Huge theater company Shubert Organization buys off-Broadway theater complex New World Stages

IndustriesAssociated Press

The Shubert Organization, Broadway's largest landlord, has extended its off-Broadway reach by buying the five-theater complex New World Stages.

The move gives the Schubert Organization more flexibility as it shepherds shows to off-Broadway or readies them up for a Broadway home. It gives the Shuberts about 1,900 new seats to fill, with cheaper labor costs than Broadway. No terms were disclosed.

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The organization owns or operates 17 of Broadway's 40 theaters and the off-Broadway Little Shubert, as well as theaters in Boston, Philadelphia and Washington, D.C. It also owns the ticket-seller Telecharge.

New World Stages, located at West 50th Street currently has four tenants including "Avenue Q." It was bought from the Stage Entertainment, a leading European producer that recently gambled and lost putting on "Rocky" on Broadway.