NEW YORK -- Tribeca Enterprises, the film company co-founded by Robert De Niro and the presenter of the Tribeca Film Festival, has sold a 50 per cent 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 US$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 the New York Rangers, the New York Knicks, Radio City Music Hall and the Beacon Theatre.
The opening night of the Tribeca Film Festival, a screening and concert for the documentary about rapper Nas, Time is Illmatic, will be held at the Beacon Theatre.
-- The Associated Press