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Goldenberg Group and Clear Channel Announce Agreement To Restore the Boyd Theater

PHILADELPHIA, January 5, 2005

Mayor Street, Goldenberg Group and Clear Channel Announce Agreement To Restore the Boyd Theater Without Public Funding

Project at 19th and Chestnut Promises to Continue Revitalizing Chestnut Street

At a press conference at 19th and Chestnut Streets today, Philadelphia Mayor John F. Street joined with the Goldenberg Group and Clear Channel Entertainments Theatrical Division to announce that the historic Boyd Theater will be restored and transformed into a live entertainment venue. The 2,400-seat theater will become one of philadelphia’s preeminent showcases for touring Broadway productions and a wide variety of cultural and entertainment events. The project, to be developed by the Goldenberg Group and Clear Channel Entertainments Theatrical Division, is being undertaken without any public funding.

This is a great moment for the arts in Philadelphia, said Mayor Street. By adding a new world-class entertainment venue to our already thriving cultural scene, we are demonstrating our commitment to the arts and reaffirming its importance for economic development in the city. The Goldenberg Group and Clear Channel Entertainments Theatrical Division are to be commended for their vision and tenacity in bringing this project to life.

Renovation of the Boyd will generate hundreds of construction jobs, millions of dollars in wages and millions more in spending. Once the theater is refurbished, operation of the Boyd will add hundreds of jobs both at the Boyd and at nearby businesses that will be frequented by Boyd patrons.

The Goldenberg Group acquired the Boyd in 1998. Since then, the Goldenberg Group has sought a partner that could play a role in reviving the theater.

Restoring philadelphia’s last movie palace into a venue that hosts multi-cultural entertainment will help the city compete on a national scale for tourism, conventions and new business, said Ken Goldenberg, President and CEO of the Goldenberg Group. This project is certain to be the catalyst that accelerates the revitalization efforts on Chestnut Street in Center City.

In order to move forward without public funding, Clear Channel Entertainments Theatrical Division will increase its equity ownership in the project.

We believe Philadelphia will witness a remarkable legacy coming alive, said David Anderson, President of Clear Channel Entertainments Theatrical Division. Once completed, The Boyd will provide a truly historic and grand theater experience anchored in state-of-the-art production facilities.

The Boyd Theater first opened on Christmas Day in 1928. For decades, the Boyd was considered the most elegant theater in Philadelphia’s premier shopping area, Chestnut Street. In 1971, Stanley Warner sold the Boyd to the Sameric Corporation, which renamed the theater the “Sam Eric.” In 1988, the Sameric Corporation sold all of its theaters to United Artists. In 1998, the Goldenberg Group purchased the Boyd. The theater closed in 2002.

The Goldenberg Group:
Headquartered in Blue Bell, Goldenberg owns and manages 4.5 million square feet of space with an additional 2.5 million square feet in various stages of development. The members of the Goldenberg Group are adept at conceiving of and successfully developing large, complex real estate projects. Areas of concentration include: retail and power shopping centers, Center City urban projects, community revitalization projects, residential projects and acquisitions for renovation and/or conversion.

Clear Channel Entertainment Division – Theater and Family:
Clear Channel Entertainment is the leading presenter and producer of Broadway theatrical productions in North America. The Theatrical divisions primary interests include presenting, producing, real estate management and other related businesses. The Presenting division offers Broadway subscription series and individual presentations in 55 North American markets to more than 300,000 subscribers. In addition, they secure deals that provide the company with presenting rights to touring productions of the most popular shows on Broadway, currently including Hairspray, Mamma Mia!, The Producers the new Mel Brooks Musical and Disneys The Lion King.

The Real Estate division owns, operates or consults for 19 theaters in North America, including the Ford Center for the Performing Arts in New York City. They specialize in the full-service development, restoration, operation and management of multipurpose theaters in cities across the United States, including the recently reopened France-Merrick Performing Arts Center in Baltimore (formerly the Hippodrome) and the Boston Opera House.

Contact: Deborah Bolling, 215-686-6210 Contact: John Miller, 215-564-3200 x14