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The Madison Square Garden Company has sold music industry heavyweight Irving Azoff its half-stake in a joint venture offering artist management, music publishing, television production and live event branding for $125 million.
The original Azoff MSG Entertainment joint venture was launched in 2013, with Azoff contributing his Azoff Music Management entity in return for $125 million and a 50 percent stake in the company. Azoff MSG Entertainment will become The Azoff Company once the transaction is completed.
Azoff, as chairman and CEO, provided consultancy and advisory services to MSG in connection with the management of its live event venues.
As Azoff takes full ownership of the joint venture, his management company and MSG have inked multiyear consultancy agreements that will see The Azoff Company continue to advise MSG, including on the Forum and 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 by a second MSG Sphere venue to open around a year later in London.
“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,” Jim Dolan, executive chairman and CEO of MSG, said in a statement.
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