NEW YORK CITY and BOSTON: Ambassador Theatre Group (ATG) has announced that it will acquire Boston’s Colonial Theatre, which has been shut down for the past year. Through a partnership with Emerson College, ATG will finance renovations of the space, and the 1,680-seat theatre will reopen in January 2018 and have a 40-year lease with Emerson.

“The Colonial is a high quality, high potential theatre,” said ATG CEO Stephen Lewin in a statement. “Boston is one of America’s—and the world’s—great cities. We strongly believe in the live theatre and live entertainment business in North America, and thank Emerson College for selecting us. We will repay your trust.”

ATG and Emerson will establish the Emerson-Colonial Foundation, which will promote experimental learning and internship opportunities for Emerson students. Fellowships with the  Emerson-Colonial Foundation will include funding for student participation in the Edinburgh International Festival Fringe, and an Ambassador Award program which will provide two Emerson students with an ATG mentorship each year. In addition, ATG will develop a creative theatre study initiative for Boston-area youth, and will seek a new home for the Boston Lyric Opera.

“This partnership is unprecedented and it will enable us to achieve our long-term commitment to restore, revive, and reanimate the Colonial Theatre,” said Emerson College President Lee Pelton in a statement. “Working with ATG will allow us to bring new productions, new vitality, and new energy to this landmark theater, located in the heart of the Emerson campus.”