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Tribeca Enterprises, the presenter of the Tribeca Film Festival and a film company co-founded by Robert De Niro, has sold a 50 percent stake to the Madison Square Garden Company.
The agreement, which was announced on Saturday, will merge two of New York’s most popular business brands, reports Associated Press. It gives Madison Square Garden an in with the film business, while giving Tribeca Enterprises a connection with one of the highest profile entertainment companies.
The Tribeca Film Festival was founded in 2002 by Jane Rosenthal, Robert De Niro and Craig Hatkoff. It is held annually, and will take place on April 16 of this year. The festival will showcase 89 feature films and 58 shorts from over 6,100 submissions.
“You do get to a point when you’re a start-up, in essence, when you can’t do it alone,” Rosenthal said, according to The NY Times.
The deal values Tribeca at $45 million.
The Madison Square Garden Company also owns Radio City Music Hall, the Beacon Theatre, the New York Knicks and the New York Rangers. Tribeca plans to take advantage of these multiple properties.
When asked how she sees Tribeca doing in the future, Rosenthal said “Nothing is ever what I expect, and I suppose I should end that sentence there.”