The Madison Square Garden Company Acquires 12% Stake In Townsquare
August 17, 2016 at 5:12 AM (PT)
THE MADISON SQUARE GARDEN COMPANY (MSG) has acquired an approximately 12% percent common equity stake in TOWNSQUARE MEDIA. "We are thrilled that MSG has elected to become a shareholder of our company, and we look forward to collaborating with them in the future," said TOWNSQUARE Chairman/CEO STEVEN PRICE. "MSG is a leading provider of live entertainment with world-class venues, and there is no doubt that we will benefit from having their support."
MSG Pres./CEO DAVID O'CONNOR commented, “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 our attention -- to drive additional value and growth for both businesses.”
“I have had the opportunity to work with STEVEN and the TOWNSQUARE team closely this past year," said AZOFF MSG ENTERTAINMENT Chairman/CEO IRVING AZOFF. "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.”