Madison Square Garden Company Set to Spin Off Entertainment Business

It will take place in early April and create two distinct publicly traded companies with James Dolan, MSG’s chairman and CEO, helping oversee both., The Madison Square Garden Company on Tuesday said that its board has approved spinning off its entertainment business from its sports businesses, effectively creating two distinct publicly traded companies.

Following the spinoff, which is expected to take place in early April, MSG will change its name to Madison Square Garden Sports Corporation, while the new entertainment company will be called Madison Square Garden Entertainment Corporation., MSG’s chairman and CEO, will serve as executive chairman of MSG Sports and executive chairman and CEO of MSG Entertainment, whilewill serve as president and CEO of MSG Sports and as president of MSG Entertainment.

“While our industry is currently going through a difficult period, we are confident in the enduring strength and value of our businesses. Today’s approved spinoff is the result of many months of preparation, and we believe it will set the stage for long-term success for both MSG Sports and MSG Entertainment,” Dolan said in a statement.

Last week, Ballmer said that he had reached an agreement with The Madison Square Garden Co. to buy the Forum for $400 million in cash. That deal seemingly resolved litigation brought by The Madison Square Garden Co. to halt Ballmer’s plan to build a billion-dollar arena along West Century Boulevard. That project had been the target of multiple lawsuits over the past several years, and the all-cash deal should help pave the way for the new 18,000-seat venue.

In addition to the Forum in Inglewood, MSG owns New York’s Madison Square Garden, Radio City Music Hall and the Beacon Theater. The company also owns the NBA's New York Knicks and the NHL's New York Rangers, among several other teams. Over the weekend, the Knicks organization announced that the 64-year old Dolan hadThis article was originally published by

i saw madison and got excited but-

Россия Последние новости, Россия Последние новости

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

Disney’s Executive Pay Cut Threatens To Deepen the Divide Between The Two Sides Of The Merged CompanyShockwaves went through the film and TV community this morning when Disney, one of the biggest media companies in the world, became the first entertainment conglom of that size to implement massive… To bad you have to take less pay. Get a real job with real pay. NOBODY needs to make millions a year. Bet movies be cheaper you all kept that pay cut.
Источник: DEADLINE - 🏆 109. / 63 Прочитайте больше »

Airbnb CEO Brian Chesky says his company's business will recover - Business InsiderAirbnb's CEO compared the coronavirus crisis to Hurricane Maria, saying its business will bounce back, just as it did after the storm that ravaged Puerto Rico He compared it to just ONE hurricane? Better check that math again man. I’d like to remind you that Airbnb are thiefing liars Can he predict the future?
Источник: BusinessInsider - 🏆 729. / 51 Прочитайте больше »