Levity Entertainment Acquires The Improv
The Improv, one of the most well-known brands in the comedy business has been bought by Levity Entertainment Group. Levity purchased the company from owners Budd Friedman and Mark Lonow under undisclosed terms.
In 1963, 30-year-old Budd Friedman opened an after-hours coffee house for Broadway performers called the Improvisation. He wasn’t looking to change the business of comedy forever, but he did. His mic and a brick wall formula also became the template for comedy clubs for decades to come. Now 54 years later, the Improv has become a gigantic brand that includes 22 franchises in 12 states including the world famous L.A. Improv on Melrose Avenue.
“The Improv, together with our existing venues, allows us to build a global comedy network, which is such a valuable asset to our production and talent management businesses,” Levity’s Chief Financial Officer and Chief Strategist Alireza Ghaemian said in the statement.
Levity Entertainment Group now owns and operates the largest network of comedy venues in the United States including The Improv Clubs, and Levity Live, a production group that is behind a long list of comedy specials with some of the biggest names in comedy as well as, tv series and movies, and a Talent Management division.
