The Madison Square Garden Company is buying a 50 percent stake in Tribeca Enterprises, which has put on the Tribeca Film Festival in New York since 2002. Tribeca Enterprises announced the news in a statement on Saturday. The deal values the company at $45 million.
“Bob De Niro and I have built a brand that supports community, artists, filmmakers and storytellers, we are thrilled to be a member of MSG's family of iconic entertainment brands,” said co-founder Jane Rosenthal in the statement. “Our partnership will allow us to grow the Festival and enhance the experience for our audience and provide more opportunities for the creative and filmmaking community nationally and internationally.”
MSG owns the music-based Fuse network (which is currently on the auction block) and MSG network as well as the NBA's Knicks and NHL's Ranger and operates multiple large venues including New York City's Madison Square Garden and the recently renovated Los Angeles Forum. Last September, the Madison Square Garden Company and Irving Azoff's Azoff Music Management formed a joint venture called Azoff MSG Entertainment (AMSGE) which the companies valued at $300 million dollars.
Tribeca Enterprises was founded by Rosenthal, actor Robert DeNiro and investor Craig Hatkoff. This year's festival is set to take place from April 16 - 27 with a lineup that includes 87 films and 55 premieres. It also boasts a new presenting sponsor, AT&T, which took the place of credit card company American Express.