A new player appears in theatre-land

After Denis O’Brien the tribunal (witness) it now seems Denis O’Brien the musical (impresario) could be on the cards. His emergence at the weekend as a bidder for the landmark Grand Canal (Bord Gáis Energy) Theatre is intriguing.

O’Brien knows a potential bargain when he sees one. With the theatre guiding €20 million – despite costing €80 million to build – it is well worth throwing in a bid for what is an attractive asset.

The theatre generates decent cash- flow, so it is not an unfamiliar investment proposition for O’Brien. He has investments in music radio stations and a growing portfolio of properties in the docklands area, so it is not unfamiliar turf.

O'Brien's emergence is good news for the taxpayer as he will ensure that the front-runner to purchase the centre – its operator Live Nation – will have to submit a decent bid if it wants to beat him.

When it came to the Beacon Hospital, O'Brien was successful in beating its operator, UPMC, to take control. He came within a whisker too of acquiring loans related to the Blackrock Clinic.

Incumbents wherever they are cannot expect an easy run with O’Brien on the pitch. If O’Brien is successful with the theatre, however, he is expected to continue to work with Live Nation, which has succeeded in making the venue a popular success. With his media interests, he could help it do even better if he decides to by, say, offering it good advertising rates to promote its best shows.

The deal might appeal to O'Brien for other reasons. The theatre is one of the best modern buildings in Ireland. It would be a shame to see it lost to the State until its lease runs out in 2207 if it was acquired by an international buyer.

O’Brien is a fan of good architecture so he can also appreciate its aesthetic value. The talented Seán Billings, who died in 2012, was facade consultant on the theatre’s remarkable visage and on O’Brien’s notable Digicel headquarters in Jamaica.

O’Brien is at his peak in business terms for the next few decades but perhaps he is thinking even further ahead by bidding for the theatre. It is a good business to own but it would be an incredible asset to ultimately bequest to the State. It would be quite the final act if the billionaire was so minded.