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Madison Square Garden Entertainment will likely split itself into two businesses: one consisting of regional sports networks, Madison Square Garden itself, and the other. comingAnother has the much-anticipated Las Vegas sphere, according to a filing by the company Friday night.
The split is not complete yet.publicly traded MSG The entertainment company’s filing with the Securities and Exchange Commission said its board had approved the exploration of the split, indicated the action would be contingent on approval by the alliance, and indicated the deal would be a tax-free spin-off for shareholders. Sister company Madison Square Garden Sports owns the NBA’s Knicks and NHL’s Rangers. Both companies are controlled by the Dolan family by owning super-voting shares, giving the family the ability to break up.
According to the filing, the existing MSG Entertainment business will hold Sphere and any future MSG areas to be developed; a majority stake in Tao Hospitality, which owns venues and restaurants in major cities around the world; and a one-third ownership in the newly created entity. The MSG Sphere in Las Vegas, adjacent to the Venetian Casino, is said to be the largest in the world at a cost of $1.8 billion. Irish rock band U2 will reportedly open the venue when it debuts next year.
In addition to MSG Networks and “the world’s most famous stage,” the spin-off company will own MSG’s sports and entertainment reservations division, Radio City Music Hall and Rockettes, and other concert venues.
The transaction, if taken place, would be another restructuring of MSG’s assets.Last year, MSG Entertainment merge Working with the publicly traded Madison Square Garden network, expects to find sports betting synergies.
A spokesman for MSG Entertainment did not immediately respond to a request for comment.
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