MSG Networks Announces Multi-Year Distribution Agreement with Verizon Fios

Rhea-AI Summary

MSG Networks has secured a multi-year renewal of its distribution agreement with Verizon Fios. This agreement guarantees that Fios customers will continue to access MSG Networks and live games from prominent teams including the New York Knicks, New York Rangers, and New Jersey Devils. The deal highlights the value of live sports programming, which MSG Networks has been providing for over 50 years, offering around 400 live professional games annually. This partnership strengthens MSG Networks' position in the regional sports landscape.

Positive

• Successful multi-year renewal of distribution agreement with Verizon Fios, ensuring continued access to MSG Networks' programming.
• Maintains a strong position in live sports broadcasting for major New York teams.

Negative

• None.

MSG Networks Extends Key Distribution with Major Provider

NEW YORK--(BUSINESS WIRE)-- MSG Networks announced that it has completed a comprehensive, multi-year renewal of its distribution agreement with Verizon Fios. The new deal ensures Verizon Fios customers will continue to have access to MSG Networks and hundreds of exclusive, live games from the New York Knicks, New York Rangers, New Jersey Devils, New York Islanders, Buffalo Sabres and New York Red Bulls as part of their Fios TV packages and through MSG GO.

Adam Levine, Executive Vice President of Business Affairs for MSG Networks said: “We are thrilled to have reached this multi-year agreement with Verizon Fios, who has been a long-time, valued partner. Live sports remains some of the most valuable programming on air, and all of our teams have passionate fan bases. We look forward to providing our lineup of sports programming to Fios subscribers for years to come.”

MSG Networks, which debuted as the country’s first regional sports network in 1969, is comprised of two award-winning sports and entertainment networks, MSG Network and MSG+, as well as MSG GO, the networks’ live streaming and video on demand platform. MSG Networks telecasts approximately 400 live professional games annually, as well as significant coverage of the NFL’s New York Giants and Buffalo Bills. This content, in addition to a diverse array of other sporting events and critically acclaimed original programming, has established MSG Networks as an industry leader, setting a standard for regional sports coverage for more than 50 years.

About Madison Square Garden Entertainment Corp.

Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment. The Company presents or hosts a broad array of events in its diverse collection of venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; and The Chicago Theatre. MSG Entertainment is also building a new state-of-the-art venue in Las Vegas, MSG Sphere at The Venetian. In addition, the Company features the original production – the Christmas Spectacular Starring the Radio City Rockettes – and through Boston Calling Events, produces the Boston Calling Music Festival. The Company’s two regional sports and entertainment networks, MSG Network and MSG+, deliver a wide range of live sports content and other programming. Also under the MSG Entertainment umbrella is Tao Group Hospitality, with entertainment dining and nightlife brands including: Tao, Marquee, Lavo, Beauty & Essex, Cathédrale, Hakkasan and Omnia. More information is available at www.msgentertainment.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211006005242/en/

Dan Schoenberg / 212-465-6367

dan.schoenberg@msgnetworks.com

Source: Madison Square Garden Entertainment Corp.

FAQ

What is the significance of MSG Networks' new agreement with Verizon Fios?

The new agreement ensures continuous access for Verizon Fios customers to MSG Networks' live sports programming.

Which sports teams are included in the MSG Networks and Verizon Fios agreement?

The agreement covers live games from teams like the New York Knicks, New York Rangers, and New Jersey Devils.

How long is the renewal agreement between MSG Networks and Verizon Fios?

The renewal is a multi-year agreement.

What type of content does MSG Networks provide?

MSG Networks broadcasts approximately 400 live professional games annually and features a variety of sports programming.

What impact does the MSG Networks and Verizon Fios deal have on shareholders?

The agreement is expected to positively influence MSG Networks' market positioning and revenue through continued viewership.