Do well with old theatrical magician (8)

I believe the answer is:

prospero

I'm a little stuck... Click here to teach me more about this clue!

'theatrical magician' is the definition.
'Prospero' can be an answer for 'magician' (I've seen this before). I'm not certain of the 'theatrical' bit.

'do well with old' is the wordplay.
'do well' becomes 'prosper' (I've seen this before).
'with' means one lot of letters go next to another.
'old' becomes 'o' (abbreviation).
'prosper'+'o'='PROSPERO'

Can you help me to learn more?

(Other definitions for prospero that I've seen before include "Shakespearean magician" , "29 9 [TEMPEST CHARACTER]" , "Shakespearian character" , "Sorcerer of The Tempest" , "magician on stage" .)

I've seen this clue in The Independent.

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