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Madison Square Garden Entertainment Corp. (MSG Entertainment) (NYSE: MSGE) is a premier leader in live entertainment, delivering memorable experiences and cultivating profound connections with a broad spectrum of enthusiastic audiences. The company's distinguished portfolio comprises iconic venues such as New York's Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, Beacon Theatre, and The Chicago Theatre. These venues host a diverse range of events, including sports, concerts, family shows, and special events, attracting millions of guests annually.
One of MSG Entertainment's hallmark productions is the Christmas Spectacular Starring the Radio City Rockettes, a cherished holiday tradition for 90 years, captivating over one million attendees with its stunning performances and intricate choreography. MSG Entertainment continuously evolves, recently announcing a new partnership with Beyond Meat to introduce plant-based meat products at Madison Square Garden, enhancing the fan experience with sustainable and nutritious food options.
Financially, MSG Entertainment has been proactive, showcased by its recent underwritten secondary offering and strategic share repurchase, aimed at optimizing capital allocation and enhancing shareholder value. The company reported a robust fiscal 2024 second quarter, marked by a record-setting Christmas Spectacular season and a significant increase in bookings, underpinning its strong market position and growth trajectory.
Looking ahead, MSG Entertainment remains committed to expanding its live entertainment offerings, leveraging its iconic venues and innovative partnerships to deliver unparalleled experiences. The company's focus on strategic initiatives and operational excellence positions it well for sustained growth and long-term shareholder value.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) announced an agreement to sell its 66.9% majority interest in Tao Group Hospitality to Mohari Hospitality for a total valuation of
Mohari Hospitality announced its acquisition of Tao Group Hospitality from Madison Square Garden Entertainment Corp. (MSGE) for $550 million. The transaction is projected to close in May 2023, pending customary conditions. This acquisition enhances Mohari's portfolio, adding to its luxury and lifestyle offerings, which include high-profile properties like the Peninsula Papagayo and Centro Canalejas Madrid. Tao Group operates over 80 venues globally, and its management team is expected to continue leading the brand under Mohari. The partnership aims to accelerate growth and expand in the hospitality sector, leveraging synergies and expertise. Furthermore, a multi-year consulting agreement with MSG Entertainment will support Tao Group in its operations at Madison Square Garden and Sphere in Las Vegas.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) has unveiled its upcoming Sphere Experiences, showcasing a groundbreaking entertainment medium opening in Las Vegas this fall. The inaugural production, Postcard from Earth, will immerse audiences using Sphere's advanced technologies, including the highest resolution LED screen globally (16K x 16K) and cutting-edge audio systems that create customized sound experiences. Tickets for Postcard from Earth will be available starting April 12, 2023, at 10:00 AM PT. Each experience will last about 60 minutes and run multiple times daily. Sphere aims to redefine live entertainment by blending art, technology, and storytelling.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) announced a strategic spin-off of its live entertainment business, set for April 20, 2023. The parent company will be renamed Sphere Entertainment Co., while the new entity will retain the Madison Square Garden Entertainment Corp. name, encompassing various performance venues and productions such as the Christmas Spectacular Starring the Radio City Rockettes.
Each shareholder will receive one share in the new company for every share they hold, with the spin-off expected to be tax-free for U.S. federal income tax purposes. Additionally, a $250 million share repurchase program for the new company’s Class A common stock has been authorized.
MSG Networks has announced the launch of MSG+, a new direct-to-consumer streaming product set to debut this summer, and MSG SportsZone, a free ad-supported streaming channel. MSG+ will offer monthly subscriptions at
Madison Square Garden Entertainment Corp. (NYSE: MSGE) announced progress on its proposed tax-free spin-off of its live entertainment businesses. The spin-off will create MSG Entertainment, which will focus on live entertainment and associated venues, and MSG Sphere Corp., which will include the MSG Sphere, MSG Networks, and Tao Group Hospitality. A Form 10 Registration Statement has been filed with the SEC for the spin-off. The transaction's completion depends on several conditions, including regulatory approvals and final Board consent. James L. Dolan is set to lead both entities as Executive Chairman and CEO.
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