Azoff (r) helped reinvent MSG facilties like The Forum, a venue dedicated to music and entertainmentGETTY IMAGES
Irving Azoff is "buying out" MSG's 50% stake in Azoff MSG Entertainment for $125M, according to Alexandra Steigrad of the N.Y. POST. The firm will now be "called Azoff Company," and Azoff will serve as its Chair & CEO. A source said that the company will "continue to advise MSG on several projects," including The Forum in Inglewood, Calif., and the MSG Sphere initiative, which "includes plans to build massive venues" in London and Las Vegas. When Azoff MSG Entertainment was launched five years ago, it was "meant to be an answer to the music industry's fragmented marketplace." Azoff helped MSG Chair & CEO James Dolan "reinvent MSG's venues, most notably The Forum, which has emerged as a top arena-sized venue dedicated to music and entertainment." Last week, MSG said that it would "move forward with its plans to split the company in two, separating its sports teams from its live entertainment business." The spinoff is "expected to be completed" in the first half of '19 (N.Y. POST, 10/9). BILLBOARD's Dave Brooks noted for the acquisition, JPMorgan and Centerview Partners served as financial advisors to MSG and Azoff Music Management, respectively (BILLBOARD.com, 10/8).
