Madison Square Garden Acquires 12% of Townsquare

[Y2kTheNewOldies]

http://news.****************/cgi-bin/rol.exe/headline_id=n33179

Interesting move here.

I have had the opportunity to work with Steven and the Townsquare team closely this past year. These guys really excel and are a perfect complement to what we are building at Azoff MSG Entertainment," said Irving Azoff, chairman and CEO of Azoff MSG Entertainment. "When this opportunity presented itself, my partners at MSG enthusiastically invested. I look forward to deepening our relationship and working on both existing and new projects with Townsquare and MSG."

MSG and Townsquare will seek to utilize their shared experience in music and live events to explore bookings, sponsorship and marketing opportunities, as well as the potential expansion of Townsquare's live offerings. MSG's investment in Townsquare will also provide MSG with additional insight into the festival business, which MSG has been exploring as part of its larger goal to strengthen and expand its position in the live experience space.

In addition to owning radio stations in 66 markets and digital media assets, Townsquare's live offerings include approximately 550 events in the U.S. and Canada that attract nearly 18 million attendees each year.

 

[TheBigA]

As the story indicates, this isn't really a radio story. It's about Townsquare's live event business. That's where the growth is. Not towers and transmitters. This is why all radio companies need to look outside their radio business for new growth. Townsquare and iHeart are currently the only ones doing it.

"MSG's investment in Townsquare will also provide MSG with additional insight into the festival business, which MSG has been exploring as part of its larger goal to strengthen and expand its position in the live experience space."

 

[PTBoardOp94]

This is why all radio companies need to look outside their radio business for new growth. Townsquare and iHeart are currently the only ones doing it.

That's not true. Cumulus bought a magazine and a record label! Talk about growth!

 

[davideduardo]

That's not true. Cumulus bought a magazine and a record label! Talk about growth!

They shuttered the magazine, and I believe the label was spun off (but not sure about that... info is sketchy).

So Cumulus is not presently "doing it" today.

 

[TheBigA]

That's not true. Cumulus bought a magazine and a record label! Talk about growth!

What I meant to say was radio companies need to look at actual growing businesses for new growth.

Magazines and record labels aren't growth businesses, regardless of who owns them.

Townsquare and iHeart are big investors in digital and live events. Those are growth areas now. I believe more radio companies should look into those businesses.