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MSG completes public spin-off, entertainment division begins trading Monday

Madison Square Garden. (REUTERS/Eduardo Munoz)

Madison Square Garden Entertainment Corp. announced on Monday morning that it has completed its spin-off from Madison Square Garden Sports Corp — the two formerly performing under The Madison Square Garden Company moniker.

The spin-off was completed on Friday night at 11:59 pm ET.

The two divisions will now begin trade today under separate symbols on the New York Stock Exchange. Madison Square Garden Sports Corp. will be “MSGS” and Madison Square Garden Entertainment made its debut on Monday under “MSGE.”

MSG Sports includes the major sporting organizations owned by the company, headlined by the NBA’s Knicks, NHL’s Rangers, their minor-league affiliates, and the Knicks’ official NBA 2K esports franchise.

Per Forbes, they reported a revenue of $812.7 million.

MSG Entertainment owns Madison Square Garden, the Hulu Theater at MSG, and the Chicago Theather in Chicago. They also lease Radio City Music Hall and the Beacon Theater.

Each investor who owned stocks of MSG common received one share of MSG Entertainment Class A or Class B common stock for every share of MSG Class A or Class B common stock, respectively, held as of the record date.

Per the release, MSG common stockholders are to receive a book-entry account statement reflecting their ownership of these new MSG Entertainment shares or have their brokerage account credited with the new MSG Entertainment shares.

James Dolan, executive chairman of MSG Sports, will be executive chairman and CEO of MSG Entertainment. Mark FitzPatrick was named executive vice president and chief financial officer of MSG Entertainment.

Andrew Lustgarten is the CEO of MSG Sports.

“While the current environment presents significant challenges to our industry, we are confident in the future, and look forward to MSG Entertainment building on its reputation as a leader in live experiences,” Dolan said. “We are also very pleased to welcome Mark, a talented corporate finance executive who brings extensive experience working with well-known companies. We believe he is the ideal executive to help guide MSG Entertainment as we continue to pursue excellence across our operations.”

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