Azoff Buys Out MSG Joint Venture

• The Madison Square Garden Company has sold Irving Azoff its half-stake in the five-year-old Azoff MSG Entertainment joint venture for $125 million for $125 million. That’s the word from The Hollywood Reporter. Azoff MSG Entertainment was launched in 2013 and offered artist management, music publishing, television production and live event branding. Azoff had kicked in his Azoff Music Management entity in return for $125 million and a 50 percent stake in the company. Once the transaction is completed, Azoff MSG Entertainment will become The Azoff Company. Azoff, as Chairman and chief executive, provided consultancy and advisory services to MSG in connection with the management of its live event venues.

As Azoff (left) takes full ownership of the joint venture, his management company and MSG have inked multi-year consultancy agreements that will see The Azoff Company continue to advise MSG on The Forum in Los Angeles and the MSG Sphere initiative, which includes plans to build state-of-the-art venues in Las Vegas and London. The first MSG Sphere venue in Las Vegas — MSG Sphere at The Venetian, is expected to open in 2021, followed a year later by a second MSG Sphere in London.

In a statement, Jim Dolan, Executive Chairman and CEO of MSG, said, “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.”