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    Madison Square Garden Acquires 50% Stake In Tribeca

    By SHOOTUpdated:No Comments2249 Views
    In this Jan. 7, 2014 file photo, actor Robert De Niro stands for photographs during the photo call of the movie "Grudge Match", in Rome. (AP Photo/Alessandra Tarantino, File)
    NEW YORK (AP) --

    Tribeca Enterprises–the film company co-founded by Robert De Niro, and the presenter of the Tribeca Film Festival–has sold a 50 percent stake to the Madison Square Garden Company.

    The deal, announced Saturday night, combines two major New York show business players. It gives Tribeca Enterprises the marketing power of a growing sports and entertainment company and offers the MSG Co. an entry into the film business.

    The deal values Tribeca Enterprises at $45 million. The acquisition comes just weeks before the 13th annual Tribeca Film Festival begins April 16. The company was co-founded by De Niro and Jane Rosenthal, who will remain CEO.

    Among the properties owned by the MSG Co. are Radio City Music Hall, the Beacon Theatre, the New York Knicks and the New York Rangers. The opening night of the Tribeca Film Festival, a screening and concert for the documentary about the rapper Nas, "Time is Illmatic," will be held at the Beacon Theatre.

    The MSG Co.'s MSG Productions on Friday canceled the opening of its high-profile Rockettes show "Hearts and Lights" days before its scheduled debut.

    Category:News
    Tags:Madison Square GardenRobert De NiroTribeca



    Supreme Court Allows Multibillion-Dollar Class Action Lawsuit To Proceed Against Meta

    Friday, November 22, 2024

    The Supreme Court is allowing a multibillion-dollar class action investors' lawsuit to proceed against Facebook parent Meta, stemming from the privacy scandal involving the Cambridge Analytica political consulting firm.

    The justices heard arguments in November in Meta's bid to shut down the lawsuit. On Friday, they decided that they were wrong to take up the case in the first place.

    The high court dismissed the company's appeal, leaving in place an appellate ruling allowing the case to go forward.

    Investors allege that Meta did not fully disclose the risks that Facebook users' personal information would be misused by Cambridge Analytica, a firm that supported Donald Trump 's first successful Republican presidential campaign in 2016.

    Inadequacy of the disclosures led to two significant price drops in the price of the company's shares in 2018, after the public learned about the extent of the privacy scandal, the investors say.

    Meta spokesman Andy Stone said the company was disappointed by the court's action. "The plaintiff's claims are baseless and we will continue to defend ourselves as this case is considered by the District Court," Stone said in an emailed statement.

    Meta already has paid a $5.1 billion fine and reached a $725 million privacy settlement with users.

    Cambridge Analytica had ties to Trump political strategist Steve Bannon. It had paid a Facebook app developer for access to the personal information of about 87 million Facebook users. That data was then used to target U.S. voters during the 2016 campaign.

    The lawsuit is one of two high court cases involving class-action lawsuits against tech companies. The justices also are wrestling with whether to shut down a class action against Nvidia.... Read More

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