A private equity firm is swooping into Chicago and buying Second City, the legendary comedy theater now at a low point. How did we allow this to happen?
CHICAGO A bizarre consequence of the pandemic is that private equity is flush with money. The Second City is an attractive legacy brand. Social media activists without a clear fiscal
Pat Nabong/Sun-Times file
It’s no joke: Chicago’s Second City has been sold for only the second time in its 62-year history.
ZMC, a New York firm run by private equity investor Strauss Zelnick, said Thursday it has acquired the iconic comedy club and school, which has expanded into programs for corporations. Terms were not disclosed. The Financial Times has cited sources saying the deal could be worth $50 million.
“We are very excited to partner with management and the incredible talent at The Second City to grow the brand and build a diverse organization that elevates all voices,” said Jordan Turkewitz, co-chief investment officer and managing partner at ZMC. “Over its sixty-year history, The Second City has been home to some of the most beloved names in comedy, and we plan on building the next generation of comedy talent by investing in people and creativity.”