James Dolan and Irving Azoff Complete Sale Ending Joint Venture
The closing comes after Azoff secured funding to buy back his share of Azoff MSG Entertainment.
Irving Azoff has secured the financing necessary for Azoff Music Management to acquire MSG’s 50 percent interest in Azoff MSG Entertainment for $125 million, officials with Madison Square Garden announced on Thursday (Dec. 6).
Now the transaction is complete, Azoff's new entity will be called The Azoff Company. As part of the Azoff agreement, the Azoff Company and MSG have also entered into five-year consultancy agreements, under which The Azoff Company will continue to advise MSG facilities, including the Forum in Inglewood and the MSG Sphere initiative to build state-of-the-art venues in Las Vegas and London.
The transaction ending Azoff MSG Entertainment closed yesterday (Dec. 5), ending a five-year-old joint venture between MSG and Azoff Music Management. The joint venture included a buy-sell option that kicked in this year when the deal hit the five-year mark. As part of the transaction, The Azoff Company's assets will includes Fullstop Management, performance rights organization Global Music Rights, the Oak View Group and LaneOne, a premium experience company. Azoff will be chairman and chief executive officer for The Azoff Company.
"I am extremely proud that my partner, Jim Dolan, and I built an innovative company which always put the artists’ and songwriters’ interests first," Irving Azoff said in October when the split was announced. "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."
Dolan added then: "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.”
J.P. Morgan served as financial advisor to MSG and Centerview Partners served as financial advisor to Azoff Music Management.