MSG to look into live entertainment division spin-off
The Madison Square Garden Company's board has OKed plans to separate its sports and entertainment divisions, the latter of which would include the new Sphere arenas
News By IQ | 28 June 2018
The board of directors of Madison Square Garden Company (MSG) has approved plans to explore a separation of its sports and entertainment businesses into two distinct public companies.
The proposed spin-off – which would be subject to regulatory approval, and as yet has no timetable for completion – would “enable shareholders to more clearly evaluate each company’s assets and future potential, while allowing both companies to pursue their own distinct business strategy and capital allocation policy”, according to a note sent to investors.
The sports company would include MSG’s basketball teams, New York Knicks and New York Liberty, its ice-hockey team New York Rangers and two esports organisations, Knicks Gaming and Counter Logic Gaming.
The dedicated live entertainment division, meanwhile, would comprise:
The live entertainment…
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