Irving Azoff’s management company will acquire Madison Square Garden’s 50% interest in Azoff MSG Entertainment for $125m. Irving will rename his venture The Azoff Co.

The two companies have also entered into multi-year consultancy agreements, under which Azoff’s company will continue to advise MSG on The Forum and MSG Sphere initiative.

Azoff MSG Entertainment was established in 2013 between MSG and Azoff Music Management and has played a key role in redeveloping The Forum as a live entertainment venue.

“I am extremely proud that my partner, Jim Dolan, and I built an innovative company which always put the artists’ and songwriters’ interests first,” said Azoff, Chairman/CEO of The Azoff Co. “The Azoff Company will build on this foundation of positive disruption and artist advocacy: we will continue to challenge antiquated parts of the entertainment business on behalf of artists and fans. The Azoff Co. is proud to renew our commitment to the Forum and MSG’s transformative vision for the best possible, live entertainment experience.”

Dolan said, “Irving will continue to enjoy incredible success in his company and in his continued role with us. This evolution of our relationship comes at a time when we are working to align all areas of our business to support our goal—the creation of next-generation venues that will transform the live experience.”

The Azoff Company’s portfolio includes Fullstop Management, the next-gen PRO Global Music Rights, Oak View Group and LaneOne, described as a premium-experience company.

The move comes as Madison Square Garden is exploring splitting its company in two, one side for sports and the other for venues.