Hartford Business Journal

4 HARTFORDBUSINESS.COM | APRIL 15, 2024 By Andrew Larson alarson@hartfordbusiness.com T he struggling Warner Theatre in Torrington has partnered with The Bushnell in Hartford, in an effort to shore up its financial position and "survive" long-term, officials said. "Immediate action is needed in order to reduce — and ultimately eliminate — an annual operating deficit, not to mention a relatively (by industry stan- dards) small endowment and deferred capital expenses in the millions," said Stephanie Fried, co-interim exec- utive director of the Warner Theatre. Under a memo- randum of under- standing, Fried, who is The Bushnell's chief operating officer and vice president of marketing, and 'Not Merely Survival' Torrington's Warner Theatre partners with The Bushnell to reduce deficit, secure longer-term future The Bushnell in Hartford. PHOTO | CONTRIBUTED Fried said she and Langevin will become co-executive directors of the Warner, while retaining their titles at The Bushnell. The two organizations will share resources "in order to right-size the Warner's operations and finances," and to "maximize the opportunities provided by scale" by leveraging each other's strengths, she said. The Warner will compensate The Bushnell for its work, but save money overall from the arrangement, Fried said. The Bushnell will not assume any of the Warner's debts or expenses. Fried said The Bushnell will also benefit from the partnership by increasing its scale. "The creation of scale benefits us both, and the ability to develop our acumen and experience here is a primary benefit of the relationship," Fried said. "Additionally, there are many (other benefits) including: opportunities to create and produce new content at the Warner as well as the potential for a stronger voice for performing arts venues as we advo- cate for support." Vision for the future The alliance comes as Connecticut theaters continue to face challenges following the pandemic, which had a detrimental impact on the industry. Many theaters closed for months or even more than a year during the worst of the pandemic, and have struggled to return to pre-pandemic attendance and ticket sale levels. The Bushnell, which is a 3,707-seat venue, is known nationally for its shows, concerts and for hosting The Connecticut Forum, which attracts high-profile speakers, including recently Liz Cheney. In fiscal year 2023, The Bushnell recorded a $453,048 surplus on $26.9 million in revenue with total assets of $75.7 million. In fiscal 2022, The Bushnell reported a $3.9 million deficit on $18.3 million in net revenues, with total assets of $79.9 million, according to its annual report. According to its most recently available 990 tax form, the 1,772-seat Warner Theatre in fiscal 2022 reported a $383,282 surplus on $3.8 million in revenue with total assets of $10.9 million. In fiscal 2021, Warner reported a $519,180 surplus on $1.9 million in revenues, with total assets of $10.2 million, according to its tax filing. Mattiello said the organizations believe the partnership will lead to long-term sustainability. "This vision for the Warner is not merely survival; it is a thriving future…" he said. Brian Mattiello Stephanie Fried Home Sales Here's a list of recently sold luxury homes in Connecticut. Sale price Address Town Full/half baths Beds Square footage Days on market $5,200,000 91 Old Quarry Rd. Guilford 7 5 8,007 49 $2,550,000 29 Sunset Beach Rd. Branford 3 3 3,002 131 $2,500,000 115 Scarborough St. Hartford 8 6 8,246 210 $2,500,000 406 Maple Ave. Old Saybrook 3 3 2,489 52 $2,000,000 129 Parker Rd. East Haddam 4 4 4,033 174 $1,950,000 222 Talcott Notch Rd. Farmington 6 5 7,443 201 $1,800,000 97 Linden Ave. Branford 5 7 3,891 263 $1,500,000 99 Seaside Ave. Guilford 2 3 3,453 28 $1,475,000 10 Stockbridge Dr. Avon 7 5 7,114 35 $1,390,000 65 Goodsell Point Road Lot 2 Branford 3 3 2,800 993 $1,379,568 Lot 3 Ward Lane Cheshire 3 5 3,425 529 $1,325,000 697 E. Broadway Milford 3 3 1,752 132 $1,300,000 217 Devonshire Ln. Madison 6 4 5,865 44 $1,285,000 75 Mark St. Milford 4 4 3,600 126 $1,275,000 33 Main St. Essex 3 3 1,588 156 Credit: Data provided by Evan L. Berman of William Raveis Broder Team. Contact him at evan@brodergroup.com. Patrick Langevin, The Bushnell's vice president of programming, are serving as co-interim executive directors of the Warner Theatre through the end of June. Brian Mattiello, chairman of the Warner's board of directors, recently informed patrons that the two organizations were "in the process of formal- izing a longer-term collaborative alliance." "The current financial and operating position of the Warner Theatre has necessitated changes, including staffing and programming, to ensure the organization's long- term viability," Mattiello said. The current memorandum of under- standing expires at the end of June. After that, the organizations anticipate a long-term agreement to commence. Theater financial snapshots THE BUSHNELL WARNER THEATRE (FY 2023) (FY 2022) Revenues $26.9M $3.8M Expenses $26.5M $3.4M Bottom line $453,048 $383,282 Assets $75.7M $10.9M Source: Annual report; 990 tax form

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