The Los Angeles Recreation and Parks Commission agreed Wednesday to allow the Nederlander company to continue operating the Greek Theatre.
Nederlander was the lone bidder on the operating contract, having struck a deal in September with its rival, the House of Blues.
The New York-based entertainment company, which has held the lease on the Griffith Park theater for nearly three decades, has agreed to spend $6 million to fix up the aging venue, compared with $11.1 million initially offered by the House of Blues this year. Nederlander has also agreed to pay the city $12 million in rent over 10 years.
With the commission voting 3-0 in favor of the contract, the matter will now advance to the City Council for final approval.