Published on Friday 19 August 2016The Madison Square Garden Company has taken a 12% stake in USA media firm Townsquare, it has been confirmed, with plans for the two companies to seek strategic alliances moving forward.
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“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”. These guys really excel and are a ideal complement to what we are building at Azoff MSG Entertainment.
MSG partner Irving Azoff helped the collaboration come to fruition after working “closely” with Townsquare over the past year. When this opportunity presented itself, my partners at MSG enthusiastically invested.
The two will try to draw on shared expertise in music and live events to pursue “bookings, sponsorship and marketing” opportunities while also getting MSG more into the festival business. MSG Sports is involved in live sporting events. MSG fell less than 1 percent to $184.71. Additional information may be found in the Form 8-K that will be filed by Townsquare with the U.S. Securities and Exchange Commission.
The stock of Madison Square Garden Co (NYSE:MSG) hit a new 52-week high and has $293.97 target or 56.00% above today’s $188.44 share price.
Madison Square Garden Co.
About Townsquare Media. Inc.
Townsquare’s diverse portfolio includes radio stations, events like Taste of Country Music Festival and Mountain Jam, and websites like XXL.com and BrooklynVegan.com.
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Last year, the MSG Co. spun off its media business MSG Networks, which distributes its regional sports TV networks. MSG owns teams including New York’s Knicks and Rangers and venues including Madison Square Garden and Radio City Music Hall in NY. MSG Networks airs live games and related content for the Knicks, Rangers and NHL’s Islanders and Buffalo Sabres. Over the next 20 years he assumed positions of increasing responsibility at Radio City Music Hall, including head electrician of the stage crew; head carpenter; technical director of the Christmas Spectacular; vice president of production; and general manager.
