This article in the Columbia Missourian notes that the deal is done, the University of Missouri will lease the 1928 theatre, and has an option to buy it in three years.
In addition to outlining the newest change for the Missouri Theatre, the article is accompanies by historic photos, showing what the theatre looked like in 1968, 1987 and 2008. The photos show that the building may be historic, but it has not been static.
And that’s the key to preservation, finding uses that preserve the building yet keep it useful.
See the many faces of the Missouri Theatre – also known as the Missouri Theatre for the Performing Arts — here. http://www.columbiamissourian.com/stories/2011/08/25/mu-lease-missouri-theatre-update/