Folkestone' Leas Cliff Hall has been sold as part of a £90 million deal.

The popular conference centre and concert venue, owned by Live Nation, has been taken over by the Ambassador Theatre Group (ATG), creating a combined business valued at around £150 million.

Other venues acquired in ATG's takeover of Live Nation's UK theatres include the Edinburgh Playhouse, the Liverpool Empire, the Bristol Hippodrome and the Opera House, Manchester.

ATG now has a portfolio of 39 theatres, with a 40th theatre under construction in Aylesbury, Buckinghamshire.

ATG is also one of the country's foremost theatre producers and has been behind some of the most successful and innovative productions in Britain and internationally, including the Rocky Horror Show and West Side story.

Stephen Levine, general manager of Leas Cliff Hall, said the cliff-top venue had gone from strength to strength since Apollo Leisure took over its management in 1996.

He said:"After a series of takeovers, it became part of the multi-national Live Nation in 2006, attracting big names from the music world, including the Stereophonics, Kings of Leon, Pete Doherty, David Gray and the Kooks. This will continue as part of what is now the largest theatre company in the country."

The Leas Cliff Hall already has sold out 2010 shows starring Peter Andre and Editors, along with great names in comedy stars such as Paul Merton, Dave Gorman and Lee Mack."

Mr Levine said the venue had been successful in diversifying its role by attracting many weddings, Christmas parties and conferences to the Channel Suite, which was opened in 2003.

There was a continuing programme of investment planned and an intention to build on current success with all of the existing staff in place.

Former BBC Director General Greg Dyke will be joining the company in the new role of executive chairman.

Mr Dyke said:"I've known the Group for many years and seen it grow from its early years in Woking to become one of the biggest theatre operators in the UK. ATG is a great British success story and the acquisition of the Live Nation Theatres will make the Group even more successful and I'm looking forward to being part of its future."