Second City, the storied comedy theater, which for more than half a century has helped define American humor, was sold to a private equity group on Thursday, the company said in a statement. The group, ZMC, run by Strauss Zelnick, invests in media entities; Zelnick is also the chief executive of Take-Two Interactive Software, the video game conglomerate behind Grand Theft Auto. Since it opened in 1959, Second City has helped ignite the careers of Tina Fey, Stephen Colbert and Keegan Michael-Key. Pre-pandemic, it was almost certainly the largest live comedy business in the nation, with more than 700 full- and part-time employees, and an Actors Equity stage contract. In the statement, Steve Johnston, the president of Second City (also known as The Second City), said, “We are thrilled to work with ZMC as we continue to transform the company into an equitable and thriving environment while delivering world-class comedy to our audiences.”The move comes as Second City is grappling with a business drop-off caused by pandemic shutdowns.

Source: New York Times February 18, 2021 18:26 UTC