The Madison Square Garden Company has paid $181m to acquire a majority stake in the US restaurant and nightclub group
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Both firms to grow live music offerings
By Rhian Jones on 17 Aug 2016
The Madison Square Garden company has acquired a 12% stake in digital media firm Townsquare.
MSG, which owns a number of US venues, will be working with Townsquare’s radio stations, digital assets and live events to “drive additional value and growth” for both businesses.
That will include growth in both MSG and Townsquare’s live offerings.
Venues under the MSG wing include New York’s Madison Square Garden (pictured), The Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre, the Forum in Inglewood, California, The Chicago Theatre and the Wang Theatre in Boston.
Townsquare manages over 550 live music and lifestyle events each year, including Mountain Jam, WE Fest, the Taste of Country Music Festival and Country Jam.
“I have had the opportunity to work the Townsquare team closely this past year. These guys really excel and are a perfect complement to what we are building at Azoff MSG Entertainment.”
Irving Azoff, Chairman and CEO of Azoff MSG Entertainment, says: “I have had the opportunity to work the Townsquare team closely this past year. These guys really excel and are a perfect complement to what we are building at Azoff MSG Entertainment.
“When this opportunity presented itself, my partners at MSG enthusiastically invested. I look forward to deepening our relationship and working on both existing and new projects with Townsquare and MSG.”
David O’Connor, President and CEO of The Madison Square Garden Company, adds: “Using its diversified portfolio of radio stations, digital assets and live events, Townsquare creates compelling content that brings people together and builds communities.
“We understand and share their belief in the value of exceptional, live experiences, and look forward to working together through this new partnership – which is another opportunity that our partner, Irving Azoff, brought to our attention – to drive additional value and growth for both businesses.”
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