Landmark to become Altria Theater

A key piece of financing for the planned $50 million renovation of Richmond’s Landmark Theater fell into place Wednesday, when the city’s Economic Development Authority signed a $10 million naming-rights deal for the historic venue with the Altria Group.

“Altria and Philip Morris USA have a long history in Richmond and a long history of supporting the arts,” said Bill Phelps, a spokesman for the Richmond-based tobacco giant, which is the parent company of Philip Morris USA and other companies. Phelps added that the $10 million contribution to the theater’s restoration, which will be paid in five yearly installments of $2 million starting this month, is “an important way to show pride in our hometown.”

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