[ad_1]
The Venetian’s MSG Sphere is visible in Las Vegas on Monday, March 20, 2023. (Bizuayehu Tesfaye Las Vegas Review-Journal) @btesfaye
Madison Square Garden Entertainment Corp.’s board of directors on Thursday approved the spin-off of a company that will oversee The Venetian’s MSG Sphere, MSG Networks and its Tao Group Hospitality business.
The new company, called Sphere Entertainment Co., is expected to officially open for business on April 20 and will list on the New York Stock Exchange under the ticker symbol “SPHR.”
“With today’s announcement, we are one step closer to creating two distinct companies, each well-positioned to create long-term shareholder value,” said executive chairman and CEO James Dolan in a release. preparation.”
Company executives began considering breaking up the company last year.
New live entertainment company will retain the Madison Square Garden Entertainment Corp. name, will retain the MSGE logo on the New York Stock Exchange, and will include a portfolio of performance venues, entertainment and sports booking businesses and “Christmas Spectacle” starring the Radio City Rockettes ” production.
MSGE’s lineup of venues includes New York’s Madison Square Garden, Madison Square Garden Theatre, Radio City Music Hall, Beacon Theater and Chicago Theatre.
The company is also building the $2.2 billion, 17,500-seat MSG Sphere at the Venetian, which is scheduled to open in September. It is located to the east of the Venice Expo Center.
The spinoff must also be approved by the NBA, since its New York Knicks team plays at Madison Square Garden.
Following the completion of the spin-off, MSG’s board of directors approved a $250 million share repurchase program for Class A common stock of the new live entertainment company.
Shares of the companies’ Class B common stock will not trade on any exchange.
Contact Richard N. Velotta rvelotta@reviewjournal.com or 702-477-3893.follow @RickVelotta on twitter.
[ad_2]
Source link