Madison Square Garden Co. sold its $44 million stake in Live Nation Entertainment Inc., severing ties with the concert promoter after MSG Chairman James Dolan stepped down from Live Nation’s board last month.
MSG, the New York sports and entertainment company that owns the Knicks and Rangers, sold all of its approximately 3.9 million shares in Live Nation, according to a statement today.
Dolan’s resignation, which was announced in a filing by Live Nation in February, followed Irving Azoff’s decision to step down as chairman of the company in December. MSG acquired its stake as part of a transaction Live Nation completed in February 2011, when it bought the remaining 25 percent of Azoff’s Front Line Management Group that it didn’t already own.
Shares of Live Nation, the world’s largest concert promoter and ticket seller, rose 0.2 percent to $11.65 at the close in New York. MSG’s stock fell 1 percent to $55.42.
Dolan, who also serves as chief executive officer of Cablevision Systems Corp., had joined Live Nation’s board in June 2011.