Madison Square Garden Sells Stake In Live Nation Entertainment
This isn’t a complete surprise following the announcement late last month that Madison Square Garden Executive Chairman Jim Dolan resigned from the Live Nation board. MSG had 3.9M Live Nation shares — about 2% of the total — and says this morning that it sold all of the stock for $44 million. That comes to about $11.28 a share, below yesterday’s closing price of $11.63. The sale follows the surprise year-end resignation of Irving Azoff, who was Live Nation’s executive chairman. He’s close to Dolan and manages the guitar-playing cable exec’s blues band, JD And The Straight Shot. MSG said it wouldn’t comment on the transaction. Live Nation shares are down 1.9% in early trading.
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