Lloyd Webber selling off four theatres?

Michael Grade was the former chairman of ITV and BBC and he is now is reportedly negotiating the purchase of four West End theatres from Andrew Lloyd Webber’s Really Useful Group
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They are the New London (War Horse), Her Majesty’s (The Phantom of the Opera), Cambridge Theatre (Chicago) and the Palace Theatre (Priscilla Queen of the Desert).

According to the Sunday Times Grade and theatrical agent Michael Linnit (who made an unsuccessful bid for RUG’s theatres in 2005), have been discussing a £50 million deal for the past month.

If the deal goes through, it would leave RUG in ownership of the two larger musical playhouses: the London Palladium and the Theatre Royal Drury Lane where the highly anticipated the Wizard of Oz and Shrek the Musical are due to open next year,.