MSG Earnings Hold Steady as Company Prepares to Spin Off Entertainment Business

The company reported $628.8 million in revenue during the second fiscal quarter of 2020, a 1% decrease from the same period last year. The New York-based company also saw a 3% increase in operating income to $80.8 million for the fiscal quarter completed on Dec. 31.

"We are making significant progress in readying our Company for its next chapter as the proposed spin-off of our Entertainment business nears completion and MSG Sphere in Las Vegas continues to take shape," said MSG Company's executive chairman and CEOin a release.

Revenue for MSG Entertainment decreased by 1% to $312.7 million during this period. The company attributes the decline to lower event-related revenues from concerts, as well as the impact of the wind-down of its creative studio Obscura Digital's third-party production business. The second financial quarter also took a hit due to the expiration of the company's booking agreement with the Wang Theatre.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

NBC Entertainment Ups Yamamoto To President, Business OperationsNBC Entertainment has promoted longtime business affairs executive Masami Yamamoto to President, Business Operations, overseeing negotiations for scripted and unscripted programming across the comp…
Источник: DEADLINE - 🏆 109. / 63 Прочитайте больше »