A24, the independent film and television studio, has created many awards show darlings, including Oscar nominees ‘The Wale’ and 'Everything Everywhere All At Once’ and now the studio has decided to expand their company.  A24 has purchased the Cherry Lane Theatre in New York City’s West Village. 

The $10 million deal, first reported by Curbed’s Clio Chang, is the studio’s first foray into live entertainment. It plans to host plays, occasional film screenings and other live performances at the venue, which includes a 179-seat mainstage theatre and a smaller 60-seat studio theatre.

“2023 is a big year for us!” wrote the theatre on an Instagram post. “We are celebrating our centennial as the birthplace of off-Broadway and we are very excited to announce that we are now a proud member of the A24 family. We look forward to this next chapter in our history!”

The expansion is part of A24’s new strategic growth plan. In March 2022, the studio secured a $225 million equity investment, saying at the time that it planned to use the funding to expand production and develop new projects “beyond the screen”, reported Greg Evans of Deadline.