MSG Entertainment
Are we having fun yet? It’s time to rally for another spin ’round the Executive Turntable, Billboard’s weekly compendium of promotions, hirings, exits and firings — and all things in between — across the music business. There’s been a whole mess of news this week, so let’s get to it.
Madison Square Garden Entertainment appointed David Collins as executive vice president and chief financial officer, effective April 14. Collins will oversee all financial functions at MSG Entertainment, including financial planning and analysis, controllership, treasury, investor relations, tax and procurement, reporting directly to executive chairman and CEO James L. Dolan. MSG Entertainment’s portfolio includes Madison Square Garden, Radio City Music Hall and the Beacon Theatre in NYC, and the Chicago Theatre in take-a-guess. With over 30 years of experience, Collins brings expertise across live entertainment, sports, energy, transportation and restaurant industries. He previously served as CFO and EVP at Harris Blitzer Sports and Entertainment, managing finance, accounting, analytics, and ticket operations for the Prudential Center, Philadelphia 76ers, and New Jersey Devils. Collins also held c-suite roles at Base Entertainment and began his career as a CPA at Ernst & Young. Dolan expressed confidence in Collins’s broad financial experience, particularly in live entertainment and sports, as MSG Entertainment advances key initiatives and long-term goals.
Danny Buch, a promo veteran with decades under his belt who helped break artists from Stone Temple Pilots to Brandi Carlile plus a fair share of “hair” (bands), announced he has departed Sony Music after a 20-year run at two of the label’s indie distribution arms and is launching his own shop, Danny Buch Promotion. Until recently, Buch was senior vp of promotion at Sony’s The Orchard, where he worked artists like BTS, Kelsea Ballerini, Walk off the Earth, Jack White and Bad Bunny at radio. Pre-Orchard, he helped pioneer independent artist promotion by launching RED Distribution’s promo arm in 2005 and stayed there until Sony merged RED into Orchard, starting in 2017. (The RED name was retired later.) During his RED days, Buch helped break Phoenix, Ingrid Michaelson, Alabama Shakes and more indie darlings. But before he saw RED, Buch clocked 25 years at Warner, where he played an integral role in Atlantic Records’ promotion department between 1980 and 2004. Co-heading promo for much of his tenure, Buch lead efforts on behalf of Atlantic giants like AC/DC, INXS, Rush, Genesis, Led Zeppelin, CSNY, Hootie & the Blowfish, STP and more. In the mid-to-late 1980s he broke a chunk of hair/glam metal hits of the day, given Atlantic was home to RATT, Skid Row, White Lion, Winger, Twisted Sister and more. On his next chapter, Buch said: “In launching my new venture, I recognize the opportunity to tap into my years of relationships, in helping both artists & labels. I’m excited about the incredible prospects that lie ahead.” Contact: dbuchmail@gmail.com
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Sarah Gabrielli has been promoted to head of A&R at Sony Music Publishing UK, where she will lead the UK A&R team, strengthen creative strategies, and create new opportunities for songwriters. Based in London, she continues to report to president and co-managing director David Ventura. Over her eight years at SMP, Gabrielli has signed and worked with artists including Artemas, Beabadoobee, Cian Ducrot, Jordan Rakei, Arlo Parks and Two Inch Punch, and her most recent wins include Charli XCX’s 2024 album BRAT. Ventura praised Gabrielli’s passion, leadership, and deep commitment to artist development, calling her promotion a natural next step. Co-managing director Tim Major echoed the sentiment, saying “she is someone who leads with heart, empathy, passion and dedication.”
Michelle Bower joined The Neal Agency as president of strategic partnerships. Bower most recently served as associate sr. vp at LaForce, leading campaigns for companies/brands including Madewell, YSL Beauty, Motorola and Tinder. Bower previously held roles at Jonesworks, Dittoe Public Relations and Fleishman-Hillard. The Neal Agency’s roster includes Morgan Wallen, HARDY, Ernest and more. –Jessica Nicholson
Paul Dworkis is poised to become Berklee‘s new executive vp and chief financial officer, starting next Tuesday (April 15). In this role, he’ll oversee finance, accounting, budgeting, real estate, facilities, risk management and more business matters. Dworkis brings extensive experience in higher education, having served as CFO at Emerson College, the University of Maryland, and in senior roles at Columbia University. At Emerson, he supported academic initiatives, managed public safety and launched the unCommon Stage in Boston Common. Dworkis also spent part of his early career at Newsweek. Berklee president Jim Lucchese praised Dworkis for his “unparalleled” credentials and commitment to student-focused operations. “We share the philosophy that everything we do comes back to our students and how to best meet their needs,” he said. Dworkis expressed enthusiasm for joining Berklee, calling it a “truly special—an institution whose mission, creativity, and global impact are unmatched.”
Electric Feel Entertainment appointed Chandler Nicole Sherrill as senior director of creative, reporting to company founder and CEO Austin Rosen. Based in Nashville, Sherrill brings a strong background in music publishing, beginning her career at Little Extra Music in 2015 and later joining MV2 Entertainment, where she helped contribute to over 20 No. 1s for major artists like Morgan Wallen and Jason Aldean. In her new role, she’ll lead creative strategy and collaboration among artists, producers and songwriters. Rosen, who just joined the board of Outback Presents, praised Sherrill’s passion and vision, calling her a valuable addition to the team. “We look forward to seeing the impact she will have as we continue to push boundaries and shape the future of entertainment,” he said.
NASHVILLE NOTES: Big Loud promoted Brianne Deslippe to head of marketing from senior vp of global marketing and strategy. She fills the vacancy left by the recent departure of senior vp of marketing Candice Watkins … Megan Wise was named vp of new business at Anotherland Agency, a music label and marketing startup. With over 15 years of industry experience, including roles at the Country Music Association and Creative Artists Agency, she’ll lead brand collaborations, sales strategies and partnership initiatives to drive growth.
Amigo Records appointed Carina Petrillo as product manager / marketing director and promoted Jillian Rutstein to head of digital. Petrillo, with experience at Elektra Records, MTV and Hulu, brings strategic marketing expertise and a strong background in digital engagement, including launching MTV’s TikTok presence. At Amigo, she’ll focus on building artist-fan connections through comprehensive campaigns. Rutstein, who previously split her time between Amigo and Prescription Songs, brings over a decade of experience in digital strategy, contributing to the success of tracks like LU KALA’s “Pretty Girl Era.” Amigo is home to artists such as Scoot Teasley, SNOW WIFE, Kim Petras and Ethel Cain. Petrillo and Rutstein both expressed enthusiasm about working together to shape a new era at the imprint. “Together we are ushering in a new era of Amigo Records while focusing on building comprehensive marketing campaigns for our roster that meet fans where they are – both online and in person,” said Petrillo.
Audible Treats, a New York-based independent music publicity firm, appointed major label veteran Cheyenne Beam as their new director of public relations. Beam was previously the director of PR at Interscope Records and has over ten years of experience in the music, entertainment, fashion and lifestyle industries. He has worked with artists such as Erykah Badu, Toni Braxton, Chaka Khan, Sean Paul, Swae Lee, Juice WRLD and more. Audible Treats’ current clients include artists like Sexyy Red, Chief Keef, Key Glock and events such as Baja Beach Fest and Sueños. Co-founder Michelle McDevitt praised Beam’s deep network, highlighting his ability to address client needs and manage teams effectively, adding, his “broad experience across both agency and major label systems makes him the ideal fit to usher Audible Treats into its next chapter.”
Oak View Group elevated Nick Vaerewyck to senior vp of programming and hired Danny Cohen as director of programming at Seattle’s Climate Pledge Arena, home of the NHL’s Kraken. Vaerewyck will lead strategic content development across the Pacific Northwest and oversee programming, private event sales, service and ticketing. He joins the executive leadership team and brings experience from roles at Brooklyn Sports and Entertainment and Nassau Coliseum on Long Island, NY. Vaerewyck has managed over 200 events annually and aims to further elevate Seattle as a premier entertainment market. Cohen, with 15 years in the industry, will support all event programming. Previously, he led programming at Colorado Chautauqua in Boulder. Vaerewyck expressed excitement for the arena’s continued growth, highlighting Seattle’s rise as a top-tier venue and welcoming Cohen to help expand their world-class programming and industry impact.
Big Machine Music named Preston Berger as senior manager of publishing. Berger will join the publishing creative team in representing the BMM catalog and management of the company’s roster of songwriters. Berger previously spent three years at Black River Entertainment’s publishing arm. Prior to Black River, he spent time as an agent assistant at CAA. At the 2025 NSAI Member Awards, he was honored with the friend of NSAI award. –J.N.
BOARD SHORTS: The Nashville Songwriters Association International recently completed its board of directors elections and held the first meeting of the new term. New members Deric Ruttan, Lydia Vaughn and Dan Wilson joined the board, with Jimmy Yeary returning. Eight current members were re-elected, including Kelly Archer and Jessie Jo Dillon. Roger Brown was re-appointed legislative chair, with Rhett Akins and Caitlyn Smith as artist writer board members and Brett James as industry liaison. Officers for the year include Lee Thomas Miller as president and Jenn Schott as vice president.
Select Management Group, a top management firm for next-gen digital creators, announced several strategic promotions and new hires to enhance its services for digital creators. Lauren Fisher has been promoted to director of strategic partnerships, where she will work with top brands like Disney, Uber, Netflix, and Google. Emily Rifanburg joined as a talent manager, bringing over a decade of experience from ICM Partners and Strand Entertainment. Payton Booker and Natasha Trepel have also been promoted to talent managers, focusing on supporting clients across various verticals. Additionally, Katie Josiah has been promoted to talent coordinator, and Madison Dailey and Daisy Wright have been hired as talent coordinators.
Beatchain, an AI-powered A&R and artist services platform, appointed Holly Hutchison, Umesh Luthria and Nick Hamman as regional brand ambassadors for North America, Asia and Africa, respectively. They’ll support Beatchain’s global expansion by strengthening partnerships and driving business development in their regions. Beatchain’s tech helps artists retain their music rights while offering insights into audience growth and performance. Hutchison brings over 35 years of A&R experience; Luthria, based in Mumbai, has over three decades of business expertise and helped launch Muzartdisco Arena; and Hamman, a digital strategist and radio presenter in Johannesburg, has significantly impacted South Africa’s music scene. Said Beatchain CEO Ben Mendoza: “This expansion will help build stronger connections between artists and the global music ecosystem, making it easier for the industry to discover, develop and monetize talent on a global scale.”
The Zach Sang Show appointed Allie Gold as its new social media director, strengthening its digital and multi-platform presence. In her new role, Allie will lead content creation, community management, and multi-platform strategy to further engage fans with the show. Gold brings valuable experience in content creation and audience engagement, having previously served as social media strategy director at iHeartRadio LA and digital marketing strategist at Live Nation. She also played a key role in social media strategy for The Elvis Duran Show and Z100 New York.
ICYMI:
David Massey
Danny Hayes is stepping down from his role as chief executive and partner at Danny Wimmer Presents after more than ten years … Marshall Nolan has been promoted to executive vp and head of commercial strategy at Island Records … Sony Music announced that David Massey, who has served as president of Arista Records since its relaunch in 2018, will retire at the end of June. The company has not yet named his successor. [Keep Reading]
Last Week’s Turntable: Board Buildups at ASCAP and iHeart
Charles F. Dolan, who founded some of the most prominent U.S. media companies including Home Box Office Inc. and Cablevision Systems Corp., has died at age 98. A statement issued Saturday by his family said Dolan died of natural causes, Newsday reported late Saturday.
“It is with deep sorrow that we announce the passing of our beloved father and patriarch, Charles Dolan, the visionary founder of HBO and Cablevision,” the statement said.
Dolan’s legacy in cable broadcasting includes the 1972 launch of Home Box Office, later known as HBO, and founding Cablevision in 1973 and the American Movie Classics television station in 1984. He also launched News 12 in New York City, the first 24-hour cable channel for local news in the U.S., Newsday reported.
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The Cleveland native, who dropped out of John Carroll University in suburban Cleveland, completed the sale of Cablevision to Altice, a European telecommunications and cable company, for $17.7 billion in June 2016.
Dolan, whose primary home was in Cove Neck Village on Long Island in New York, also held controlling stakes in companies that owned Madison Square Garden, Radio City Music Hall and the New York Knicks and New York Rangers sports franchises, Newsday reported.
James L. Dolan, one of his sons, was the Cablevision CEO from 1995 until the 2016 sale to Altice. He now is the executive chairman and CEO of Madison Square Garden Sports Corp. The company owns the Knicks and Rangers, among other properties, according to the MSG Sports website.
A statement from MSG Entertainment, MSG Sports and Sphere Entertainment recalled Dolan’s “vision.”
“Mr. Dolan’s vision built the foundation for the companies we are today, and as a member of our Boards he continued to help shape our future. The impact he made on the media, sports, and entertainment industries, including as the founder of Cablevision and HBO, is immeasurable,” the statement said. “We do not expect this to directly or indirectly change ownership by the Dolan family.”
Newsday, which Cablevision purchased in 2008, also came under the control of Altice with the sale. Patrick Dolan, another son of Charles Dolan, led a group that repurchased 75% of Newsday Media Group in July 2016. Patrick Dolan then purchased the remaining 25% stake in 2018.
At the time of his death, Charles Dolan and his family had a net worth of $5.4 billion, Forbes reported.
Dolan was a founder and chairman emeritus of The Lustgarten Foundation in Uniondale, New York, which conducts pancreatic cancer research.
He is survived by six children, 19 grandchildren and five great-grandchildren. His wife, Helen Ann Dolan, died in 2023, Newsday reported.
On nights when there are no live acts playing Sphere Las Vegas, the venue’s Exosphere (its one-of-a-kind outer LED screen) reads, “U2 are not here.” However, five nights a week inside the immersive venue, U2 can be seen performing the best of their U2:UV residency that ran from September 2023 to March 2024 through concert film V-U2. Captured via the Sphere’s proprietary Big Sky camera system, the concert film is just as good as, if not better than, the Irish band’s actual show.
Directed by U2’s The Edge and his wife Morleigh Steinberg, V-U2 brings a slew of firsts to the almost one-year-old venue and its content creation capabilities. The film – captured over three nights of the band’s sold-out residency at Sphere – is part of a growing slate of programming for Sphere Experiences, which run when there is no live residency or special event at the Las Vegas venue. Sphere Experiences also include the Darren Aronofsky film Postcard from Earth.
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“V-U2 was born out of a conversation with the band, ‘How do we memorialize this moment’” of U2’s historic Sphere residency, says Sphere Studios’ senior vp of capture Andrew Shulkind, who served as the film’s director of photography. “For 100 years of movie making, we’ve been telling stories through a rectangular lens. This is a different kind of storytelling. There’s no way to tell this story in a traditional way. You could cut it up, have wide-angle lenses, or have a choppy concert film, but nothing could recreate the Sphere experience.”
Nothing except maybe the technology that makes the live sphere experience possible.
“Coincidentally, we’ve been building cameras to capture other content [outside] the venue,” Shulkind says. “If we can tell the story of what it’s like to be in a sulfur volcano for Postcard or flying over Mont Blanc, why not tell the story of being inside Sphere [during a concert] with our very own technology?”
When Shulkind was first commissioned to work at the Sphere in 2018, the company faced a dilemma of creating images sharp enough for their screens when off-the-shelf-cameras would not suffice. After pursuing different avenues, the Sphere team created the Big Sky camera in 2021. “The camera, lens and all its components are entirely internal technology on which we have 10 patents,” says Shulkind. “Nobody else needs that crazy level of resolution. Coincidentally, the game-changing technology has pushed the business forward.”
The Big Sky technology debuted in Aronofsky’s Postcard from Earth, capturing the images and video required for the Sphere’s 16K x 16K immersive display plane from edge to edge. It also features the largest single sensor in commercial use—a 316-megapixel, 3” x 3” HDR image sensor capable of a 40X resolution increase over 4K cameras. Big Sky can capture content up to 120 frames per second in the 18K square format and higher speed frame rates at lower resolutions.
V-U2: An Immersive Concert Film
Rich Fury/Sphere Entertainment
Using the same technology, producer Alan Maloney, U2, Sphere Studios and the venue, the teams collaborated to shoot over three nights of the 40-date residency (two in February and one in March) to create V-U2, the first film shot entirely on Big Sky cameras.
Working for more than two months on the edit of V-U2 at the Sphere Studios Big Dome in Burbank, Calif. – with a quarter-sized version of the screen and haptic seats and sound featured in the venue – Steinberg (who is an accomplished director and choreographer that choreographed many of Bono’s moves for the Zoo TV Tour in the 1990s) and The Edge wanted to make sure the final product wasn’t just a concert film or a documentary, but a faithful recreation of the live with the most precise view of U2 possible, down to the details on their shoelaces.
“Seeing the band like that—whether you’re high up or in the lower seats. That’s amazing for fans,” Steinberg says.
However, from the director’s perspective, the medium posed significant challenges. “You can’t easily see your edits. You’re either looking through an Oculus [headset] or at a very low-resolution image on a monitor. You quickly learn what you might not be seeing and make compensations for that,” Steinberg says.
One of the most complex production pieces was transforming the 100-minute U2:UV into the 82-minute V-U2. This called for interweaving the setlist of U2:UV with some of the classic covers performed throughout the residency, such as Elvis Presley‘s “Love Me Tender,” Lou Reed’s “Walk on the Wild Side” and Frank Sinatra’s “My Way.”
The directors wanted to reflect the arc of the live show into the concert film and “also considered that this will be viewed by a broader audience, not just U2 fans,” Steinberg says. “People are coming to see what the Sphere can do. The first three songs of the film are a perfect example of that. However, we do ask the audience to sit through two songs where there are no [background] visuals [just a shot of the band]. Even if you aren’t a U2 fan, there’s much to enjoy and experience.”
Steinberg says the film captures the best moments of the residency in new depth and sharpness, with a fresh perspective. The rendition of “‘The Fly’ is a brilliant piece in the film … the space morphs and gives the illusion of the room becoming square. It is a true use of the word ‘awesome,’” she says. “There are shots from the stage, looking out at the audience, which is a new perspective you don’t normally have.”
The track “One” features a camera angle on Bono that Shulkind characterizes as the biggest close-up ever filmed. “The ability to show Bono in this very intimate moment during this intimate song that everybody knows was so powerful,” he says. “It blew everyone away.”
V-U2: An Immersive Concert Film
Rich Fury/Sphere Entertainment
“We had to shrink it down a little bit. It was even bigger,” Steinberg says of the stunning image that showcases Bono in grand detail. “The camera then slowly pulls back, revealing the band. The moment extends into an infinite view of the room, with everyone in the audience holding up their lights.”
The sound of the audience from the original live events also played a critical role in developing the concert film. Captured on crowd mics placed through the venue during the live shows in February and March, the audience can be heard during the film – between and over songs – responding to the band’s performance. “So much of that rawness and bits of unexpected magic parallel the imaging side,” says Shulkind. “You hear the show’s little imperfections and human aspects.”
V-U2 is set to play regularly as Sphere Experiences continue to be created. While it is not yet determined whether every band in residency at Sphere will get their own film, the content has been collected at Phish and Dead & Company shows and will be captured during the Eagles’ current run.
“We will continue to capture every band that comes through,” says MSG Entertainment’s executive vp of live Josephine Vaccarello. “Everyone who comes into our venue is learning how to play with the tools we have in the toolbox differently. We’re continually trying to figure out how we innovate and how we continue to grow, and this was one of the ways.”
“Every Sphere show is a unique moment in time,” Shulkind says. “We’re still figuring out what that looks like for other shows. It’s an endless journey of discovery because we’re learning how this new medium works.”
After a year of playing host to more than 960 live events and 6.3 million ticket holders, Madison Square Garden Entertainment Corp. said on Friday revenues rose 13% in its first full year since spinning off from the Sphere.
Last April, MSG spun off from MSG Sphere, the next-generation music venue in Las Vegas, leaving behind the rest of its live events business under the company name MSG Entertainment. MSGE includes venues such as Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre, an entertainment and sports booking business, the Radio City Rockettes and the Christmas Spectacular production, and long-term arena license agreements with New York Knicks and New York Rangers, which play their home games at Madison Square Garden.
Executives attributed this year’s revenue growth to a record number of shows at the Garden in the fourth quarter, which included Billy Joel‘s 150th show at Madison Square Garden and two sold-out shows by the breakout singer songwriter Noah Kahan, and said they expect even more next year.
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“The world’s most famous arena ended the year on a particularly strong note with robust year over year growth in the number of concerts in fourth quarter,” MSG Entertainment chief financial officer Mike Grau said on a call with investors. “This reflects our efforts to increase venue utilization within the Knicks and Rangers playoff window, as well as our success in attracting acts that are headlining the Garden for the first time.”
A majority of events at the company’s venues sold out in the quarter and saw higher per capita spending on food, beverage and merchandise. Grau said a higher number of shows in the coming fiscal year are expected to boost the company’s adjusted operating income by high-single to low double-digit percentage increase.
MSG Entertainment reported revenues of $959.3 million for the full fiscal year ending June 30, up 13% from fiscal year 2023. It reported an operating income of $111.9 million, up $6.9 million, and adjusted operating income of $211.5 million, up $9.9 million, both compared to fiscal 2023.
On a quarterly basis, the company’s $186.1 million in revenue for the fourth fiscal quarter of 2024 was up 26% from the year-ago quarter. MSG recorded an operating loss of $8.9 million in the quarter and adjusted operating income of $13.1 million, both improvements over the prior year’s quarter.
Revenues from food, beverage and merchandise sales in the fourth fiscal quarter rose 48% to $34.7 million compared to the prior year period.
James Dolan, executive chairman/CEO of MSG Entertainment, will lead the New York-based live events company for another three years. Dolan received a new contract that will keep him at MSG Entertainment through June 2027, the company revealed on Friday (June 21) in a regulatory filing. Dolan, who is also the CEO of both MSG Sports […]
Attorneys for Madison Square Garden executive James Dolan are firing back at a lawsuit that alleges he pressured a masseuse into unwanted sex while his band was touring with the Eagles, calling his accuser an “opportunist” who is “looking for a quick payday.”
In a motion filed Monday in Manhattan federal court, Dolan’s lawyers asked a federal judge to dismiss the lawsuit, in which a woman named Kellye Croft claims that Dolan coerced her into “unlawful and unwelcome sex acts” on repeated occasions during the 2013 tour.
Arguing that the allegations were “completely manufactured,” Dolan’s attorneys told the judge that it is “an unfortunate truth that some men, by virtue of their status, have become targets for opportunists looking for a quick payday.”
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“If this case were to proceed … plaintiff would be exposed as such an opportunist, and her claims would be soundly rejected for the lies that they are,” Dolan’s attorney lead counsel E. Danya Perry wrote. “But this action should never reach that stage, as plaintiff’s complaint is entirely deficient.”
Dolan is the majority owner/CEO of Madison Square Garden Entertainment, a live music giant that operates the famed New York City arena in addition to Manhattan’s Radio City Music Hall, the Las Vegas Sphere and other prominent venues.
Croft sued him in January, claiming she had been hired to serve as a massage therapist for Glenn Frey during the 2013 tour, on which Dolan’s band (JD & The Straight Shot) opened for Eagles. She says she thought the job was the “opportunity of a lifetime,” but that she quickly realized the real reason she was there: “Dolan was extremely assertive, and pressured Ms. Croft into unwanted sexual intercourse.”
The lawsuit also claimed that Dolan later facilitated an incident in which Croft was assaulted by Harvey Weinstein, the disgraced film producer whose many sexual assault allegations helped spark the #MeToo movement in 2017. Dolan previously served as a director at The Weinstein Company, and the lawsuit claimed that the two moguls were “close friends and business partners.”
In Monday’s response, Dolan’s attorneys took particular exception to the Weinstein allegations, calling them “scandalous and irrelevant” claims that had been designed to compensate for flaws in the case: “This transparent reliance on headline-grabbing, yet legally baseless, accusations of liability-by-association cannot save plaintiff’s case.”
Dolan’s motion also argued that the inclusion of Weinstein was actually a “fatal” weakness in one part of the case. They claimed that bankruptcy proceedings for The Weinstein Company resulted in a court order releasing all former directors from allegations that they aided and abetted Weinstein’s conduct — one of the claims leveled against Dolan in the complaint.
In a response statement on Wednesday, Croft’s attorney Douglas Wigdor called Dolan’s argument “shameful” and said his client had not participated in or benefited from the Weinstein bankruptcy, or even been notified of it.
“To somehow suggest that Dolan should receive a ‘get out of jail free’ card for his alleged intentional acts of trafficking our client, shows the extent to which he is willing to go to avoid having to defend the facts of our case,” Wigdor wrote.
Separately on Monday, attorneys for companies owned by music executive Irving Azoff also filed their own response to the case. While the lawsuit mostly centered on Dolan’s alleged conduct, it also accused the Azoff Company of violating federal sex trafficking laws by “facilitating Dolan’s behavior.”
In their motion, Azoff’s attorneys demanded not only that the claims be dismissed, but that Croft and her lawyers be legally sanctioned for filing “frivolous and vexatious” allegations without any real evidence to support them.
“As was explained to plaintiff’s counsel before the suit was commenced, the Azoff entities have never participated in any sex trafficking venture, and the complaint does not allege a single fact plausibly or remotely suggesting otherwise,” wrote the Azoff Company’s attorney Daniel Petrocelli.
“The decision by plaintiff and her counsel to include [such claims] in a federal pleading with nodiligence or investigation in order to publicly and falsely charge the Azoff Entities with despicable, illegal conduct fully justifies the imposition of … sanctions.”
In one portion of Croft’s complaint, her lawyers included a photograph of Dolan, Azoff and Weinstein standing together in 2015, saying that “these men were close to one another, and thus almost certainly knew details about each other’s personal lives.”
But in Monday’s motion seeking to dismiss the case and punish Croft’s lawyers, Azoff’s attorneys called the inclusion of Weinstein in the complaint a “gratuitous and unavailing” tactic that had been designed to prove “guilt-by-association” in the absence of any real evidence.
“Grasping at straws, plaintiff tries to link Weinstein to the Azoff entities by a single photo of Dolan, Weinstein, and Irving Azoff at an advertising trade conference in 2015,” Petrocelli wrote. “Awarding the Azoff entities their reasonable attorneys’ fees and costs in bringing this motion would deter plaintiff’s counsel from asserting such baseless, bad faith claims in the future.”
In his statement Wednesday, Croft’s attorney Wigdor called those arguments “meritless” and reiterated the allegations against Azoff’s companies: “We look forward to defeating these motions and moving forward with this litigation.”
Abu Dhabi-based music streamer Anghami led all music stocks this week after gaining 17.6% to $0.82. On Thursday, the company announced through an SEC filing it had received a written notification from the Nasdaq Stock Market regarding its closing share price being below $1.00 for the previous 30 days. The Nasdaq gives companies 180 days to regain compliance or face de-listing from the exchange.
The warning appeared to spur a 16.5% gain on Thursday as investors saw signs the share price won’t remain under $1. In its SEC filing, Anghami stated if the share price remains under the $1 threshold it will “consider available options to cure the deficiency,” including a reverse share split (which would increase the share price by reducing the number of shares outstanding while the market capitalization remains unchanged).
SiriusXM gained 5.7% on Friday (Oct. 13) and finished the week up 11.8%. Its $4.85 closing price was the highest for the satellite radio company since Aug. 9. The typically steady stock has fallen 17% this year as self-pay satellite radio subscribers stagnated at or around 32 million for eight straight quarters. SiriusXM will host a Nov. 8 presentation to unveil a new streaming app and preview upcoming in-car innovations and new programming.
The 21-stock Billboard Global Music Index fell 1.3% to 1,355.65 this week as 13 stocks were in negative territory and only eight stocks gained ground. Year to date, the index has gained 16.1%. Led by SiriusXM’s gain and a 7.6% increase from Cumulus Media, the index’s three radio stocks had an average improvement of 5.5%. Eight record labels and publishers had an average weekly gain of 0.3%. HYBE improved 6.8% while Believe climbed 3.6% and Universal Music Group added 0.6%. Streaming companies were, on average, flat this week.
Live music stocks dropped an average of 4.8%. Shares of Sphere Entertainment Co. dropped 11.1%, effectively offsetting the 11% gain on Oct. 2 following U2’s debut performances at Sphere in Las Vegas. Live Nation dropped 3.9%, MSG Entertainment fell 3.5% and CTS Eventim shares fell 0.7%. If investors are curious what’s next for Sphere Entertainment, clues comes from an interview published Thursday. Executive chairman and CEO James Dolan said the company is “actively pursuing other markets” and “has six different kinds of spheres down to a 3,000-seater.” A Las Vegas-style Sphere may not work in London, where according to reports residents are concerned about the location and light pollution that could arise from a massive external display similar to the Las Vegas venue.
Music stocks underperformed numerous indexes. In the United States, the S&P 500 gained 0.1% and the Nasdaq composite fell 0.3%. In the United Kingdom, the FTSE 100 gained 1.4%. South Korea’s KOSPI composite index rose 2%.
Stocks faded after the release of consumer sentiment data for October by the University of Michigan showed a decline from September based on “a substantial increase” in concerns about inflation. Expectations for inflation in one year rose from 3.2% in September to 3.8% this month. That’s the highest mark since May 2023 and substantially above the 2.3% to 3% range seen in the two years before the pandemic.
Also a factor in stock prices, the U.S. Federal Reserve expects to raise interest rates one more time, according to minutes released from its September policy meeting. Interest rates have an inverse relationship with equity prices. Higher interest rates make borrowing more expensive and cut down on corporate profits.
Shares of Cumulus Media gained 9.7% this week, the leading stock in the Billboard Global Music Index and one of only four stocks in the 21-company index to end in positive territory Friday (June 23).
Overall, the Billboard Global Music Index declined 3.5% to 1,287.41 — more than double the 1.4% declines of the S&P 500 and Nasdaq. Music stocks were more in line with the Nasdaq when the overpowering effects of a small number of tech companies are removed, however. That’s because a few powerhouses — such as Microsoft, Apple, Alphabet and Amazon — often account for a large fraction of the Nasdaq’s gains. To that point, QQQE, an exchange-traded fund that gives equal weight to 100 Nasdaq stocks, declined 2.9% this week.
In the United Kingdom, the FTSE 100 declined 2.4%. South Korea’s KOSPI index fell 2.1%. Central banks in England, Turkey and Norway raised interest rates this week. Investors can reasonably expect more rates hikes in the United States, too. Federal Reserve chairman Jerome Powell said on Wednesday the central bank may continue to raise rates — there have been 10 since March 2022 — but “to do so at a more moderate pace.” When central banks raise interest rates, stocks tend to fall because businesses and consumers are expected to cut back on spending and higher rates make bonds relatively more attractive to stock returns.
Cumulus Media improved to $3.40 a week and a half after the company announced it will sell about 1.75 million Class A common shares — nearly 10% of outstanding shares — at $3.25 per share in a modified Dutch auction that closed on June 9. While the sale will gross about $5.7 million, not including fees and expenses, the final result was well below the company’s goal to sell up to $10 million of shares as part of a previously announced $50 million share repurchase plan.
Shares of French music streaming company Deezer gained 3.6% to 2.32 euros ($2.54), bringing the stock’s year-to-date loss to 20.5%. U.S. streaming company LiveOne gained 3.3% to $1.58. Year-to-date, LiveOne has gained 145.3%. The only other company with a week-over-week improvement was South Korea’s HYBE, which improved 1.2% to 301,000 KRW ($236.91).
The other three Korean music companies declined this week: SM Entertainment and YG Entertainment each fell 5.6% and JYP Entertainment dropped 3.5%. Still, K-pop has been a resounding success for investors in 2023. Led by JYP Entertainment’s 93.7% year-to-date gain, the four Korean companies’ stocks have risen an average of TK% in 2023.
One company, Anghami, was unchanged and the index’s other 16 stocks were in negative territory this week. MSG Entertainment had the Billboard Global Music Index’s largest decline after dropping 17.1%. Sphere Entertainment Co., which spun off MSG Entertainment in April, intends to sell part of its 33% stake in MSG Entertainment. The news dropped the live entertainment company’s share price 12.1% on Wednesday. At Friday’s closing price, Sphere Entertainment’s sale of 5.25 million shares would gross about $170 million that could help fund the state-of-the-art Sphere at The Venetian Resort in Las Vegas that’s set to open in September.
Sphere Entertainment Co., the company behind an expensive, state-of-the-art venue opening this fall in Las Vegas, is selling about a quarter of its stake in MSG Entertainment — 5.25 million shares of Class A common stock — in a secondary offering, the company announced Wednesday. That amount could grow by 787,500 shares if the offering’s […]
Madison Square Garden Entertainment chief executive James Dolan defended the use of facial recognition technology to bar entry to his company’s namesake venue to a handful of individuals on Thursday. In a televised interview on FOX 5 New York, Dolan also said he’s considering shutting down alcohol sales for a night at the Garden in response to lawmakers’ calls for the venue’s liquor license.
“Instead (of serving alcohol), where we serve liquor, we are going to put one of these up, which says, ‘If you would like to drink again, please call Sharif Kabir, chief executive officer’ … and tell him to stick to his knitting,” Dolan said, holding up a poster with the picture of the head of New York’s state liquor authority.
In defense of the Garden’s policy barring entry to a group of lawyers who work for a firm currently engaged in legal matters against Dolan’s company, he said, “If you’re suing us, we’re just asking you please don’t come until you’re done with your argument with us, and yes we’re using facial recognition to enforce that.”
MSG has been under scrutiny for blocking entry to the lawyers, and in recent weeks, some New York legislators have called for an investigation into whether the policy is in violation of its liquor license. On Wednesday, the New York State Attorney General Letitia James requested the company disclose how they are using the technology, citing media reports that about 90 law firms and thousands of lawyers are affected by the policy.
Lawmakers including New York State Senator Liz Kruger expressed concerns that MSG appears to be using the technology in “discriminatory and retaliatory” ways, and New York State Senator Brad Hoylman-Sigal introduced a bill this week that would ammend an existing state law to add “sporting events” to the list of public entertainment places that cannot bar entry to people with valid tickets.
Dolan was steadfast in his defense of the ban and the use of facial recognition technology at his venues, which also include Radio City Music Hall and The Sphere, currently under construction in Las Vegas.
Dolan called the proposed bill illegal, and when asked if his company would back down in enforcing these policies, he said, “Not at all.”
“The Garden has to defend itself,” he said.
In a letter sent yesterday, NY AG James urged MSG Entertainment to reverse the policy.
“MSG Entertainment cannot fight their legal battles in their own arenas,” James said in a statement included in a press release from her office on the matter. “Madison Square Garden and Radio City Music Hall are world-renowned venues and should treat all patrons who purchased tickets with fairness and respect. Anyone with a ticket to an event should not be concerned that they may be wrongfully denied entry based on their appearance.”
While use of facial recognition technology is legal in the state of New York, and MSG discloses it uses the technology on notices posted outside its venues, individuals suing MSGE argue the venues’ use goes beyond what is legally allowed. The New York AG’s office requested a response justifying the policy and detailing attempts to abide by the laws outlawing discrimination and retaliation by Feb. 13.