Irving Azoff’s Azoff Music Management is buying out The Madison Square Garden Company’s (MSG) 50 percent ownership stake in joint venture Azoff MSG Entertainment for $125 million.
Once the deal is done, Azoff MSG Entertainment will go by The Azoff Company. The Azoff Company will continue to advise MSG through a multi-year consulting deal.
Azoff MSG Entertainment, a music, media and entertainment company, was established in 2013. Azoff and his team helped MSG reinvent music and entertainment venue the Forum in 2014.
“I am extremely proud that my partner, Jim Dolan, and I built an innovative company which always put the artists’ and songwriters’ interests first,” said Azoff (pictured above), chairman and chief executive officer, The Azoff Company. “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 in his continued role with us. 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,” said Jim Dolan, executive chairman and chief executive officer, The Madison Square Garden Company. “We will continue to rely on Irving’s relationships and expertise to help bring that vision to reality.”
Completion of the deal is subject to closing conditions. J.P. Morgan served as financial advisor to MSG and Centerview Partners served as financial advisor to Azoff Music Management.