Famous Ziegfeld Theatre 'Will Remain Open For Foreseeable Future'

NEW YORK (CBSNewYork) -- The famous Ziegfeld Theatre is in no danger of closing.

"The situation has changed and the Ziegfeld will remain open for the foreseeable future," Cablevision, which runs the Ziegfeld, said in a statement.

According to earlier reports, the legendary venue has been losing money and owners were hoping to find someone to take over the lease.

The Ziegfeld was built in 1969 at W. 54th Street near the site of the original theater.

It is the largest cinema in the city, with nearly 1,200 seats.

The Ziegfeld has played host to countless Hollywood premieres.