The Madison Square Garden Co. (MSG) said on Tuesday that it has sold approximately 3.9 million shares in Live Nation Entertainment for about $44 million in a complete cash deal.
Majority of the 2% stake sold, is owned by John Malone's Liberty Media.
MSG had acquired this stake earlier when Live Nation bought artist-management firm Front Line Management Group from Irving Azoff, former Live Nation chairman.
Last month, MSG chairman James Dolan resigned from the Live Nation board.
Live Nation's stock on Monday closed at a 52-week high of $11.63.
MSG's stock closed at $55.95, near its 52-week high of $57.13.