Shubert CEO Phil Smith Says B’way Biggie Will Buy Off-Broadway `Mall’

EXCLUSIVE: Shubert Organization chairman and CEO Philip J. Smith confirmed the deal by Broadway’s biggest landlord to purchase New World Stages, an off-Broadway complex on West 50th Street just outside the Broadway theater district. “I would say, ‘Yes, it it’s going to happen,’ ” Smith told Deadline.com when asked about a report in the New York Times speculating on the sale. “I can’t say when, but it will happen.” He declined to say how much Shubert would pay for New World.

163112349Comprising five grotto houses ranging in size from 199 to 499 seats, New World is owned by Dutch entertainment mogul Joop van den Ende’s Stage Entertainment, currently lead producer of the musical Rocky, which is set to close in August at the Shubert-owned Winter Garden Theatre. Van den Ende’s involvement in New Workd goes back to a co-production arrangement his former company, Endemol, had with New York-based Dodger Theatricals. It was the Dodgers who took over the former discount-movie theaters after they went out of business in 2001. The Dodgers spent $23 million converting the space into a “theater mall” with a total of more than 1,900 seats, three bars and more restroom space than many Broadway theaters. (more…)

This article was printed from https://deadline.com/2014/07/shubert-ceo-confirms-plan-to-buy-five-off-broaway-stages-806248/