Thursday, September 5, 2013

MSG, Irvin Azoff Create New Media Company

Irving Azoff (THR)
The Madison Square Garden Company and Azoff Music Management have announced that they have reached an agreement to create a new music, media and entertainment company focused on continuing the development of AMM’s existing businesses and exploring new ventures and growth opportunities that maximize opportunities for clients, partners and associated brands.

The new company, to be called Azoff MSG Entertainment LLC (Company), will continue Azoff’s long history of creating new avenues and opportunities for artists, enabling them to realize the full value of their creative vision.

The Company is a new-model music, media and entertainment company, at the forefront of the emerging revenue streams and groundbreaking technologies of the fast-changing 21st century, which will put artists and their fans first, and create ongoing opportunities for artists and talent in today’s changing marketplace, maximizing their potential through innovative marketing, branding and live events.

MSG Executive Chairman James Dolan has long recognized Azoff’s leadership role in the music and entertainment businesses, dating back to 2008, when MSG was a key investor in Front Line Management Group (then managed by Azoff), and then later during Azoff’s tenure with Live Nation Entertainment.

AMM will contribute to the Company its existing artist management business and other businesses that are in development. A subsidiary of MSG will pay AMM $125 million for a 50% interest in the Company and will also agree to provide up to $50 million of revolving credit loans to the Company. 

The Company is expected to be a platform for the future growth of MSG, and will commence business with four integrated units, each designed to achieve maximum value for artists and brands in today’s evolving business environment and new media platforms.

Azoff Music Management – Irving Azoff will continue to provide management services to such superstar clients as the Eagles, Van Halen, Lindsey Buckingham of Fleetwood Mac, Christina Aguilera and Steely Dan and other long standing Azoff clients.

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