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New York, April 21, 2023 /PRNewswire/ — Madison Square Garden Entertainment Corp. (NYSE: MSGE ) (the “Company” or “MSG Entertainment”) (formerly MSGE Spinco, Inc.) announced today that it has completed its spin-off from Sphere Entertainment Co. dismantle. (NYSE: SPHR) (“Sphere Entertainment”), formerly Madison Square Garden Entertainment Corp., will begin trading today on the New York Stock Exchange under the ticker symbol “MSGE.”
The spin-off was completed on 11:59 p.m. exist April 20, 2023 Shareholders of record for Sphere Entertainment as of the close of business April 14, 2023. Each share of Sphere Entertainment Class A or Class B common stock held as of the record date received an allocation of one new MSG Entertainment Class A or Class B common share, respectively, representing approximately 67% of MSG Entertainment’s outstanding shares. Sphere Entertainment owns approximately 33% of the remaining outstanding shares of MSG Entertainment.
Shareholders of Sphere Entertainment will receive new MSG Entertainment shares without any action or payment. Shareholders who held Sphere Entertainment common stock as of the record date will receive a statement of books reflecting their ownership of the MSG Entertainment New Shares, or have their brokerage accounts credited for the MSG Entertainment New Shares.
The spin-off is structured to qualify as a tax-free distribution for U.S. federal income tax purposes. Shareholders of Sphere Entertainment are urged to consult their tax advisors regarding the US federal, state, local and foreign tax consequences of the spin-off.
About Madison Square Garden Entertainment
Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment, delivering memorable experiences while building deep connections with diverse and passionate audiences. The firm’s portfolio includes a range of world-renowned venues – new york Madison Square Garden, Madison Square Garden Theatre, Radio City Music Hall and the Beacon Theatre; and The Chicago Theater – hosting a variety of sporting events, concerts, family shows and special events for millions of guests each year. In addition, the company features original productions, Christmas spectacle starring the Radio City Rockettes, which has been a holiday tradition for 89 years.For more information visit www.msgentertainment.com.
forward-looking statement
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and as a result of various factors, including the financial community’s views on the company and its business, operations, financial condition and its perceptions of the industry in which it operates, the timing and timing of Tao’s sale, and factors described in the company’s filings with the Securities and Exchange Commission, including those headed “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” “part. The company disclaims any obligation to update any forward-looking statements contained herein.
touch:
Mikel Cordova
Executive Vice President, Communications and Marketing
Madison Square Garden Entertainment
(212) 631-4337
Ali DennisCFA
Senior Vice President, Investor Relations, Financial Communications and Treasury
Madison Square Garden Entertainment
(212) 465-6072
justin braber
Vice President, Financial Communications
Madison Square Garden Entertainment
(212) 465-6109
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SOURCE Madison Square Garden Entertainment
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