MSG splits into two companies

The Madison Square Garden (MSG) Company is splitting into two.

The company, in a statement:

“After review, MSG’s board of directors believes that, while MSG has created significant shareholder value since it was established as a public company five years ago, separating MSG’s live sports and entertainment businesses from its media business now would further enhance the long-term value-creation potential of both businesses.”

One company will hold its live events and sports businesses, according to a U.S. Securities and Exchange Commission filing, and the other will hold its media businesses.

MSG’s live events and sports company will include the Knicks, Rangers, Liberty, Madison Square Garden, and Radio City Music Hall. The media business will include MSG Network and MSG+.

The tax-free spinoff is expected to finish by the end of this year.

Source: FishbowlNY

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s