Los Angeles News
Forum bought by Madison Square Garden Company
INGLEWOOD, Calif. (KABC) -- The Forum in Inglewood has been bought by the Madison Square Garden Company, it was announced Tuesday. The company bought the Forum for $23.5 million.
The company, which owns the Madison Square Garden arena in New York, the New York Knicks and Rangers, said it plans to renovate the Forum this year to the tune of $50 million.
The Madison Square Garden Co. says the Forum will be renovated into a high-end concert hall. The renovations are expected to take a year.
The Forum opened in 1967 and was the home of the Los Angeles Lakers and Kings until the teams moved to the Staples Center in 1999. The Forum also hosted music concerts.
Shares of Madison Square Garden rose 54 cents, or 1.5 percent, to $37.65 in morning trading, approaching their 52-week high of $38.90.
The Associated Press contributed to this report.
los angeles news
- Secret Service probe Target security breach
- IE man who died in custody was high on PCP
- Congress passes bipartisan budget agreement
- South LA grandmother found dead in apartment
- Man convicted at 16 resentenced under new law
- Mulholland Bridge over I-405 finally opens
- $5.8M settlement reached in Calif. race crash
- abcnews: DA pushes to jail 'affluenza' teen
- TSA expands Pre-Check screening program in LA 33 min ago
- Mexico resort shootout: 5 dead in Rocky Point 42 min ago
- Electroporation may treat melanoma patients
- Paul Walker crash: No mechanical issues
- 'Anchorman 2' is overhyped, but still funny
- OTRC: Justin Bieber retiring? Manager responds