If there’s a media buyer that had not heard of Townsquare Media prior to Wednesday’s announcement that Madison Square Garden Co. has acquired GE Capital’s 12% common equity stake in the owner of 310 radio stations, 325 local websites, a digital marketing solutions company and a digital advertising network focused on music and entertainment, their boss better not know of their ignorance.
The owner of New York’s Madison Square Garden arena and theater; Radio City Music Hall; live music venue Beacon Theatre; the Forum in Inglewood, Calif.; the Chicago Theatre; and the Wang Theatre in Boston; the NBA’s New York Knicks, the WNBA’s New York Liberty, and the NHL’s New York Rangers; the Boston Calling Music Festival; and Radio City Rockettes Christmas Spectacular and New York Spectacular invested close to $30 million in acquiring the 3.2 million shares from GE Capital.
Why did MSG Co. do so?
Townsquare Media CEO Steven Price suggested to old friend Irving Azoff that they do so.
The Chairman/CEO of Azoff MSG Entertainment listened.