NEW YORK, June 6 -- K-III Communications Corp. says it has entered into a definitive agreement to acquire Stagebill, the nation's largest publisher of performing arts magazines, through the purchase of B&B Enterprises, Inc.
Terms of the deal were not disclosed.
Stagebill serves some of the nation's leading venues for performing arts, including Lincoln Center for the Performing Arts and Carnegie Hall in New York City; The John F. Kennedy Center for the Performing Arts and the National Theater in Washington, D.C.; and Orchestra Hall and the Civic Opera House in Chicago.
The company publishes 16 magazines for 66 separate arts organizations encompassing 25,000 performing arts events a year, producing 50,000 programs daily.
The acquisition of Stagebill is part of K-III's ongoing strategy to acquire market niche companies with strong competitive positions in magazine publishing, education, and information services.
'Stagebill will be an excellent complement to some of our other publications, including New York and Premiere magazines, and the Musical America International Directory of the Performing Arts,' said William F. Reilly, Chairman and CEO of K-III.
'Once again K-III has acquired an important brand name for our consumer magazine group. The quality editorial product provides theater- goers with important information that will enhance their enjoyment of the performing arts, while providing advertisers with a unique vehicle to directly reach millions of arts patrons annually,' he added.
