Shubert Organization Jumps 500% In Off-Broadway Holdings

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deadline.com/2014/11/shubert-organization-new-world-stages-deal-closes-1201287971/

The Shubert Organization, with 17 houses Broadway’s biggest landlord, increased its off-Broadway presence from one stage to six after closing the deal to take over New World Stages. The five-theater complex, a former movieplex that had been run by Dodger Theatricals after a $23 million conversion beginning in 2001, is on West 50th Street at the fringe of the core Broadway Theater District.

Shubert also built and operates the Little Shubert Theatre on West 42nd Street. New World currently is home to productions of Avenue Q, which moved from Broadway, Gazillion Bubble Show, Blank! The Musical and iLuminate, in auditoriums ranging from 199 to 499 seats. A statement from the company said that those shows will continue under the new owners.

"Avenue Q" 10th Year Anniversary PerformanceAs evidenced by the extended run of Avenue Q and similar transfers of Peter And The Starcatcher and Million Dollar Quartet, off-Broadway can offer an attractive alternative to closing a successful show whose Broadway sales might have begun to flag. Shows running in off-Broadway theaters operate under far less costly union contracts than their Broadway counterparts and can charge lower ticket prices while still making a profit.

The company declined further comment when asked about renovation plans or consideration of a name change for the complex.

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variety.com/2014/legit/news/shubert-buys-new-world-stages-complex-1201359220/

Shubert Buys New World Stages Complex

The Shubert Organization has acquired the off-Broadway complex New World Stages, the theater company said Tuesday.

New World is situated on West 50th and boasts five theaters that range in size from 199 to 499 seats. Among the productions it’s currently staging are “Avenue Q” and “Blank! The Musical.” The complex often serves as a venue for shows such as “Peter and the Starcatcher” after they wrap up their Broadway runs.

A spokesman for Shubert declined to disclose a price but a report in the New York Times said the deal was worth seven figures. It’s buying the space from its current owner, Stage Entertainment, a European company that backed the musical bomb “Rocky,” and has also fielded tours of “Wicked” and “The Producers.”

The Shubert Organization runs 17 theaters on Broadway including the Winter Garden Theatre, the Music Box Theatre and the Belasco Theatre. Productions it has been associated with include “Dreamgirls,” “Hedwig and the Angry Itch,” “Amadeus” and “A Few Good Men.”