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Madison Square Garden Entertainment Acquires MSG Networks Sibling In All-Stock Deal
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deadline.comMadison Square Garden Entertainment has reached an agreement to acquire MSG Networks in an all-stock deal, confirming long-simmering press speculation.The revenue potential of sports betting is a big factor in the transaction, which also aims to stem losses suffered on the entertainment side during the coronavirus pandemic.
The two entities had been part of the same company before being separated in 2015.The merger is expected to close in the third quarter.
Under its terms, MSG Networks stockholders would receive 0.172 shares of MSG Entertainment Class A or Class B common stock for each share of MSG Networks Class A or Class B common stock they own.MSG Networks stock is valued at $16.16 a share in the deal, 7% below current levels.
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