LOS ANGELES (CelebrityAccess) The Azoff Company and MSG quietly announced Dec. 6 that the two companies have fully separated, with Azoff Company Holdings acquiring the 50 percent stake MSG’s 50 percent interest it held in the former joint venture.
The Azoff Company, formerly Azoff MSG Entertainment, bought back MSG’s stake for a reported $125 million; the transaction was announced on Globe Newswire (versus MSG Co.’s website or through mass emailing) the day after the five-year venture matured.
Because of multiyear consulting agreements, The Azoff Company and CEO Irving Azoff will continue to advise and counsel MSG on initiatives that have been highly influenced by the music mogul, specifically The Forum in Inglewood, Calilf., and the MSG Sphere projects in Las Vegas and overseas.
The Azoff Company Holdings and The Madison Square Garden Company (NYSE: MSG) announced that The Azoff Company Holdings has completed its acquisition of MSG’s 50 percent interest in Azoff MSG Entertainment, now called The Azoff Company. The deal was announced last month when the two companies reached an agreement on the transaction. Irving Azoff will continue to serve as chairman and chief executive officer of The Azoff Company.
“I am extremely proud that my partner, Jim Dolan, and I built an innovative company which always put the artists’ and songwriters’ interests first,” Azoff said when the dissolution was announced in October. “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.”