MSG moves forward with ents spin-off
Madison Square Garden Company hopes to complete the separation of its entertainment and sports businesses in the first quarter of 2020
News By | 4 December 2019
The Madison Square Garden Company (MSG) has announced that it has reached a “significant milestone” in the proposed spin-off of its entertainment business, set to take place in the first three months of 2020.
The venue giant filed an initial form 10 registration statement with US regulator the Securities and Exchange Commission (SEC) yesterday (3 December), detailing the terms of the spin-off, which would split MSG into two distinct companies – one focused on sports and the other on entertainment.
Structured as a tax-free spin-off to all MSG shareholders, those directly holding shares of common stock would maintain economic interest in both businesses, with MSG executive chairman and CEO James Dolan and his family retaining majority voting control of both companies.
MSG hopes the spin-off will enable investors to…
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