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Irving Azoff buys MSG’s share of JV for $125m

Azoff MSG Entertainment is set to become the Azoff Company as the five-year joint venture between Madison Square Garden Company and Irving Azoff comes to an end

By Jon Chapple on 08 Oct 2018

Irving Azoff, Azoff MSG Entertainment

image © Full Stop Management

Irving Azoff’s Azoff Music Management has agreed to acquire Madison Square Garden Company (MSG)’s 50% stake in the companies’ Azoff MSG Entertainment joint venture, formed in 2013.

Following the completion of the deal – which will see Azoff Music Management pay MSG US$125 million for its stake – the company will be rebranded the Azoff Company, and will continue to advise MSG on its venues, including the Forum in Los Angeles and the new MSG Sphere arenas in London and Las Vegas.

“I am extremely proud that my partner, [MSG CEO] Jim Dolan, and I built an innovative company which always put the artists’ and songwriters’ interests first,” says Azoff (pictured). “The Azoff Company will build on this foundation of positive disruption and artist advocacy: we will continue to challenge antiquated parts of the entertainment business on behalf of artists and fans.

“The Azoff Company is proud to renew our commitment to the Forum and MSG’s transformative vision for the best possible live entertainment experience.”

“Irving has been a valued business partner and we know that he will continue to enjoy incredible success in his company and his continued role with us”

Azoff, the former CEO of Ticketmaster and executive chairman of Live Nation, and chairman of Full Stop Management (Eagles, Harry Styles, Lindsey Buckingham, Don Henley, Van Halen), launched Azoff MSG Entertainment in September 2013. Key achievements of the partnership include the 2014 renovation of the Forum into a world-class arena-sized venue and the launch of MSG Sphere initiative, which will see striking, high-tech arenas built in Las Vegas and London. He was also a key figure in the recently concluded ‘booking war’ between Azoff MSG Entertainment and AEG Presents.

“Irving has been a valued business partner, and we know that he will continue to enjoy incredible success in his company and in his continued role with us,” comments Dolan. “This evolution of our relationship comes at a time when we are working to align all areas of our business to support our goal: the creation of next-generation venues that will transform the live experience.

“We will continue to rely on Irving’s relationships and expertise to help bring that vision to reality.”

MSG is currently exploring a spin-off of its live entertainment and sports businesses, with the dedicated live division to comprise the Forum, Madison Square Garden, MSG Bookings and Boston Calling festival, among others.

 


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