Madison Square Garden Buys Majority Stake in Nightlife Company TAO Group

Nas performs at TAO Nightclub Sundance on Jan. 19, 2013 in New York City.

The Madison Square Garden Company has acquired a majority stake in nightclub and restaurant operator TAO Group, the companies announced on Wednesday. MSG paid $181 million for a 62.5 percent interest in the hospitality group, which operates 19 dining and nightlife venues in New York City, Las Vegas and Sydney. TAO co-founders Marc Packer, Rich Wolf, Noah Tepperberg and Jason Strauss keep the remaining 37.5 percent share.

“TAO Group is a unique and attractive business that furthers our focus on the ‘live experience’ while also exposing us to new areas of growth,” said James L. Dolan, the executive Chairman of MSG. “TAO Group is creating the most innovative premium experiences in the entertainment dining…