Madison Square Garden Sells Stake in Live Nation for $44 Million
The company controlled by the Dolan family divested its 2 percent stake in the live-events firm.
The Madison Square Garden Co. said Tuesday that it has sold its approximately 3.9 million shares in Live Nation Entertainment for about $44 million.
The stock represented a stake of about 2 percent in the live-events firm, in which John Malone's Liberty Media owns a big stake. MSG had acquired the stake when Live Nation bought artist-management firm Front Line Management Group from former Live Nation chairman Irving Azoff.
MSG, controlled by the Dolan family, which also owns cable operator Cablevision Systems, had no further comment on the transaction.
Last month, MSG chairman James Dolan resigned from the Live Nation board.
Live Nation's stock on Monday closed at a 52-week high of $11.63. MSG's stock closed at $55.95, near its 52-week high of $57.13.