The DuPont Co. says it has agreed to transfer the DuPont Theatre to the operators of the nonprofit Grand Opera House, located a few blocks away on the little city's Market St. Financial terms were not disclosed. The deal is to close Jan. 20. Currently scheduled shows for this season will go on, the theater says.
The move comes as Dupont has been under pressure from billionaire investor Nelson Peltz to fire managers, split up business units and get rid of the theater, the Hotel du Pont, DuPont Country Club and other amenities it accumulated a century ago near its Wilmington, Del. headquarters. But DuPont noted no link between its decision and any such pressure.The company has noted the amenities account for a very small part of its $35 billion in yearly spending and earnings.
DuPont calls its playhouse, built in 1913, "the oldest continually operating legitimate theater in the nation." DuPont boss Ellen Kullman called the theater deal "a strategic and mutually beneficial business decision for DuPont and The Grand" and predicted "an even greater entertainment experience." DuPont had previously justified its ownership of the Theatre, one of the few halls in Delaware to present Equity plays and musicals.
The Grand, an ornate former Masonic hall that was renovated in the 1970s and updated in the 1990s, has struggled to fill shows in some recent years. Another nearby hall, the more recently renovated Queen theater, backed by local developers the Buccini brothers, among others, tends to attract a younger crowd to more contemporary acts.
But backers of the deal expressed confidence the Grand and the DuPont Theatre -- to be renamed the Playhouse on Rodney Square -- will complement each other and build audiences. “We are thrilled by the opportunity to take over operation of this respected Wilmington arts institution" (DuPont Theatre), said Grand chairman Skip Pennella, (updated) spokesman for Allentown-based outsourcing firm CAI, in a statement. "We strongly believe that we can enhance its already impressive history for a new generation of audiences.” The Grand's executive director, Mark Fields, said his group would manage the Dupont Theatre as the Playhouse on Rodney Square and would jointly program, manage and market the two venues together.
The theaters credited Delaware philanthropist Tatiana Copeland (a du Pont family relation) with bringing the two together. "Thriving arts create thriving cities. We should all want that for Wilmington," Copeland said in a statement.
With fewer than 1,300 seats, the DuPont Theatre is small by New York or Philadelphia standards, says the Wilmington News Journal here.