Benzinga | Oct 12, 2021 12:46PM EDT

Dolphin Entertainment Buys Ownership Stake In Midnight Theatre For Undisclosed Sum

* Dolphin Entertainment Inc (NASDAQ:DLPN) has taken an ownership position in the Midnight Theatre, a contemporary variety theater and restaurant experience in Manhattan. The financial terms of the transaction remain undisclosed.

* The Midnight Theatre is in the final stages of construction and expects to open in Late Fall 2021 at the recently opened Manhattan West development.

* The Midnight Theatre features the theatre itself; a separate pan-Asian restaurant, Hidden Leaf; and a ground-level caf?.

* Dolphin will manage every aspect of publicity and marketing for the venue and facilitate talent and commercial relationships within the entertainment and culinary industries.

* Dolphin held $9.3 million in cash and equivalents as of June 30.

* Price Action: DLPN shares traded higher by 2.65% at $13.19 on the last check Tuesday.