Founded in 1994 by Charles McMahon and Michael Brophy, Lantern Theater Company has emerged as one of the most successful professional theaters in the Philadelphia region. Each season, the Lantern produces four mainstage productions, a variety of special events, and education and outreach programs in schools throughout the Greater Philadelphia area.

The Lantern commits itself to being a vibrant, contributing member of its community — exposing audiences to great theater, inviting participation in dialogue and discussion, educating audience members about artistic and social issues, and employing the language of the theater to enrich learning in the classroom.

Lantern Theater Company has been in residence at St. Stephen's Theater in Center City Philadelphia since 1996, managing the performance space and developing it into an affordable multi-purpose performing arts venue.

Since the inception of Philadelphia's Barrymore Awards for Excellence in Theatre in 1995, the Lantern has received 46 nominations and 10 awards, including 2006 and 2007 nominations for Excellence in Theatre Education and Community Service. Recent Barrymore wins include Outstanding Overall Production of a Play (for Richard III) and Outstanding Leading Actor in a Play (Peter Pryor in Richard III).