The Los Angeles Recreation and Parks Commission has unanimously approved Live Nation to run the Greek Theatre, effectively ending Nederlander Concerts' 39-year operation of the Griffith Park venue and stirring up emotion on both sides.
City staff and a consultant firm handling the selection process had previously recommended handing the reins of the venue to Live Nation Worldwide.
The winning bidder released a statement shortly after the vote.
"Live Nation is pleased that the Recreation and Parks Commission unanimously selected our company to be the new operator of the Greek Theatre.
The Greek is an incredible Los Angeles treasure, owned by the people of this city. We look forward to setting a new standard for this iconic venue, investing heavily to return it to its rightful place as a world-class entertainment destination for fans and artists while being sensitive to neighbors in the surrounding community."
The two companies were competing for the right to manage and book acts for the performance venue and would be sharing some of the profits they get with the city.
The contract term is for 10 years and twice could be extended for five years.
News
Top news of the day
The decision was made as a divided audience took turns to speak, with Live Nation supporters wearing red t-shirts and Nederlander supporters wearing green.
Natalie Caplan said the "soul of the Greek" is why so many are passionate about who manages it.
"Without it, a significant amount of us here today in our green shirts don't have a job anymore," said Caplan, a current Greek Theatre employee.
The panel delayed making a decision twice during the last month. At the first meeting, the panel wanted to give its members time to review challenges from Nederlander, whose contract was not recommended for renewal. At the second meeting, the panel did not have enough members and failed to agree on who which company should be awarded the contract.
Nederlander representatives said after the decision was delayed two weeks ago that the extra time would allow commissioners to study what they contend are "flaws" in the selection process and how either proposals were scored.
Live Nation representatives said at the time that their proposal "earned the clear recommendation of city staff, as well as the unanimous approval of an independent panel of experts."
"Despite the delay, we will stay the course and fully expect the results of the city's bidding process to be upheld,'' the company said in a statement.
The deal still must be approved by a majority of the Los Angeles City Council, which could disagree with the terms.
"We'll hold Live Nation's feet to the fire as we move forward in this," said Parks commissioner Lynn Alvarez, who encouraged members of the public to continue showing up as decisions are made.
Nederlander has told NBC4 that the Live Nation deal will cost taxpayers $20 million and plans to explain how to the city council.
In the meantime, the Greek's lease is up in October, but it will continue to run until something is finalized. Ticketholders can expect to attend the shows they've already paid for.
