Tribeca Enterprises, the film company co-founded by Robert De Niro and the presenter of the Tribeca Film Festival, has sold a 50 percent stake to the Madison Square Garden Company.
The deal, announced Saturday night, combines two major New York show business players. It gives Tribeca Enterprises the marketing power of a growing sports and entertainment company and offers the MSG Co. an entry into the film business.
The deal values Tribeca Enterprises at $45 million. The acquisition comes just weeks before the 13th annual Tribeca Film Festival begins April 16. The company was co-founded by De Niro and Jane Rosenthal, who will remain CEO.
Among the properties owned by the MSG Co. are Radio City Music Hall, the Beacon Theatre, the New York Knicks, and the New York Rangers. The opening night of the Tribeca Film Festival, a screening and concert for the documentary about the rapper Nas, "Time is Illmatic," will be held at the Beacon Theatre.
The MSG Co.'s MSG Productions on Friday canceled the opening of its high-profile Rockettes show "Hearts and Lights" days before its scheduled debut.
© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.