Irving Azoff has secured the financing necessary for Azoff Music Management to acquire MSG’s 50 percent interest in Azoff MSG Entertainment for $125 million, officials with Madison Square Garden announced on Thursday (Dec. 6).
Now that the transaction is complete, Azoff’s new entity will be called The Azoff Company. As part of the Azoff agreement, the Azoff Company and MSG have also entered into five-year consultancy agreements, under which The Azoff Company will continue to advise MSG facilities, including the Forum in Inglewood and the MSG Sphere initiative to build state-of-the-art venues in Las Vegas and London.
The transaction ending Azoff MSG Entertainment closed Wednesday (Dec. 5), ending a five-year-old joint venture between MSG and Azoff Music Management. The joint venture included a buy-sell option that kicked in this year when the deal hit the five-year mark. As part of the transaction, The Azoff Company’s assets will includes Fullstop Management, performance rights organization Global Music Rights, the Oak View Group and LaneOne, a premium experience company. Azoff will be chairman and chief executive officer for The Azoff Company.
J.P. Morgan served as financial advisor to MSG and Centerview Partners served as financial advisor to Azoff Music Management.