It is good news. And from reading McNulty's excellent piece I learned that the structure itself survived because the city of Pasadena purchased it with public funds. I would very much like to know more about how this came about and what elected officials stepped up to do this.
The article also goes into brief detail about how important the Playhouse was for the gestation of actors who worked in the film industry, certainly as important as the schools and studios in New York City.
I'm nearly finished reading a delightful book about forgotten American stage actresses called "Ladies of the Footlights" by DeWitt Bodeen that was made up of articles from the Pasadena Playhouse's in-house publication called "The Playhouse News".