Azoff Music Management Buys Out MSG in Azoff MSG Entertainment Partnership

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Irving Azoff’s concerns are taking full ownership of Azoff MSG Entertainment, its partnership between Azoff Music Management and the Madison Square Garden Company brokered with Jim Dolan in 2013, to form a new company called the Azoff Company, according to a release sent out this morning.

Azoff Music will pay MSG $125 million for MSG’s 50 percent interest in the joint venture pending completion of the transaction.

Under multi-year consultancy agreements, the two companies will continue to operate together with The Azoff Company continuing to advise MSG, on projects that include the Forum and the high-tech MSG Sphere initiatives planned for Las Vegas and London.

Completion of the transaction remains subject to certain closing conditions. J.P. Morgan served as financial adviser to MSG and Centerview Partners served as financial adviser to Azoff Music Management.

The Azoff MSG Entertainment joint venture was established in 2013 between MSG and Azoff Music Management just as Los Angeles’ Forum was launching as an entertainment-only arena in 2014 in spectacular fashion. This included putting massive vinyl record on the roof of Inglewood’s Forum and an opening residency by the Eagles, Azoff’s long-managed act.

“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, chairman and CEO of The Azoff Company (and also co-founder of the Oak View Group, Pollstar’s parent company), in a statement. “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,” stated Jim Dolan, executive chairman and chief executive officer The Madison Square Garden Company. “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.”

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 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.