It’s after operator Rekom, the UK’s biggest nightclub operator, announced it was going into administration, with more than a dozen venues closing with immediate effect.
The decision will see 46 jobs safeguarded at the Kingston site.
It also means the site can continue to be used for live gigs by Banquet Records.
Last year was a bumper year for the venue with music events from the likes of Shania Twain and Ed Sheeran hosted there.
REKOM’s Managing Director, Russell Quelch, said: “We are thrilled that PRYZM will be part of our business moving forward and we look forward to the venue continuing to play a key role in Kingston Upon Thames’ late night economy.
“The restructure puts the national business on a stronger footing and allows the UK team to focus on key growth opportunities. PRYZM will form part of this strategy as we look to develop our businesses in key locations and expand our cluster offering.”