Madison Square Garden Lays Off Dozens: Source

Rex Features
Kanye West's Yeezy 3 presentation and album release event at Madison Square Garden on Feb. 11, 2016 in New York City.

A source at the Madison Square Garden Co. (MSGC), confirms to Billboard a story in the New York Post today that stated the firm laid off "between 60 and 70 people" in July, and a few more in August, and adds that most of those who left have been replaced by new employees with "different skill sets."

MSGC, which counts such venues as Madison Square Garden (and its pro sports franchises), Radio City Music Hall, and the Beacon Theatre in New York; the Forum in Inglewood, Calif., the Chicago Theatre, and the Wang Theatre in Boston, among its entertainment assets, has undergone a restructuring under chief executive David "Doc" O'Connor, who took the helm a year ago. As the Post reports, the firm recorded $217.8 million in revenues and an operating loss of $46.2 million in the quarter.

Still, MSG has been active on other entertainment fronts, led by executive chairman James Dolan, who is partnered in the multi-faceted entertainment firm Azoff Madison Square Garden Entertainment (AMSGE), led by CEO Irving Azoff. Last month, MSG made a huge leap into the festival business by acquiring a 12 percent stake in Town Square Media, which owns a wealth of radio stations and operates some of the most successful country music festivals in the country; and purchased a controlling interest in Boston Calling Events, (BCE), producers of the Boston Calling Music Festival in Boston.

Irving Azoff, MSG Plan Music-Only Las Vegas Arena

MSG and Azoff in May announced a partnership with Las Vegas Sands Corp. to bring a new 17,500-capacity venue to Las Vegas which, like the Forum, will be purpose-built for music and other non-sports entertainment. Last year, the Forum was topped only by New York’s Madison Square Garden in total gross among U.S. arenas, according to Billboard Boxscore.