×
You will be redirected back to your article in seconds

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.

 

More Music

  • Donald Glover'Atlanta' TV show premiere, Arrivals,

    Childish Gambino Surprises Beverly Hills Crowd With Reimagined 'Redbone'

    Donald Glover made an unexpected appearance at Film Independent’s “An Evening With…” series tonight (Jan. 15), held at the Wallis Annenberg Center for Performing Arts in Beverly Hills and presented by the HFPA. Joining “Black Panther” composer and Childish Gambino collaborator Ludwig Göransson, who was the subject of a Q&A conducted by “The Treatment” host Elvis [...]

  • French Montana performingCelebrities at BASE Dubai,

    Gucci Mane, French Montana, Tiesto Tapped to Perform Super Bowl Weekend

    Gucci Mane, French Montana, Tiësto and Kaskade are among the artists headed to Atlanta at the end of the month as part of Super Bowl weekend festivities in the city. The four performers will be playing at The H.wood Group’s annual Bootsy Bellows “Big Game Experience” pop-up, taking place this year at the new live music venue, [...]

  • apple music

    Verizon Bundles Apple Music With Top-Tier Unlimited Wireless Plans for No Extra Charge

    Verizon has expanded its ties to Apple — offering wireless subscribers on its two most expensive unlimited plans access to the Apple Music for no extra charge. Starting Jan. 17, Apple Music will be included in Verizon’s Beyond Unlimited and Above Unlimited plans, the telco announced Tuesday. For Apple, the bundling agreement promises to augment [...]

  • R. KellyR. Kelly in concert at

    'Surviving R. Kelly' Producers on the Lifetime Doc's Ripple Effect

    The ripple effect of “Surviving R. Kelly” continues to widen more than a week after the documentary aired on Lifetime, renewing public interest — and outrage — over the litany of sexual abuse allegations against the R&B artist. Lady Gaga and Phoenix have apologized for working with him. Chance the Rapper and other artists are said to [...]

  • Jeremy Vuernick

    Capitol Music Group Promotes Jeremy Vuernick to Executive VP of A&R

    Jeremy Vuernick has been promoted to Executive Vice President of A&R for Capitol Music Group, it was announced today by CMG COO Michelle Jubelirer and president Ashley Newton. In his elevated position, Vuernick will draw upon his broad experience as an A&R executive to sign and develop artists for the company, as well as oversee recording projects for new and [...]

More From Our Brands

Access exclusive content