UPDATE, 3:25PM: Madison Square Garden Company is buying a 50% stake in Tribeca Enterprises at $45 million, both companies have confirmed. CEO and co-founder Jane Rosenthal will continue to lead Tribeca along with President and COO Jon Patricof. For MSG, the upside is Tribeca’s content, not to mention an entry into the film festival business, while Tribeca will benefit from MSG’s marketing and promotional expertise and platforms. It also puts Tribeca in a position to expand its film festival brand and programs in New York and nationally. In the future, MSG will have the opportunity to up its share in Tribeca.
PREVIOUS BREAKING, SATURDAY 2:41PM: Madison Square Garden Company is making a strategic investment in Tribeca Enterprises — which includes Tribeca Film Festival. MSG is taking a substantial position in Tribeca. We are told MSG’s investment is at least $20 million-plus, upwards of $45 million. MSG and Tribeca are two of the best-known Gotham-based entertainment brands. The Tribeca Film Festival attracted 450,000 attendees last year at $550 a pop for top tier passes and $350 for second tier tickets. The fest is said to generate $750 million in economic activity for New York City. We are told that Tribeca Productions, which was founded by Robert De Niro and Jane Rosenthal in 1989, is not part of the deal.