Azoff Music Management will pay $125 million to acquire The Madison Square Garden's stake in the company, according to reports. The split appears amicable and will allow Azoff to be its own sole owner while it continues a multi-year contract advising MSG.
The 50/50 arrangement of Azoff shares started in 2013 with an intention of promoting MSG venues and events. Azoff was influential in the rebirth of the massive LA arena The Forum in 2014, and its work with MSG was met with great successes.
Irving Azoff, CEO and founding member of Azoff Management, spoke of his continued commitment to a partnership with MSG:
“I am extremely proud that my partner, Jim Dolan, and I built an innovative company which always put the artists’ and songwriters’ interests first… 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.”