

  • $9.2 million: the cost of renovating the Victory Theater.
  • $18.2 million: the amount of money provided by the Prudential Insurance Company of America and Park Tower Realty for theater renovation on 42d Street.
  • $21 million: the amount of low-interest loans provided by the city and state to the Walt Disney Company for the New Amsterdam Theater renovation.
  • 100: the number of rock concerts presented by promoter Ron Delsener at the Apollo Theater per year.
  • 1990: the year the New 42d Street organization was established by the city and state.

Sources:

  • The New York Times (no date given)
  • New 42d Street (no date given)
  • Viacom (no date given)
  • The Walt Disney Company (no date given)

Read more