Nov 18, 2014 2:23 PM
Shubert Organization buys off-Broadway complex
The Associated Press
NEW YORK (AP) The Shubert Organization, Broadway's largest landlord, has extended its off-Broadway reach by buying the lease for the five-theater complex New World Stages.
The move announced Tuesday gives the Shubert Organization more flexibility as it shepherds shows to off-Broadway or readies them for Broadway homes. It gives Shubert about 1,900 new seats to fill, with cheaper labor costs than Broadway. No terms were disclosed.
The organization owns and operates 17 of Broadway's 40 theaters, the off-Broadway Little Shubert and the Forrest Theatre in Philadelphia. It also owns the ticket-seller Telecharge.
New World Stages, which is located at Manhattan's West 50th Street and has four tenants including "iLuminate" and "The Bubble Show," was bought from Stage Entertainment, a leading European producer that recently gambled and lost putting on "Rocky" on Broadway.
New World Stages has lately emerged as a place where some fading Broadway shows have found new life, including "Million Dollar Quartet," ''Avenue Q" and "Peter and the Starcatcher." The five theaters range in size from 199 to 499 seats, and the Shubert Organization said all current shows will continue.