Tribeca Enterprises, the film company co-founded by Hollywood star 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 Manhattan-based independent film firm has sold half of its stake to the MSG in an acquisition that values Tribeca at approximately USD 45 million, reported CBS News.

The deal ultimately gives MSG an entry to the film business and in return Tribeca enjoys the marketing power of a high-profiled sports and live entertainment company which includes properties like Radio City Music Hall, the Beacon Theatre, the New York Knicks, and the New York Rangers.

The deal was announced just weeks before Tribeca hosts its 13th annual film festival which is set to begin on April 16. The event will kick off with a screening and concert for "Time is Illmatic", a documentary about rapper Nas.

It will be held at the Beacon Theatre. "Bob De Niro and I have built a brand that supports community, artists, filmmakers and storytellers, we are thrilled to be a member of MSG's family of iconic entertainment brands," said Tribeca's CEO Jane Rosenthal.

"Our partnership will allow us to grow the Festival and enhance the experience for our audience and provide more opportunities for the creative and filmmaking community nationally and internationally."