Separating the live entertainment unit, which includes the iconic New York City arena, from other businesses is expected to be completed on April 20.
The live entertainment company, once spun off, will assume the name Madison Square Garden Entertainment Corp. and will comprise performance venues, an entertainment and sports bookings business, and the “With today’s announcement, we are one step closer toward our goal of creating two distinct companies, each well positioned to generate long-term value for our shareholders,” executive chairman and CEO James L. Dolan said in a statement.
As part of the spinoff transaction, common shareholders will receive one Class A or Class B share of the new live entertainment company for every share of the company’s Class A or Class B common stock, respectively. Once the spinoff is completed, Sphere Entertainment will own around 33 percent of the outstanding shares of the new live entertainment company, which will trade on the New York Stock Exchange.
MSG is also in development on a direct-to-consumer streaming offering, MSG+ which is expected to launch over the summer, and will offer annual, monthly and per game subscriptions.
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