Irving Azoff buys out Madison Square Garden Company's stake

High profile Irving Azoff’s Azoff Music Management is buying out The Madison Square Garden Company’s 50% stake in their joint venture.

The partnership was struck in 2013, under the name Azoff MSG Entertainment.

Azoff will pay US$125 million to the New York-based Madison Square Garden Company, which runs a number of prestigious venues including Madison Square Garden in New York and The Forum in Los Angeles.

The two entities will continue to work together, with The Azoff Company continuing to advise MSG, on projects that include the Forum and the high-tech MSG Sphere initiatives planned for Las Vegas and London.

The MSG Sphere is state of the art venues built to “pioneer the next generation of immersive experiences”.

It is set to open in Las Vegas in fiscal 2021 and in London a year later.

When the JV was established five years ago,  the Forum was launched as a music & entertainment-only venue in a spectacular fashion, with a giant vinyl record on the roof, and a residency by The Eagles, whom Azoff has long managed.

“I am extremely proud that my partner, Jim Dolan, and I built an innovative company which always put the artists’ and songwriters’ interests first,” Azoff said in a statement.

“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.”

Azoff's company holdings include Fullstop Management, performance rights company Global Music Rights, Oak View Group (a company focused on the sports and entertainment venue industry, which owns Pollstar Magazine), and premium experience company LaneOne.