• Loading stock data...
Sunday, July 21, 2024
Join us this September for Tuned In Request to Attend

Madison Square Garden, MSG Network Could Be Spun Off

  • Madison Square Garden Entertainment will explore a spinoff of its entertainment business.
  • The Knicks and Rangers' home would be part of a new public company.
Madison-Square-Garden
MSG

Madison Square Garden Entertainment is considering a spinoff of its live entertainment business, including the iconic home of the New York Knicks and Rangers.

The company announced Thursday that its board of directors approved exploring the move, which would create two separate public companies.

One of the new companies would include:

  • Madison Square Garden
  • Regional sports networks MSG, MSG+, and streaming app MSG GO. The networks broadcast the Knicks, Rangers, New York Islanders, New Jersey Devils, Buffalo Sabres, and New York Red Bulls.
  • Long-term arena license deals with the Knicks and Rangers
  • The Hulu Theater, Radio City Music Hall, the Beacon Theater, and the Chicago Theater

The other entity would consist of MSG Sphere, which is building its first entertainment venue at The Venetian in Las Vegas, and a majority of restaurant and nightclub company Tao Group Hospitality.

Revenue Doubles

MSG Entertainment saw its revenue more than double in the fiscal year ending June 30 to $1.7 billion, compared to $814.2 million the previous 12 months.

Madison Square Garden Sports Corporation, owned by MSG Entertainment executive chair and CEO James Dolan, told a similar story, with $821.4 million in revenue over that period, compared to $415.7 million in the previous fiscal year.

A return to pre-pandemic attendance levels was the primary driver of the turnaround.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

NBA’s Blockbuster Rights Deal Faces Uncertainty, Potential Legal Threats

League commissioner Adam Silver says many of the next steps are ‘out of my control.’

James Dolan Goes Scorched Earth on NBA Plan for Media-Rights Billions

He said the league would pocket more cash while hurting RSNs.
The Mississippi Department of Human Services on Monday sued retired NFL quarterback Brett Favre along with several other people and businesses to try to recover millions of misspent welfare dollars that were intended to help some of the poorest people in the U.S.

Judge in Mississippi Welfare Case Boots Brett Favre’s Lead Lawyer

The judge wrote he had a ‘pattern and practice of delicate deception.’
podcast thumbnail mobile
Front Office Sports Today

‘EA Sports College Football 25’: It’s More Than a Game

0:00

Featured Today

July 20, 2024

The Road to the Return of ‘EA Sports College Football’

This summer, the biggest development in college sports is virtual.
Apr 15, 2024; Brooklyn, NY, USA; Caitlin Clark poses with WNBA commissioner Cathy Engelbert after being selected with the number one overall pick to the Indiana Fever during the 2024 WNBA Draft at the Brooklyn Academy of Music.
July 16, 2024

Women’s Sports Merch Is a $4 Billion Market, but Supply Isn’t Meeting Demand

Retailers can’t make women’s sports apparel fast enough.
Jan 7, 2024; Nashville, Tennessee, USA; Jacksonville Jaguars wide receiver Calvin Ridley (0) reacts after scoring a touchdown against the Tennessee Titans during the first half at Nissan Stadium.
July 14, 2024

Without Hard-Line Bans, Pro Athletes and Personnel Will Keep Betting on Sports

Penalties often aren’t stringent or consistent enough to deter banned behavior.
An artistic rendering of the new proposed Everton stadium in Liverpool.

Déjà Vu: Everton Loses Takeover Bid From U.S. Investor

The Premier League club is back on the hunt for a new owner.
July 17, 2024

Angel City FC Sale Official at Record $250 Million Valuation

Disney CEO Bob Iger and wife Willow Bay now control the club.
July 18, 2024

Caleb Williams’s Contract Requests Could Have Changed the NFL

Williams asked for several unusual clauses and tax dodges.
Sponsored

TopSpin 2K25 Brings the Legends of Tennis to Your Living Room

2K sports is reviving a classic with TopSpin 2K25.
July 2, 2024

NBA and NHL Free Agency: Billions in New Deals Despite Economic Unrest

Rising revenues and salary caps are helping fuel a run of historic contracts.
July 1, 2024

Bobby Bonilla Day: A Look at MLB’s Top Deferral Deals and Ohtani’s Pact

Well beyond Bobby Bonilla, many current and former MLB stars have their own lucrative deferrals.
June 24, 2024

Tiger’s Golf League Hits $500 Million Valuation Before First Swing

TGL will begin play in January 2025.
June 13, 2024

The ‘Big’ in Big 12 Could Soon Be Replaced With a Sponsor’s Name

Allstate is said to be in discussions about a deal with the Big 12.