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MSG completes entertainment spin-off

MSG completes entertainment spin-off

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MSG Entertainment has become a new public company, as the Madison Square Garden Company (MSG) completes the spin-off of its entertainment businesses from its sports company.

The newly separate MSG Entertainment started trading on the New York stock exchange today (20 April) under the symbol MSGE, with shares opening at $68. Each MSG common stockholder received one share of MSGE Class A or B common stock for every common stock of MSG they held before the spin-off.

Former WeWork executive, Mark FitzPatrick, has been named executive vice president and chief financial officer of MSG Entertainment, with MSG’s Andrew Lustgarden serving as president of the new company.

The entertainment company retains no equity interest in MSG Sports, which now trades as MSGS, following revisions to an initial spin-off plan in November 2019.

“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,” says James Dolan, executive chairman and CEO of MSG Entertainment.

“WHILE THE CURRENT ENVIRONMENT PRESENTS SIGNIFICANT CHALLENGES TO OUR INDUSTRY, WE ARE CONFIDENT IN THE FUTURE”

“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.”

MSG Entertainment’s assets include New Yorks’ Madison Square Garden and the adjoining Hulu Theatre, Radio City Music Hall, the Beacon Theatre and the Chicago Theatre, as well as developing the cutting-edge ‘Sphere’ arenas in Las Vegas and London.

Prior to the spin-off last month, MSG sold the 18,000-capacity Forum in Inglewood to LA Clippers owner Steve Ballmer in an $400 million all-cash deal.

MSGE also retains majority interesting in hospitality company Tao Group and Boston Calling Events, the producer of Boston Calling Music Festival.

Story: IQ

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