Pershing Square Helps Keep Theater Tickets Cheap

Jan 27 2012 | 11:18am ET

Pershing Square Capital Management's charitable foundation has given $25 million to a New York City theater as part of a plan to keep ticket prices down.

The Signature Theater—which will move into its new Pershing Square Signature Center on 42nd Street next week—will charge $25 per ticket for all productions for the next 10 years with the Pershing Square Foundation money. For 10 years after that, it pledged to hold ticket prices at accessible levels.

"I've never been interested in donating to cultural institutions where I'm subsidizing rich people," Pershing Square founder William Ackman told The New York Times. "That doesn't make much sense to me. Theater has not been my top priority, but what I love about this is that someone can go and have a great cultural experience for $25. There are very few such examples."

Ackman credited actor Edward Norton, who serves on the board of High Line Park with Ackman's wife, with pushing him to donate to the Signature. The company's new home was designed by star architect Frank Gehry and has three theaters.

"This is a game-changer for us, something hugely important to our long-term sustainability," founding artistic director James Houghton said. "We've made this dynamic new center, the first theater arts complex of this size in decades, but this ticket initiative is critical in that it provides access for everyone." And that includes Ackman, who has never been to a Signature production.

"I don't go" to the theater "enough," Ackman admitted. "Now, I'm going to go."


In Depth

Whisky Business: The Ultimate Liquid Alternative Investment

Sep 15 2014 | 7:02am ET

David Robertson knows his single-malt whisky—he was the Master Distiller at the...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

In search of the ‘new normal’ at the Fed

The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.