Azoff Music Management will pay The Madison Square Garden Company (MSG) $125 million to acquire MSG’s 50 percent interest in its joint venture, Azoff MSG Entertainment, in a deal announced Monday, Oct. 8. Once the transaction is complete, the company will be called The Azoff Company.
Based in Los Angeles, The Azoff Company is led by chairman and chief executive officer, Irving Azoff, and has a portfolio that includes Global Music Rights (GMR), the performance rights organization; Fullstop Management, overseeing careers of the Eagles, John Mayer, Maroon 5, Harry Styles, Meghan Trainor, Gwen Stefani, Bon Jovi, and many more; Oak View Group, a company focused on the sports and entertainment venue industry; and LaneOne, a premium experience company.
The Azoff Company and MSG have simultaneously entered into multi-year consultancy agreements, under which The Azoff Company will 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.
“I am extremely proud that my partner, Jim Dolan, and I built an innovative company which always put the artists’ and songwriters’ interests first,” said Azoff. “The Azoff Company will build on this foundation of positive disruption and artist advocacy: we will continue to challenge antiquated parts of the entertainment business on behalf of artists and fans. The Azoff Company is proud to renew our commitment to the Forum and MSG’s transformative vision for the best possible, live entertainment experience.”
“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. This evolution of our relationship comes at a time when we are working to align all areas of our business to support our goal—the creation of next-generation venues that will transform the live experience,” said Jim Dolan, executive chairman and chief executive officer, MSG Company. “We will continue to rely on Irving’s relationships and expertise to help bring that vision to reality.”
The Azoff MSG Entertainment joint venture was established in 2013 between MSG and Azoff Music Management.
Read more from Azoff and his GMR in MusicRow‘s 2018 Publisher Issue.
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