An exterior view of Madison rectangular garden in long island, N.Y., on Feb. 12, 2015.(image: Bob Donnan, u . s . a . nowadays activities)
The Madison rectangular garden Co., which owns the long island Knicks and the NBA team's domestic arena, talked about Wednesday that it had taken a 12% stake in Townsquare Media.
MSG bought about 3.2 million shares of the Greenwich, Conn.- based mostly Townsquare, which owns 310 radio stations and greater than 325 websites across the U.S. and operates about 550 are living events including the taste of country song festival in Hunter, N.Y.
both companies will work together to expand reside activities, a technique that MSG has been specializing in these days, the companies observed.
"the use of its different portfolio of radio stations, digital belongings and are living pursuits, Townsquare creates compelling content that brings americans collectively and builds communities," MSG Co. CEO and President David O'Connor mentioned in a statement. "We keep in mind and share their belief in the value of terrific, reside experiences, and seem forward to working together ... to force extra value and increase for both companies."
Madison rectangular backyard Co. (MSG) shares are up nearly 21% to date this year, to $186.30, while Townsquare (TSG) shares have fallen 27% to $8.42 thus far this year.
last year, the MSG Co. spun off its media enterprise MSG Networks, which distributes its regional activities television networks.
comply with Mike Snider on Twitter: @MikeSnider
study or Share this story: http://usat.ly/2bAAzn1
No comments:
Post a Comment