First Artist in a theatres coup

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The deal to buy Spot and Co of Manhattan leaves First Artist owning the two best-known theatre advertising firms on each side of the Atlantic.
First Artist recently turned down two bids for Dewynters, the West End business that has promoted The Lion King, Mamma Mia! and We Will Rock You of late.

First Artist is paying $5.5 million in cash upfront, followed by three payments over three years of $1.5 million. Further payments depend on Spot and Co hitting performance targets.
Smith described having Spot and Dewynters as "like owning Park Lane and Mayfair". First Artist shares will be suspended and will relist as the larger entity.

He said: "We are not recession proof, but football and theatre are holding up remarkably well. Fingers crossed, we are in a good space."