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Stock Market & Financial Investment News

News Breaks
March 22, 2014
20:10 EDTMSGMadison Square Garden purchases 50% interest in Tribeca Enterprises
The Madison Square Garden Company and Tribeca Enterprises announced that MSG has purchased a 50% interest in a transaction that values Tribeca Enterprises at $45M. "This partnership with Tribeca Enterprises and the Tribeca Film Festival - one of the top film festivals in the world strengthens MSG's position in the entertainment industry and is another example of our continued focus on pursuing attractive growth opportunities that make strategic sense for the company," said Tad Smith, president and CEO of The Madison Square Garden Company. "We look forward to supporting Tribeca's ambitious vision - to honor not only movies, but the future of storytelling while utilizing the tremendous platforms of both brands to drive the value and growth of our respective businesses." In addition to enhancing MSG's portfolio New York City entertainment brands, the joint venture expands MSG's reach through exposure to new content categories such as film and innovation, while providing MSG with a high-profile entry into the festival business. The partnership will allow both companies to explore joint sponsorship opportunities, while providing TFF with access to MSG's marketing and promotional expertise and platforms, along with its knowledge of ticketing and booking. In addition, TFF will have the opportunity to expand festival-related programs year round, both in New York and nationally. As part of the new partnership, MSG will also have the opportunity to increase its stake in Tribeca Enterprises over time.
News For MSG From The Last 14 Days
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July 21, 2014
11:04 EDTMSGMadison Square Garden downgraded to Neutral at Macquarie (pre-open)
Pre-open, Macquarie downgraded Madison Square Garden to Neutral from Outperform citing valuation. Price target is $61.

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