De Niro firm sells stake to Madison Square Garden

Associated Press
FILE - In a Saturday, Jan. 18, 2014 file photo, Robert De Niro speaks on stage at the 20th annual Screen Actors Guild Awards at the Shrine Auditorium, in Los Angeles. A film company co-founded by De Niro called Tribeca Enterprises is selling a 50 percent stake to the Madison Square Garden Company, according to a deal that was announced Saturday, March 22, 2014. (Photo by Frank Micelotta/Invision/AP)
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NEW YORK (AP) — A film company co-founded by Robert De Niro called Tribeca Enterprises is selling a 50 percent stake to the Madison Square Garden Company.

The deal was announced Saturday night. It combines two major New York show business players, 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 $45 million. The company was co-founded by De Niro and Jane Rosenthal, who will remain CEO.

Among the properties owned by the MSG Co. are Radio City Music Hall, the Beacon Theatre, the New York Knicks and the New York Rangers.

The company is also the presenter of the Tribeca Film Festival. The 13th festival begins April 16.

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