MSG to Take 50 Percent Stake in Company That Runs Tribeca Film Festival
UPDATED: The deal values Tribeca Enterprises at $45 million.
The Madison Square Garden Co. is buying a 50 percent stake in Tribeca Enterprises, which has put on the Tribeca Film Festival in New York since 2002.
Tribeca Enterprises confirmed 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.”
Rosenthal and COO Jon Patricof will continue to manage the company. The New York Times had first reported the news of the ownership stake.
Tribeca Enterprises was founded by Rosenthal, actor Robert De Niro 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.
MSG, which owns the Fuse and MSG networks as well as the NBA's Knicks and NHL's Rangers, operates multiple large venues in New York and Los Angeles, including the arena that bears its name and the recently acquired Forum in L.A.
"We look forward to supporting Tribeca’s ambitious vision -- to honor not only movies, but the future of storytelling -- while utilizing the tremendous platforms of both brands to drive the value and growth of our respective businesses," said MSG president Tad Smith in the statement.