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It’s been a busy week for James Dolan and it’s only Tuesday.
A day after taking over day-to-day control of AMC Networks, Dolan revealed a revised spinoff plan Tuesday as the cable company searches for a permanent CEO madison square garden entertainment business.
msg entertainment Announce August plans to spin off its eponymous arena, Radio City Music Hall, Radio City Rockettes and Christmas Spectacular, as well as the MSG regional sports network, Dolan’s MSG Sphere project and Tao Group Hospitality formed its own.
Under the new plan, RSN will be part of a new company housing MSG Sphere and Tao (to be known as MSG Sphere Corp.), with the Arena, Casino and Rockettes businesses forming the basis of a new live entertainment company .
This MSG ballsOpening in Las Vegas next year, it’s Dolan’s big bet on the next generation of live entertainment, but it’s expensive, and the cash flow from RSN could help support the new line of business.
Arenas and entertainment venues, meanwhile, will be able to take advantage of continued demand for live events and longstanding deals with the New York Knicks and New York Rangers, which Dolan also controls through his MSG Sports Corp.
“We believe that a modified spin-off structure is best suited for the long-term success of these two companies. One will be a pure-play live entertainment company, influenced by the strong financial position of our iconic venues and Christmas Spectacular Production. The second company, comprising MSG Sphere, MSG Networks and Tao Group Hospitality, will provide greater flexibility in executing business strategy and pursuing global growth opportunities. “
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