Azoff Acquisition Of MSG Stake Complete

Gideon Gottfried – Irving Azoff
Pollstar Live! welcoming remarks Feb. 7.

Irving Azoff’s acquisition of Madison Square Garden Company’s 50 percent stake of the renowned music industry executive’s Azoff MSG Entertainment is complete, with the new entity called The Azoff Company and continuing to advise MSG.

 “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, chairman and CEO of The Azoff Company, said  when the agreement 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.”

In October it was announced Azoff would pay MSG $125 million for the company’s 50 percent interest in the joint venture.  The Azoff Company and MSG simultaneously entered into multi-year consultancy agreements, under which The Azoff Company will continue to advise MSG, including on the Forum and MSG Sphere initiative, which includes announced plans to build state-of-the-art venues in Las Vegas and London.

Jim Dolan, Madison Square Garden Company CEO, added, “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. We will continue to rely on Irving’s relationships and expertise to help bring that vision to reality.”

The Azoff MSG Entertainment joint venture was established in 2013 between MSG and Azoff Music Management.  Azoff, leading the joint venture, and his team have had a large hand in the success of MSG’s venues, most notably the Forum which was reinvented in 2014 as an arena-sized venue dedicated to music and entertainment and renowned for its sound quality.

In February 2018, MSG announced its plans for MSG Sphere, state-of-the-art venues that are being built to pioneer the next generation of immersive experiences. The first MSG Sphere venue in Las Vegas, MSG Sphere at The Venetian, is expected to open during fiscal 2021, followed by a second MSG Sphere venue, to open approximately one year later in London.

Azoff’s company holdings include Fullstop Management, Global Music Rights, a performance rights company; Oak View Group, a company focused on the sports and entertainment venue industry (and parent company of Pollstar); and LaneOne, a premium experience company.

The Madison Square Garden Company’s venue holdings include New York’s Madison Square Garden, The Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; the Forum in Inglewood, CA; The Chicago Theatre; and the Wang Theatre in Boston. Other MSG properties include sports franchises: the New York Knicks , the New York Rangers, and the New York Liberty; two development league teams – the Westchester Knicks and the Hartford Wolf Pack; and esports teams through Counter Logic Gaming and Knicks Gaming, MSG’s NBA 2K League franchise. The company also produces and owns content such as the Christmas Spectacular Starring the Radio City Rockettes, and through Boston Calling Events, produces the Boston Calling Music Festival. It also owns the TAO Group.