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Stephen Nacrosse
Madison Square Garden Entertainment Corp. said Friday it will move forward with plans to spin off its live entertainment business, adding that it has confidentially filed a form with the U.S. Securities and Exchange Commission for a proposed transaction .
Last month, the company said the new plan would spin off the live entertainment business from its MSG Sphere, MSG Networks and Tao Group hotel businesses. The live entertainment group will include assets such as Madison Square Garden, Radio City Music Hall and the Beacon Theater, as well as the company’s entertainment and sports booking businesses. Also included are Radio City Rockettes and Christmas Spectacular productions and long-term arena licensing deals with the New York Knicks and New York Rangers, the company said.
The remaining assets, including MSG Sphere, MSG Networks and a majority stake in Tao Group Hospitality, will remain in the renamed MSG Sphere Corp. The company will also hold an approximately one-third economic interest in the live entertainment company. to msg entertainment.
The company said it expects to complete the spin-off by the end of March.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
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