text: Formerly known as The Lord Chamberlain 's Men during the reign of Queen Elizabeth , it became The King 's Men in 1603 when King James ascended the throne and became the company 's patron .
simplified: formerly known as The Lord Chamberlain 's Men during the reign of Queen Elizabeth I , it became The King 's Men in 1603 when King James I had the throne and became the company 's patron .