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NEW YORK, March 22, 2014 (GLOBE NEWSWIRE) -- The Madison Square Garden Company (Nasdaq:MSG) and Tribeca Enterprises, the company that owns and operates the acclaimed Tribeca Film Festival (TFF) and other businesses, announced today that MSG has purchased a 50 percent interest in a transaction that values Tribeca Enterprises at $45 million. The partnership brings together two of New York's most important cultural and entertainment icons to enhance the reach and impact of both brands, while creating new avenues for growth.
"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 chief executive officer, 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."
"Bob De Niro and I have built a brand that supports community, artists, filmmakers and storytellers, we are thrilled to be a member of MSG's family of iconic entertainment brands," Jane Rosenthal, CEO and Co-founder, Tribeca Enterprises. "Our partnership will allow us to grow the Festival and enhance the experience for our audience and provide more opportunities for the creative and filmmaking community nationally and internationally."