Madison Square Garden Co. said Wednesday it will invest $ 125 million in a new company that will house long Eagles manager Irving Azoff artiste management business 50% of the shares.
, Azoff, chairman and CEO of the company, and to provide management consulting services MSG live venues, including the Forum in the Los Angeles area, MSG June acquisitions.
Azoff Entertainment Inc. Live Nation deal in late December, he resigned from the CEO before the trip, which he sold in 2008 to a subsidiary of Live Nation Ticketmaster chairman's sudden departure after about nine months.
MSG will also provide up to $ 50 million revolving credit facility of the new company, called Azoff MSG Entertainment.
Including management services Eagles Azoff, other clients will be managed by the new company include: Van Halen, Christina Aguilera and Steely Dan's.
The company is also in the music publishing business has 90% stake, 50% stake in Digital Brand Architects, manage network blog, television production and live events branded businesses; discovery and interactive music television program called "a city street . "
MSG executive chairman James Dolan said in a statement, the company Azoff previous investment companies to provide a positive return, "and we believe that this new venture provides us with a compelling platform from which grasp the dynamic environment of today's entertainment great opportunity inherent. "
MSG shares closed down 24 cents at $ 58.01 before the deal was announced.
 



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