Shubert Organization Looks to Expand to Off-Broadway With Purchase of New World Stages
17 Jul 2014
The Shubert Organization, which owns 17 of the 40 Broadway theatres, is positioning to purchase the Off-Broadway New World Stages complex, according to the New York Times.
New World Stages, whose space was once a movie complex, has five theatres of various sizes and has been in operation since 2004. It has served as a home to Broadway shows moving to smaller spaces, such as Avenue Q, Peter and the Starcatcher and Million Dollar Quartet. The complex is currently home to Heathers, The Gazillion Bubble Show, iLuminate, Stalking the Bogeyman and Avenue Q.
The sale, which is expected to be in the seven figures, was discussed with the Times by three theatre executives who spoke on condition of anonymity.
Stage Entertainment, a leading European producer that brought Rockyand Sister Actto Broadway, is the current owner of New World Stages. Stage Entertainment is developing a theatrical adaptation of the animated movie "Anastasia," among other projects.