LONDON — Oscar-winning actor Kevin Spacey is taking a new role as artistic director of London's Old Vic Theatre, the company announced Wednesday.

Spacey, 43, who won Oscars for the movies The Usual Suspects (1995) and American Beauty (1999), will lead a new company of actors from 2004 and will appear in at least two productions each season, the Hollywood star told a crowded news conference at the historic theatre. "I am thrilled the Old Vic's board of directors has given me their confidence to take on such a challenging role," said Spacey, who first visited the theatre at age seven during a trip to London with his parents.

"I remember seeing Shakespeare and other productions on the Old Vic stage. To have grown up to act on the stage itself was a dream come true," he said. "To find myself in the role of director of the Old Vic Theatre is beyond my wildest imaginings."

Elton John, who is chairman of a trust which bought the 185-year-old theatre in 1998 from Ed and David Mirvish of Toronto, said he was delighted with Spacey's appointment.

"Kevin's talent is exceptional, but what has truly inspired me is his passion for, and commitment to, this theatre. I know that under his leadership a permanent company at the theatre will bring a totally new dynamic so that the Old Vic remains one of the most important theatres in the world," John told the conference, which was also attended by Judi Dench, Richard Attenborough, The Hours director Stephen Daldry and the company's new producer, David Liddiment.

The first season of the new company will begin in fall 2004.

"We have a lot of ideas," Spacey said. "We are going to do old plays, new plays, bring Shakespeare here on a regular basis. We hope to be innovative and to have some fun."

He said productions would tour to the United States, and "strengthen the cultural bridge" between Britain and America. Spacey did not say how long he would remain artistic director of the new company, but said he expected to go beyond the 2004-2005 season.

Spacey has maintained a close relationship with the Old Vic since he starred in Eugene O'Neill's The Iceman Cometh there in 1998. He is one of the theatre's trustees and has played a role in raising funds to ensure its survival. The roof alone needs $900,000 Cdn in repairs, Attenborough, who is also a trustee, told the news conference.

Later Wednesday, Spacey was billed to sing some duets with Elton John at a fundraising gala concert at the theatre.

It will not be the first time Spacey has shown off his vocal talents. In November 2001, he performed the Beatles' Hey Jude at the Old Vic during a tribute to Sept. 11 victims.

Long known as "the actors' theatre," the Old Vic has provided a stage for many of the greatest performers of the last century, including John Gielgud, Peggy Ashcroft, Alec Guinness, Peter O'Toole, Judi Dench and Maggie Smith. It is the former home of Laurence Olivier's National Theatre company.

In 1998, the Mirvishes decided to sell the building and the theatre was in danger of closing. There was a public outcry when one bidder suggested changing it into a bingo hall.

The Old Vic Theatre Trust bought the building for 3.5 million pounds (about $9 million Cdn). The trust undertook to preserve and refurbish the building and boost the number of plays produced there.

The benefit concert also featured Sinead O'Connor, rising British star Ms. Dynamite, Sharleen Spiteri from Scottish band Texas, Lulu, Canadian jazz star Diana Krall and her new partner, Elvis Costello.

Singer Courtney Love, who was cautioned by British police for verbally abusing cabin staff on a transatlantic flight Tuesday, was also scheduled to take part.