Wall Street is going to the opera – to make money.
Armed with millions from investment banker Roy Furman and other investors, including Mort Zuckerman and Wall Streeter Ken Lipper, long-hair entertainment program Stagebill is plunging into a major makeover.
Best known for printing the programs at such great halls as Lincoln Center and Carnegie Hall, Stagebill is also launching an online venture that will stream video and audio into homes from the stages of any of the 80 American theaters where Stagebill provides programs.
To head the venture, Stagebill and the new partners from ING Furman Selz Investments recruited entertainment publishing veteran Gerry Byrne to be president and CEO.
Byrne two weeks ago left Variety as its publisher in what insiders called a personality rift with one of the senior managers at Variety’s parent, Cahners Publishing. Variety printed a front-page story that Byrne was “retiring” after 11 years at the show business journal.
The 54-year-old Byrne appeared to hit the ground running by teaming up with Stagebill owner Fred Tarter, who was just pulling in the new investors.
Stagebill intends to redesign the 75-year-old title, acquire entertainment-related companies and launch a portal before year-end.
Byrne said the portal will offer data and reviews, as well as ticket availability at entertainment events across the country. In New York, for example, advertiser-backed kiosks in Times Square could provide ticket availability of all shows in town, Byrne said.
“There is no better marriage of ‘bricks and clicks’ than Stagebill with the Internet,” said Byrne.
Video previews of events at theaters served by Stagebill would also be offered by the portal, he said.
Stagebill will also broaden coverage to include areas beyond live entertainment, such as independent films, pay-TV, recorded music, home-entertainment technology and Internet-based entertainment, Byrne said. Other primary investors joining the Furman backers include WaterView Partners, L.P., an investment fund co-founded by Frank J. Biondi Jr., the former head of Viacom, and Ken Miller, vice chairman of CS First Boston.
The move could catapult Stagebill ahead of archrival Playbill. Both titles have been fighting a turf war for several years.
Playbill traditionally did Broadway theaters, while Stagebill did opera, ballet and symphonies.
Both are trying to grab theaters in each other’s turf. The program magazines pay theaters for the right to supply the programs, which in turn sell ads to blue chip companies seeking theater-goers.
Screenvision’s co-chairman Fred Tarter acquired Stagebill two years ago from Primedia. Tarter will remain chairman of the venture. He and Byrne each own one-third of the magazine.
Stagebill publishes 50,000 programs daily for 28,000 performances per year around the U.S., with circulation of 1.2 million.