The popular Chicago-based comedy group, The Second City, often known as simply Second City, has been bought by Strauss Zelnick’s private equity firm, ZMC.  The Financial Times reported that the deal could be for as much as $50 million.

The popular Chicago comedy staple has long been seen as a talent feeder to Saturday Night Live with notable alumni including Tina Fey, John Belushi, Amy Poehler, Alan Arkin and Eugene Levy. The long-running theater fell on hard times with live events being canceled due to the Covid-19 pandemic.

“We are very excited to partner with management and the incredible talent at The Second City to grow the brand and build a diverse organization that elevates all voices,” said Jordan Turkewitz, Co-Chief Investment Officer and Managing Partner at ZMC in a statement.

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