THE MADISON SQUARE GARDEN COMPANY BOARD APPROVES SPIN-OFF OF ENTERTAINMENT BUSINESSES FROM SPORTS BUSINESSES NYSE:MSG
Spin-Off Transaction Expected to be Completed in Mid-April
Construction of MSG Sphere in Las Vegas to be Temporarily Suspended
NEW YORK, March 31, 2020 (GLOBE NEWSWIRE) — The Madison Square Garden Company (NYSE: MSG) today announced that its board of directors has approved the spin-off of its entertainment businesses from its sports businesses, which is expected to be completed in mid-April. In addition, the Company provided an update on its MSG Sphere construction in Las Vegas.
Two Distinct Companies for Shareholders
Upon completion of the spin-off transaction, MSG will be a pure-play sports company and will change its name to Madison Square Garden Sports Corp. (MSG Sports), while the newly-formed entertainment company will be named Madison Square Garden Entertainment Corp. (MSG Entertainment).
The distribution will take place on April 17, 2020 to MSG stockholders of record as of the close of business on April 13, 2020. Each MSG common stockholder