The Inquirer reports on a $2.5 million plan to save the Philadelphia Theatre Company from financial collapse:
The rescue plan, which ties new financial support to a re-organization of the company, was instigated by philanthropist Suzanne Roberts, mother of Comcast chairman Brian Roberts and a longtime patron of the company, and was fleshed out with help from Comcast executive vice president David L. Cohen. It calls for arts consultant Michael M. Kaiser, departing president of Washington’s Kennedy Center, to develop a new business plan that is more detailed than the analysis he has already provided at the behest of the Roberts family.
Under the deal, Suzanne and Ralph Roberts would provide $2.5 million to the company, contingent on its ability to stay in its home, the (natch) Suzanne Roberts Theatre at Broad and Locust streets. The theater is in foreclosure and up for sale by TD Bank.
The Inky adds:
Kaiser has concluded that while it is possible to reorganize the company, even then its ultimate success is not assured. Among the measures called for are leadership changes through re-formation of the board, and a critical evaluation of current staffing levels and personnel; the drafting of “an honest, comprehensive” turnaround plan; creation of “real marketing and development” functions; and the $2.5 million to stabilize finances over a three- to five-year period.
The theater company is entering is 40th season.