Hughes Hubbard & Reed represented The Madison Square Garden Company (MSG) in its acquisition of a 50 percent stake in Tribeca Enterprises, the company that owns and operates the acclaimed Tribeca Film Festival and other businesses, co-founded by Robert De Niro in the wake of the Sept. 11 terrorist attacks.
The deal, announced on March 22, values Tribeca Enterprises at $45 million. The partnership combines two of New York's most important cultural and entertainment icons to enhance the reach and impact of both brands while creating new avenues for growth.
In addition to the Tribeca Film Festival, an annual springtime event that starts this year on April 16, Tribeca Enterprises' other businesses include Tribeca Digital Studios, a branded entertainment content business; Tribeca Cinemas, an event space; and Tribeca Film, an independent film distribution label. MSG owns some of New York's premiere venues, including Radio City Music Hall and the Beacon Theatre.
MSG President and CEO Tad Smith said the deal "is another example of our continued focus on pursuing attractive growth opportunities that make strategic sense for the company."
"We look forward to supporting Tribeca's ambitious vision—to honor not only movies, but the future of storytelling—while utilizing the tremendous platforms of both brands to drive the value and growth of our respective businesses."
The deal made headlines in The New York Times, the Los Angeles Times, the New York Post, Bloomberg, The Associated Press and other news outlets.
Ken Lefkowitz, Chuck Samuelson and Michael Traube led the Hughes Hubbard team, which included Andy Braiterman, Jeff Coleman, Freddie Goudie, Dan Schnapp, Steve Greene, Sam Sultanik, David Gold, Erin DeCecchis, Tom Furst, Webster McBride, Celeste Pozo, Carole Remy, Justin Greenbaum, Lindsay Orosz, Julie Hanus and Matt Syrkin.