Bristol's Hippodrome theatre has been sold as part of a £90-million deal.

The historic 2,000-seat venue is one of 16 UK theatres sold by Live Nation to the Ambassador Theatre Group (ATG).

Co-founded by Howard Panter and Rosemary Squire in 1992, ATG, with the acquisition of the Live Nation Theatres, will have a total of 39 venues.

Former BBC director general Greg Dyke will be joining ATG in the new role of executive chairman.

The Bristol Hippodrome, which employs 26 permanent staff and has a pool of 70 casual workers, has changed hands several times.

Its parent group was put up for sale in June.

Owners of the Hippodrome in the past 25 years have included Stoll Moss, Apollo Leisure, SFX, ClearChannel Entertainment and, since 2004, Live Nation. It is currently hosting the English National Ballet's production of Giselle.

Hippodrome general manager Gary Roden said: "It is really positive news as the new owners are one of the biggest operators in the country.

"We are expecting a total of 480,000 admissions in 2009, compared to 474,000 in 2008 which is fantastic in this current climate."

The Live Nation theatres being acquired are the Edinburgh Playhouse; The Auditorium, Grimsby; Liverpool Empire; Bristol Hippodrome; The Palace Theatre and The Opera House, Manchester; Southport Theatre; Sunderland Empire; Grand Opera House, York; Alexandra Theatre, Birmingham; Leas Cliff Hall, Folkestone; The New Theatre and The Old Fire Station, Oxford; the Princess Theatre, Torquay, and The Lyceum and Apollo Victoria Theatre, London.

Howard Panter, ATG's joint chief executive and creative director, said: "Our aim is to help maintain the shows and theatres as vibrant successes. It will be a privilege to operate this additional group of historic venues."

Rosemary Squire, ATG's joint chief executive said: "This is the start of a very exciting chapter for everyone as we move forward together, to deliver quality entertainment and outstanding customer service across the UK."