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Madison Square Garden Entertainment said Thursday that it would explore the possibility of spinning off the live entertainment venue and a range of other assets into a separate company.
Under a possible spinoff, MSG Entertainment would retain its “immersive” MSG Sphere venue and its majority stake in dining and nightlife company TAO Group Hospitality. Company press release.
Meanwhile, according to the press release, the potential independent company will receive sports and entertainment bookings, as well as the famed Christmas holiday production and arena licensing deals with the New York Knicks and New York Rangers, Radio City Rockettes. MSG Entertainment’s iconic New York City entertainment venues — Madison Square Garden, Radio City Music Hall, Beacon Theatre and Madison Square Garden’s Hulu Theatre — will also be spun off to the new company.
MSG Network, where MSG Entertainment complete acquisition If the spin-off materializes, in July 2021, the company will also be a potential standalone company, the release said. It consists of the regional networks MSG Network and MSG+ and the streaming application MSG GO.
“This potential transaction would create two companies, each with a different value proposition to investors,” James Dolan, CEO of MSG Entertainment, said in a press release.
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