×

Irving Azoff and Tim Lieweke’s Oak View Group Scores $100 Million Investment From Silver Lake

Oak View Group, the entertainment and sports facilities company founded by veteran manager Irving Azoff and former AEG CEO Tim Lieweke, has received a strategic infusion from private equity firm Silver Lake, the company announced today. While terms of the deal were not officially disclosed, sources close to the situation said a Wall Street Journal report claiming that the amount was $100 million was likely accurate, with possibly more to come.

According to the announcement, the investment will support OVG’s growth strategy, including its arena development projects and other strategic initiatives.

Founded in 2015, Oak View is led by Leiweke and backed by Azoff MSG Entertainment. Four years ago, Azoff and MSG joined forces in a $300 million deal that combined some of the companies’ operations while others remain independent, at least officially. James Dolan’s MSG operates New York’s Madison Square Garden and Los Angeles’ Forum; Azoff consults for the company. Oak View Group comprises a sponsorship/partnership company, a consulting division, a venue security company, a media and conference division, a venture fund/equity division and the Arena and Stadium Alliance, designed to create efficiencies and cooperation between venues including Madison Square Garden, the Los Angeles Forum, Boston’s TD Garden, Denver’s Pepsi Center, Chicago’s United Center, Dallas’ American Airlines Center and others.

It was recently awarded the right to redevelop Key Arena in Seattle with partners David Bonderman and Jerry Bruckheimer, and played a key role in attracting an NHL expansion team to the market for the first time. It also partnered with New York Mets COO Jeff Wilpon and the New York Islanders to form a group that was awarded the right to build a new arena for the Islanders adjacent to the Belmont Racetrack in New York. The company recently entered the facilities management business through its acquisition of Pinnacle Facility Management.

OVG’s Tim Leiweke said, “In less than three years, Oak View Group has made a significant positive impact on the sports and entertainment facilities landscape. I am very proud of what we have accomplished in such a short time. This deal with Silver Lake provides us with capital to continue to grow our business as well as invaluable expertise and relationships.”

“Technology’s impact on the global media and entertainment sectors has created new opportunities for OVG,” said Lee Wittlinger, Managing Director at Silver Lake. “We firmly believe that OVG is positioned to become a world-class franchise in sports and live events. We look forward to working with Tim, Irving, and their team of category experts as a strategic partner in the company’s next phase of growth.”

Silver Lake has approximately $39 billion in combined assets under management and committed capital and a team of approximately 100 professionals located in Silicon Valley, New York, London, Hong Kong and Tokyo. Its current portfolio includes Alibaba Group, Ancestry, Dell Technologies, GoDaddy, Motorola Solutions, Symantec and Unity.

 

Popular on Variety

More Music

  • US record producer The-Dream arrives for

    Top Music Publishers Come Together for Songs of Hope Honors

    The 15th annual Songs of Hope honors united songwriters, music industry insiders and more than a few preeminent doctors at producer Alex Da Kid’s Sherman Oaks compound on Thursday night. Jimmy Jam returned to host the event, which served as a fundraiser for the ever-vital City of Hope medical treatment center as well as a [...]

  • Monkees/Badfinger/Nazz Supergroup Takes Beatles' 'White Album'

    Monkees/Badfinger/Nazz Supergroup Gets Back to '68 by Touring Beatles' 'White Album'

    The 50th anniversary re-release of 1969’s “Abbey Road” may be just days away, but that doesn’t mean Beatles fans have been there and done that when it comes to celebrating ’68. Todd Rundgren, the Monkees’ Mickey Dolenz, Badfinger’s Joey Molland and several other name musicians of a certain vintage are teaming up to go out [...]

  • Rob Cowan, Greg Silverman'The Conjuring 2'

    Greg Silverman’s Stampede, School of Rock Team for Unscripted Series (EXCLUSIVE)

    Former president of Warner Bros. Pictures Greg Silverman is partnering with School of Rock through his content creation company Stampede. The collaboration with the music school will create exclusive content, starting with the development of an unscripted series.  School of Rock operates a network of performance-based education franchises that offer students of all ages guidance [...]

  • 'Downton Abbey' Music Gets 'Bigger, Better,

    As 'Downton Abbey' Hits the Silver Screen, the Music, Too, Gets 'Bigger, Better, Grander'

    When “Downton Abbey” fans hear that familiar strings-and-piano theme, a Pavlovian response ensues: Get to the television immediately, because you don’t want to miss a minute of the addictive Crawley family melodrama to follow. This week, with the “Downton Abbey” movie reaching theaters on Friday, fans can’t wait for their fix of Lady Mary and [...]

  • Saweetie

    Saweetie's 'My Type' Is a Smash, but Is it Too Provocative for Top 40?

    Saweetie’s “My Type” is a smash. The high-energy, up-tempto, bad bitch anthem has proven to be an undeniable force. Having won the hearts of TikTok users, radio (rhythmic, urban and now Top 40, logging more than 81,000 combined spins, according to Mediabase) and streaming, where BuzzAngle Music records 160 million U.S. streams to date and [...]

  • Editorial use only. No book cover

    Peter Coyote Riffs on 'Country Music' and How He Admires and Challenges Ken Burns

    Though an instantly recognizable face from films such as “E.T. the Extra-Terrestrial,” “A Walk to Remember” and “Erin Brockovich,” it is Peter Coyote’s voice — a coolly authoritative baritone with a Zen master’s holy roll — that has endeared him to documentary lovers and makers. Alrhough director-writer Alex Gibney used Coyote’s wisened narration for “Enron: [...]

  • SAG-AFTRA HQ

    SAG-AFTRA Reaches Deal With Record Labels on Music Videos

    SAG-AFTRA has reached an agreement with the major record labels on a three-year successor contract to their music video agreement. The union announced Friday that the deal achieves important economic and safety gains for performers working in music videos. Details of the new agreement will not be released until after it is reviewed by the [...]

More From Our Brands

Access exclusive content