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Fans arrive at Madison Square Garden before the game between the Golden State Warriors and the New York Knicks on February 23, 2021 in New York City.
John Smith | Corbis News | Getty Images
Madison Square Garden Entertainment Announced Thursday, it is exploring a spin-off of its live entertainment business, including its iconic New York City arena and MSG Networks.
The spin-off will include the company’s performance venues — including Madison Square Garden, Hulu Theater, Radio City Music Hall, Beacon Theater and Chicago Theater — as well as its entertainment and sports bookings, Radio City Rockets and “Christmas Spectacular” productions ,company said in a press release.
The new company will also control the Gardens’ licensing agreements with the New York Knicks and New York Rangers, as well as its regional sports and entertainment network.
It will leave MSG Entertainment, Tao Group Hospitality, which owns restaurants and nightclubs around the world, and the MSG Sphere business, which includes “multi-sensory” performance venues, the first of which is currently under construction in Las Vegas.
Shares of Madison Square Garden Entertainment rose about 7% in extended trading on Thursday.
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