tribeca1UPDATE, 3:25PM:  Madison Square Garden Company is buying a 50% stake in Tribeca Enterprises at $45 million, both companies have confirmed.  CEO and co-founder Jane Rosenthal will continue to lead Tribeca along with President and COO Jon Patricof. For MSG, the upside is Tribeca’s content, not to mention an entry into the film festival business, while Tribeca will benefit from MSG’s marketing and promotional expertise and platforms. It also puts Tribeca in a position to expand its film festival brand and programs in New York and nationally. In the future, MSG will have the opportunity to up its share in Tribeca.

PREVIOUS BREAKING, SATURDAY 2:41PM:  Madison Square Garden Company is making a strategic investment in Tribeca Enterprises — which includes Tribeca Film Festival. MSG is taking a substantial position in Tribeca. We are told MSG’s investment is at least $20 million-plus, upwards of $45 million.  MSG and Tribeca are two of the best-known Gotham-based entertainment brands. The Tribeca Film Festival attracted 450,000 attendees last year at $550 a pop for top tier passes and $350 for second tier tickets. The fest is said to generate $750 million in economic activity for New York City. We are told that Tribeca Productions, which was founded by Robert De Niro and Jane Rosenthal in 1989, is not part of the deal.

Related: MSG Teams With Irving Azoff on New Entertainment Venture

msgMSG brings in millions of buyers (with Ticketmaster) with an impressive event calendar that includes some of the biggest concerts and sporting events (they own the New York Knicks and Rangers), and owns venues such as Radio City Music Hall and the Forum in Inglewood, CA.  Just this past September, MSG entered into an entertainment joint venture with music manager Irving Azoff to develop artist and fan friendly projects in music, TV and digital media. MSG brought $125M to the table for those deals with another $50M in revolving credit. MSG also put Fuse their music channel, which reaches 74M households, on the block shortly thereafter. Earlier this month, Sean Combs offered $200M to acquire Fuse.

Related: MSG Puts Fuse Channel on the Block

Tribeca Enterprises is a diversified global media company based in New York City. Established in 2003 by Robert De Niro, Jane Rosenthal and Craig Hatkoff, the company’s brands include the Tribeca Film Festival, Tribeca Film Festival International, and Tribeca Cinemas.  The Tribeca Film Festival which runs this year from April 16-27, was launched in 2002, partly to spur the vitality of the Tribeca neighborhood in Manhattan following the 9/11 attacks.

Related: MSG Plans $100 Million Makeover for the LA Forum