Robert De Niro sells 50 per cent of Tribeca Entertainment to Madison Square Garden Company

ROBERT De Niro has offloaded 50 per cent of his passion project to another iconic New York business. It’s a merger of two cultural and entertainment powerhouses.

FILE — In this Jan. 7, 2014 file photo, actor Robert De Niro stands for photographs durin

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

The deal, announced on 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 $US45 million ($A49.8 million).

Robert De Niro and Morgan Freeman in a scene from film Last Vegas.

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 cancelled the opening of its high-profile Rockettes show Hearts and Lights days before its scheduled debut.