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MSG Entertainment shares down 11%; Sphere sells 5.25 million shares

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Posted: Jun 21, 2023 2:51pm EST

josh beckman

Shares of Madison Square Garden Entertainment fell 11% to $35.35 on Wednesday after the company said Tuesday that Sphere Entertainment Group LLC would sell 5.25 million shares.

In April, the company, then known as Madison Square Garden Entertainment Corp., changed its name to Sphere Entertainment Co. and spun off its traditional…

josh beckman

Shares of Madison Square Garden Entertainment fell 11% to $35.35 on Wednesday after the company said Tuesday that Sphere Entertainment Group LLC would sell 5.25 million shares.

In April, the company, then known as Madison Square Garden Entertainment Corp., changed its name to Sphere Entertainment Co. and spun off its traditional live entertainment business into a new company called Madison Square Garden Entertainment Corp.

MSG Entertainment said it plans to purchase approximately $25 million of stock from the seller under its existing $250 million share repurchase authorization.

Sphere Entertainment Group owns 37.8 percent of MSG Entertainment’s Class A shares, according to a securities filing.

Write to Josh Beckerman: josh.beckerman@wsj.com

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