The Madison Square Garden Company takes about a 12 percent common equity stake in Townsquare. MSG purchased 3.2 million shares of GE Capital’s Class C Common Stock. Townsquare did not receive any proceeds from this transaction. Townsquare CEO Steven Price is also purchasing 50,000 shares of GE Capital’s Class C Common Stock.
“I have had the opportunity to work with Steven and the Townsquare team closely this past year. 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,” said Irving Azoff, chairman and CEO of Azoff MSG Entertainment.
David O’Connor, president and CEO of The Madison Square Garden Company, 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.”
From the joint press release: “MSG and Townsquare will seek to utilize their shared experience in music and live events to explore bookings, sponsorship and marketing opportunities, as well as the potential expansion of Townsquare’s live offerings. MSG’s investment in Townsquare will also provide MSG with additional insight into the festival business, which MSG has been exploring as part of its larger goal to strengthen and expand its position in the live experience space.”
