Rosemont sells naming rights for $1.5 million
The Rosemont Theatre name is no more.
The corporate naming rights for the theater have been sold to Akoo International Inc., a Rosemont-based global media company known for its flagship out-of-home television network AkooTV, which serves shopping malls and college dorms.
The venue officially will be known as the Akoo Theatre at Rosemont.
The $1.5 million deal with Akoo will last for five years at the 4,400-seat theater owned and operated by the village of Rosemont since 1995. Exterior replacement signs went up over the weekend.
“It certainly is a good fit for us and for our business as we promote many shows,” said Harry Pappas, executive director of the theater and the Allstate Arena.
The $1.5 million revenue boost will help fund theater operations, Rosemont Mayor Bradley Stephens said.
“It's been a struggling venue for the village for some time,” Stephens said, noting that it has been operating in deficit of about $1 million for a couple of years. “We've been managing that with general fund money to make sure that it stays open.”
Village officials last year decided to seek out a business sponsor for the theater and Akoo was the first to show interest. Negotiations began in earnest in November.
Stephens said with the current economy, for a company to step forward and purchase naming rights is a big deal.
“It's just going to help with the bottom line,” he said. “With everything that's going on in town, it only can get better. This is all just part of advancing the whole Rosemont entertainment empire.”
Stephens said there will be some minor cosmetic upgrades made to the front of the theater to improve its curb appeal.
Yet, the name change may take a while to catch on with frequent theatergoers.
“It's been the Rosemont Theatre since 1995,” Pappas said. “There may be a nostalgic feeling for it. I still occasionally hear Rosemont Horizon (for the Allstate Arena).” The arena was named the Rosemont Horizon for 19 years.
Akoo will use the theater in a studio capacity to generate and produce commercials that appear on its television network, Pappas said.
At the end of the five-year period, Akoo will have exclusive rights to renegotiate for a new contract. Currently, there is no agreement between Rosemont and Akoo to allow the broadcasting of live events from the theater, Pappas said.
The next scheduled show at the venue is the one-man Broadway comedy “Defending the Caveman” at 8 p.m. Saturday.