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| 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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