Shubert Organization to Officially Acquire Off-Broadway's New World Stages

According to The New York Times, the Shubert Organization is expected to close a deal on purchasing New World Stages as early as Monday, two sources industry insiders have confirmed.

The organization, which currently owns almost half of Broadway's theatres, has been interested in purchasing the Off-Broadway complex at West 50th Street from Stage Entertainment since this summer.

Per the report: "The move creates a significant opportunity for the Shubert Organization to shepherd fading Broadway shows out of their theaters into New World Stages, where new profits might be reaped due to lower Off Broadway production costs. Shubert executives have a vast array of connections and producing partners across the United States and overseas, so they would be well-positioned to use New World Stages as a home for commercial productions that aren't fits for Broadway."

Stage Entertainment currently owns the five-theatre venue. The European company brought musicals such as Rocky (which will close in August) to Broadway, and has likely suffered significant financial loss from the show's short run.

New World Stages currently houses AVENUE Q, BLANK! THE MUSICAL, iLUMINATE, and THE BUBBLE SHOW.

New World Stages is the state-of-the-art theatrical complex just off of Times Square which has served as the home of Tony Award winning, Guinness Record setting, and Pulitzer Prize earning shows. The five stages are centered on a large common lobby and Gallery New World Stages, serviced by two bars, a coat check, bathroom facilities on each level and the Time Out New York Lounge. New World Stages is fully handicapped accessible. It is owned and operated by the internationally acclaimed entertainment group, Stage Entertainment.