According to Business First: Columbus, the organization formed to help the struggling Drexel Theater in Columbus, Ohio has received nonprofit status; this comes after the organization purchased the theater. The organization, Friends of Drexel Inc, did not not disclose financial terms of the deal but said it has hired the Columbus Association for the Performing Arts (CAPA) to manage the theater and the Drexel Radio Cafe starting on Friday.
Despite the change in management Jeff Frank, the original founder of the theater, will continue to be the on-site manager.
Friends of Drexel Inc was formed over a year ago as the future of the famed cinema became more and more uncertain. Drexel Theater, despite all of its nostalgic appeal, had run into stiff competition from other big movie chains in the area, as well as a string of failed management deals with the Arena Grand and South Campus Gateway. This deal should help extend the theater's lifespan for the foreseeable future, though it does remain to be seen how big of an impact it will have on its finances.