Theatrical production company Stage Entertainment announced plans to be acquired by Advance Publications Inc., a U.S. media company that owns Condé Nast and Condé Nast International.
Founded in 1998, Amsterdam-based Stage Entertainment operates 20 theaters in Europe and develops and produces musicals, currently acting as the lead producer on “Tina: the Tina Turner Musical” on the West End and “Anastasia” on Broadway.
Advance Publications would acquire 100% of the shares of Stage Entertainment in a deal that is expected to close in the fourth quarter of 2018, pending regulatory approval. Under the terms of the deal, Stage Entertainment’s founder, Joop van den Ende, will remain as a special adviser to the company and chief executive Arthur de Bok will remain in his role.
“We look forward to working with Arthur de Bok and the management team to expand the business while remaining the definitive partner of choice to creators of musical theatre,” Steven Newhouse, co-President of Advance, said in a press release.
The financial terms of the acquisition were not disclosed. No major layoffs or personnel changes are expected at Stage Entertainment, which employs 3,000 people worldwide.
On Broadway, Stage Entertainment has produced “Rocky” and “Sister Act” and is currently a producer on “Pretty Woman.” Internationally, Stage Entertainment produces “Mamma Mia!” “Mary Poppins” and “The Lion King,” among others.
Private Equity Firm CVC Capital Partners acquired a 60% stake in the company in 2015, according to Reuters, and agreed to sell as part of the acquisition deal with Advance Publications.
In February 2018, Reuters reported that estimated value of Stage Entertainment was up to $1.2 billion.
“Today marks another milestone in the development of the company I founded in 1998, and it is with great pride that we transition the business to Advance, a long-term strategic shareholder that deeply understands creative businesses and has a long history of partnership with the world’s top writers, photographers, illustrators, designers and other creative talent,” van den Ende said in a press release.
In addition to its ownership of Conde Nast, which includes brands such as Vogue, Vanity Fair, GQ and Wired, Advance Publications has an ownership stake in Discovery Inc. and Charter Communications.