Madison Square Garden files confidentially to spin off entertainment business
The Madison Square Garden Co. (MSG) said Tuesday it has filed confidentially with the Securities and Exchange Commission for the spin-off of its entertainment business. The company is expecting the deal to take place in the first quarter of 2020. The deal would separate the company's sports business from its entertainment business and would be structured as a tax-free spin-off to its shareholders. The sports company will comprise the New York Knicks NBA franchise and the New York Rangers NHL franchise and their affiliates. The entertainment business will comprise iconic New York venues that include Madison Square Garden itself, Radio City Music Hall and Beacon Theater as well as properties in Chicago and California. The company's bookings business, productions and interests in other assets, along with about $1 billion in cash on hand. Shares were up 0.2% Tuesday, and have gained 3.4% in 2019, while the S&P 500 has gained about 23%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 03, 2019 12:50 ET (17:50 GMT)
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