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Dec. 3, 2019, 12:51 p.m. EST

Madison Square Garden files confidentially to spin off entertainment business

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By Ciara Linnane

The Madison Square Garden Co. /zigman2/quotes/203292767/lastsale MSG -6.21% 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 /zigman2/quotes/210599714/realtime SPX -1.60% has gained about 23%.

/zigman2/quotes/203292767/lastsale
US : U.S.: NYSE
$ 211.41
-14.00 -6.21%
Volume: 388,259
March 31, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.41 billion
Rev. per Employee
$139,137
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/zigman2/quotes/210599714/realtime
US : S&P US
2,584.59
-42.06 -1.60%
Volume: 3.99B
March 31, 2020 5:14p
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