The Tivoli's last phase of operations began in 1944, when a syndicate headed by David N. Martin bought out the company's major stakeholders, George Dickinson and Wesley Ince. Wallace Parnell's position as general manager was reduced to resident producer, a move that led to his departure from the company shortly afterwards. Alec Kellaway, who had occasionally undertaken co-production duties with Parnell, subsequently became the Tivoli's full-time producer. The first show to be produced by the Martin-led Tivoli Theatres organisation was the Melbourne season of It's Foolish - But it's Fun (9 October 1944), with Dick Bentley and Edgley and Dawe (Eric Edgely and Clem Dawe). Roy Rene, originally slated as the star of the Melbourne show, headlined the Sydney revival later that same year (20 November).
With travel during the war years restricted, the Tivoli relied heavily on local stars such as Rene, George Wallace, Charles Norman, Mike Connors and Queenie Paul, Joe Lawman, Buster Fiddes, Joe Brennan, Ida Newton, Ron Shand, John Gilbert, and Val Jellay. After the war, however, Martin returned to the Tivoli tradition of importing acts from the USA and United Kingdom. The company produced a variety of entertainments through until the mid-1950s, including revue, opera, ballet, musical comedy, old-time black-and-white minstrel shows, and even Shakespeare.
The arrival of television in 1956 put the Tivoli under enormous pressure. Although the company embraced the new medium with live half-hour broadcasts from its Sydney theatre once a week, the competition eventually eroded its patronage. When David N. Martin died unexpectedly in 1958, his business associate Neil Maver took control, with help from the Tivoli's Melbourne manager, Gordon Cooper. Martin's son Lloyd Martin also played a guiding role during the company's final years. Interestingly, the Tivoli's biggest success during this period was The Black and White Minstrel Show: a $50,000 adaptation of the popular British television variety show. By 1966, however, the Tivoli stopped producing revues, with the last Sydney production, One Dam' Thing After Another (starring Gwen Plumb), closing in March that year. The final Melbourne show was a four-week season by British comedian Jimmy Edwards.
Following the closure of its live productions, Tivoli Theatres briefly turned to film exhibition in Melbourne before a fire destroyed the building. The Sydney Tivoli was leased out to other managements until 1969, when the theatre was demolished.
