Robert De Niro's film festival is valued at $45 million.
The Madison Square Company has purchased a 50 per cent stage in Tribeca Enterprises - owners of the film festival co-founded by Robert De Niro in the wake of the September 11 terrorist attacks - for $22.5 million.
Robert De Niro Co-Founded the Tribeca Film Festival in 2003
According to Business Week, the investment valued Tribeca at $45.5 million and MSG will have the opportunity to gain a majority ownership over time.
The partnership plans to capitalize on MSG's illustrious and lucrative collection of entertainment venues across the city, including Radio City Music Hall, the Beacon Theatre and, of course, Madison Square Garden.
Tad Smith, MSG's chief executive officer, called the deal "is another example of our continued focus on pursuing attractive growth opportunities."
In a separate deal, MSG is trying to offload Fuse, its music cable channel. Interested buyers reportedly include Sean 'P Diddy' Combs and NuvoTV, which is backed by Jennifer Lopez. It is understood that a deal could be done at around the $350 million mark.
Robert De Niro, Jane Rosenthal and Craig Hatkoff established Tribeca Enterprises in 2003 in a bid to stimulate the local economy about 10 months after the attacks on the World Trade Center. Rosenthal will continue as CEO of the company.
MSG also owns the New York Knicks and the New York Rangers. It's assets outside of New York include controlling the operations of the Chicago Theatre and owning The Form in Inglewood, California.
This year's Tribeca Film Festival runs from March 23, 2014. Features include the gritty prison drama 'Starred Up' which has emerged as one of the best reviewed movies of the year. It stars Jack O'Connell as a criminal making the transition from a young offenders institute to a regular prison.