The deal between Madison Square Garden Company and Tribeca Enterprises values the latter at $45m and has the potential to expand the festival’s New York footprint into two of the most iconic venues in town.

Tribeca Enterprises will continue to be led by CEO and co-founder Jane Rosenthal as well as president and COO Jon Patricof who will lead day-to-day management and strategic development.

MSG’s portfolio of properties includes Madison Square Garden, Radio City Music Hall and Beacon Theatre in New York, as well as The Chicago Theatre, the Forum in Inglewood, California, and the Wang Theatre in Boston.

“This partnership with Tribeca Enterprises and the Tribeca Film Festival – one of the top film festivals in the world – strengthens MSG’s position in the entertainment industry and is another example of our continued focus on pursuing attractive growth opportunities that make strategic sense for the company,” said Tad Smith, MSG president and chief executive officer.

“We look forward to supporting Tribeca’s ambitious vision – to honour not only movies, but the future of storytelling – while utilising the tremendous platforms of both brands to drive the value and growth of our respective businesses.”

“Bob De Niro and I have built a brand that supports community, artists, filmmakers and storytellers, we are thrilled to be a member of MSG’s family of iconic entertainment brands,” said Rosenthal.

“Our partnership will allow us to grow the festival and enhance the experience for our audience and provide more opportunities for the creative and filmmaking community nationally and internationally.”

For Tribeca Enterprises, Evolution Media Capital and LionTree Advisors served as financial advisors and Paul Hastings LLP served as counsel, while for MSG, Hughes, Hubbard & Reed LLP served as counsel.