Madison Square Garden purchase 12% stake in Townsquare for more live events
The Madison Square Garden company have purchased a stake in media company Townsquare to “drive additional value and growth”.
In a big move for the Madison Square Garden (MSG) company they’ve acquired 12% in Townsquare, company behind radio stations, various digital assets and live events. Together the two companies will work to create more live offerings for MSG’s venues and more events for Townsquare.
It’s a big opportunity for both as MSG’s venues include the famed Madison Square Gardens, Radio City Music Hall and Beacon Theatre in New York, The Forum in California, and The Chicago Theatre and Wang Theatre in Boston. Townsquare’s events include Mountain Jam, WE Fest, the Taste of Country Music Festival and Country Jam.
The Madison Square Garden Company’s President and CEO, David O’Connor said: Using its diversified portfolio of radio stations, digital assets and live events, Townsquare creates compelling content that brings people together and builds communities. We understand and share their belief in the value of exceptional, live experiences, and look forward to working together through this new partnership – which is another opportunity that our partner, Irving Azoff, brought to out attention – to drive additional value and growth for both businesses.”
Chairman and CEO of Azoff MSG Entertainment, Irving Azoff says: “I have had the opportunity to work the Townsquare team closely this past year. These guys really excel and are a perfect complement to what we are building at Azoff MSG Entertainment. When this opportunity presented itself, my partners at MSG enthusiastically invested. I look forward to deepening our relationship and working on both existing and new projects with Townsquare and MSG.”
Look forward to some new events from Townsquare and MSG in the future.