Shubert Organization buys off-Broadway complex

NEW YORK (AP) — Broadway’s biggest 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 for Broadway homes. It gives the organization about 1,900 new seats to fill, with cheaper labor costs than Broadway. No terms have been disclosed.

The organization owns or operates 17 of Broadway’s 40 theaters and the off-Broadway Little Shubert. It also owns the ticket-seller Telecharge.

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