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Charlie Burns and his team will to continue to operate the theater under a lease from its new owners.
The Patio Theater was up for sale for $2.9 million.
The new plan for the Patio will include movies, comedy shows and theater performances, officials said.
Portage Theater will no longer show just classic movies, but focus on independent films.
The Portage Theater reopened a month ago, and Ald. John Arena's office has received no complaints.
The owner of the Patio Theater, which closed its doors at the end of April, is asking $2.9 million.
Charlie Burns, who worked as the production manager at the Congress Theater, leased the Portage Theater.
Three showings of "Corn's-A-Poppin'" will take place June 23 at the Music Box Theatre.
"The Strange Love of Molly Louvain" will be shown at 7:30 p.m. Wednesday at the Patio Theater.
The theater must close because of a broken air conditioning system, the owner said.
In November, the film society moved Downtown after a busted boiler left the Patio Theater.
Screenings scheduled for Nov. 16 and Nov. 17 will take place, the owner of the Patio Theater said.
The film society moved to the Patio Theater in May after it was locked out of the Portage Theater.
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