Report: Chicago Theatre to be sold to New York company

The Chicago Theatre, famous for its landmark marquee, is being sold to New York's Madison Square Garden Entertainment, according to a published report.

"Madison Square Garden has agreed in principle to purchase the Chicago Theatre," a spokesman for Madison Square Garden Entertainment said in the report Tuesday.

"However, there remain several additional details that must be worked out before the purchase can be finalized," the statement said. "We look forward to completing the transaction as quickly as possible and will comment further at the appropriate time."

The 3,600-seat Chicago Theatre, located on State Street in Chicago's downtown Loop district, opened in 1921, originally as a lavish movie palace. Its nearly six-story high vertical sign spells "C-H-I-C-A-G-O."

The current owner, Theatre Dreams Chicago LLC, bought the building from the City of Chicago in 2003 for $3 million.

City approval of the sale would be required, according to the report.

Madison Square Garden Entertainment, the live entertainment arm of Cablevision Systems Corporations, handles events at New York City's Radio City Music Hall, Beacon Theatre, Madison Square Garden and a 6,000-seat theater within the Garden.

The organization also produces the Radio City Christmas Spectacular, starring the Rockettes, at Radio City and other venues across the country, including a theater in the Chicago suburb of Rosemont