The Second City To Be Sold To Private Equity

As first reported by Financial Times, The Second City could have a new owner as soon as next week.

FT cites multiple sources claiming the Chicago comedy institution has a potential buyer in the works: ZMC, a private equity firm run by Strauss Zelnick, the 63-year-old CEO of Take-Two Interactive, makers of video games under the Rockstar Games and 2K brands.

The purported selling price is close to $50 million.

The Second City’s longtime co-owner Andrew Alexander announced last summer he was stepping down, after renewed calls for change there during the revived Black Lives Matter movement. The Second City has been up for sale since October, and otherwise closed during the pandemic lockdown.