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MSG Entertainment Explores Spin-Off of Live Venue Business
The board of Madison Square Garden Entertainment Corp. has authorized management to explore a potential spin-off that would create a separately-traded public company comprised of its traditional live entertainment business – which includes Madison Square Garden and Radio City Music Hall – and the MSG Networks business. The proposed spin-off would separate these businesses from the company’s MSG Sphere and Tao Group Hospitality businesses.
The separation would enable both companies to pursue distinct business and capital allocation strategies, MSG Entertainment said.
CEO James L. Dolan said the two separate companies would each represent “a distinct value proposition for investors. 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. The second company, comprised of MSG Sphere and Tao Group Hospitality, would be focused on unique shared experiences, innovation and global opportunities for growth.”
- ◦Sale/Acquisition
