The board of Madison Square Garden Entertainment said today that it is considering a spinoff of its live entertainment business that would include MSG Networks and NYC’s Madison Square Garden, Radio City Music Hall and Beacon Theatre, among other assets.A deal would separate the live entertainment and MSG Networks businesses from MSG Sphere and Tao Group Hospitality to create two public companies, MSG said.
No timetable for a potential transaction was set.Shares in Madison Square Garden Entertainment jumped 6% in after-hours trading on the news.The Dolan family, which controls MSG, previously oversaw a split of its entertainment and sports assets in 2020, and MSG Sports and MSG Entertainment have traded separately since.
Cable TV was the family’s longtime focus until it sold Cablevision for $17.7 billion to French conglomerate Altice in 2016.“This potential transaction would create two companies, each with a distinct value proposition for investors,” Executive Chairman and CEO James L.
Dolan said in a statement on the company’s website. “The live entertainment and media company would include Madison Square Garden, the Christmas Spectacular production and MSG Networks and would generate substantial free cash flow.
Read more on deadline.com
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