If one of the criteria is sophisticated, then I am afraid, this completely misses the mark. You have got an element of fun in there, but in a more child-like way than I imagine they’d b happy with, unless they are a kids’ theatre company. Your logo sits somewhere between Adult and kids.
Personally I’d start again and completely lose the theatrical cliché. The Greek comedy/tragedy mask is thoroughly overused. Think about the kind of productions they put on. Who would go and see them? What is unique to them? Communicate this, rather than some general idea of theatre using cliché visual devices. Do they have a distinctive building? Are they intrinsic to a particular town? Are they a travelling theatre company? What makes them unique? Dig a bit deeper. If they are a travelling theatre company that puts on more classical productions, look at literary references to travelling theatre, as a starting point, to get your train of thought going. Only that way will you come up with an idea that represents them and not any theatre company.
Enjoy yourself and open up your thinking. Be silly. You don’t have to use the silly, blind-alley thoughts, but you never know where they’ll take you. Even if you go up an alley that goes nowhere, don’t ditch it. Park it. You’ll be surprised how often you come full circle and that stupid idea, laterally slots into some other train of thinking that comes later.
NEVER stop at your first idea. Your brain will alway ping up the clichés first and only when you’ve gone through that will you come to original, useful thinking.
Hope this helps.