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Business News Deals Live Business
Azoff buys MSG out of Azoff MSG Entertainment
By Andy Malt | Published on Tuesday 9 October 2018
Irving Azoff’s Azoff Music Management company has agreed a deal to buy the Madison Square Garden Company out of their Azoff MSG Entertainment joint venture for $125 million. Once the deal is done, the two Azoff companies will be merged into one business called, well, the Azoff Company.
Azoff MSG Entertainment was founded in 2013, nine months after the veteran artist manager quit his top role at Live Nation. The JV business had artist management, TV production, live event branding and digital marketing divisions, among other things.
The MSG Company pumped $125 million into the venture back in 2013 in return for a 50% stake and some consultancy from Azoff on its other businesses. So, it’s getting back from the new deal what it put in five years ago. But think of all the joy it had along the way.
The MSG group will continue to get some consultancy from Azoff after the sale, though. The Azoff Company will advise MSG on various things, including the running of venues like The Forum in LA, and the building of new venue complexes in Las Vegas and London.
Referencing MSG Co-CEO Jim Dolan, Azoff said in a statement: “I am extremely proud that my partner, Jim Dolan, and I built an innovative company which always put the artists’ and songwriters’ interests first. 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”.
Confirming that he’ll continue to advise his soon-to-be-former business partners, he added: “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”, Dolan himself added. “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”.
The share buyout is still subject to various conditions.
