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March 23, 2014- By Steven E. Greer
With American Express having stopped the funding for the Tribeca Film Festival last year, and the increasing irrelevance of the event, the festival has been on life support. In fact, the home base has been moved to Pier 57, outside of Tribeca.
Madison Square Garden operators (MSG), announced that it infused Tribeca Enterprises with enough cash to acquire 50% of the company. The films for the festival will be shown in MSG properties as far north as the Beacon Theater, nowhere near Tribeca.
Co-founder of the festival, Jane Rosenthal, spun the news in Variety as, “Rosenthal will continue to run Tribeca Enterprises with its current president and COO, Jon Patricof. Rosen said there are no planned staff reductions. The company employs about 70 people.”.
Meanwhile, “MSG’s executive chairman James L. Dolan, who sits on the AMC Networks board and is chief executive of New York City-area cable provider Cablevision Systems, will join the Tribeca Enterprises board.”.