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Forum bought by Madison Square Garden Company

June 26, 2012 12:00:00 AM PDT
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.