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

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MSG's second quarter financial earnings for 2020 reflects little change in the company's year-over-year earnings

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.

 

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