Ovation Rights has struck a long-term deal with Alicia Keys over Hell’s Kitchen that it says will give Broadway backers an immediate capital return. The arrangement is presented as a possible new model for theatrical finance.
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01Summary
- 01Ovation Rights has acquired the economic interests formerly held by the original Broadway production company of Hell’s Kitchen.
- 02The company says the deal will give investors an immediate capital return rather than making them wait for future distributions.
- 03Specific dollar amounts and the timetable for payouts were not disclosed.
- 04Hell’s Kitchen ended its nearly two-year Broadway run on 22 February and was expected to return about 60% of its $22 million capitalisation to investors.
- 05The musical, created and inspired by Alicia Keys, won two Tony Awards from 13 nominations and is now on a North American tour.
02Why it matters
The deal could change how Broadway productions are financed and how investors get their money back. It may also affect how capital is recycled into new stage shows.
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