By Niki D’Andrea
There have been some rumors going around that Tom LaPenna, owner of both the Marquee Theatre on Mill Avenue and prominent promotion company Lucky Man Concerts, is filing Chapter 7 bankruptcy and being bought out by media megagiant Clear Channel. But according to LaPenna, that’s not true. “That’s just a rumor,” he says.
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LaPenna says that he has been approached by Clear Channel about a possible buy-out, but that he hasn’t made a decision on any proposals and isn’t ready to discuss any future deals. But he insists that Lucky Man isn’t in any financial danger. “Everything’s going good. We’ve got a great lineup this fall, and we’re doing Edgefest,” LaPenna says. “They have contacted me about selling, but that’s not something I’m ready to discuss at this time. It has nothing to do with me filing anything negative. In fact, it would be a business advantage for me. Lucky Man is doing just fine.”
We’re glad to hear that, because Lucky Man Concerts is the biggest homegrown promoter in the Valley, and we’d hate to see it swallowed and homogenized by a national corporation that already owns 900 radio stations and rakes in around 6 billion dollars a year in revenue. And since LaPenna says Lucky Man remains a very lucrative business, a Clear Channel buy-out wouldn’t be a bail-out. Let’s hope he ultimately resolves to keep Lucky Man local.