Madison Square Garden Entertainment Corp. - MSGE STOCK NEWS

Madison Square Garden Entertainment Corp. (MSGE) has successfully acquired MSG Networks Inc., enhancing its position as a leading entertainment and media entity. This merger promotes revenue diversity and provides a robust platform for growth, particularly in mobile sports gaming and the new MSG Sphere venue in Las Vegas. The transaction is structured as tax-free for U.S. federal income tax purposes, with MSG Networks shareholders receiving 0.172 shares of MSG Entertainment stock per MSG Networks share owned. The combined organization aims for cost synergies and improved financial flexibility.

Madison Square Garden Entertainment Corp. (NYSE: MSGE) has appointed Paul Westbury as Executive Vice President of Development and Construction, promoting him from Senior Vice President. With over 25 years in the global construction industry, Westbury has significantly influenced the MSG Sphere initiative, which aims to create immersive entertainment venues. The first venue, MSG Sphere at The Venetian in Las Vegas, is under construction and expected to open in 2023, with plans for a second venue in London. Westbury will lead a global construction team to ensure project success.

The Boston Calling music festival returns to Allston, MA from May 27-29, 2022, marking its first event since the pandemic. Foo Fighters and Rage Against the Machine are set to headline, alongside over 60 additional performers. Early bird tickets are available, with prices starting at $299.99. This year, VIP experiences are enhanced, featuring a new VIP lounge and upgraded viewing areas. The festival is produced by Boston Calling Events, owned by Crash Line Productions and Madison Square Garden Entertainment.

The New York Knicks reported the sale of all tickets for their first two playoff games against the Atlanta Hawks, set at a 15,000 capacity under Covid-19 guidelines. Nearly 90% of attendees are expected to be fully vaccinated, making these events the largest indoor gatherings in New York State since the pandemic began. Tickets went on sale on May 18 for Season Ticket Members and were sold out by May 20. The playoff series begins on May 23, with safety measures in place for vaccinated and unvaccinated attendees.

Madison Square Garden Entertainment Corp. has established a multi-year marketing partnership with Molekule, designating them as the Official Air Purification Partner of Madison Square Garden Arena. As part of this collaboration, Molekule's FDA-cleared air purification devices will be installed throughout the venue. The partnership aims to enhance guest safety and comfort, while Molekule will also contribute to the Garden of Dreams Foundation by donating air purifiers to community partners in New York City.

Madison Square Garden Entertainment Corp. (MSGE) reported a fiscal third-quarter revenue of $43.1 million, down $138.8 million year-over-year, with an operating loss of $108.6 million. The pandemic significantly impacted revenues across its Entertainment and Tao Group Hospitality segments, reflecting a 76% decrease in revenues. The company anticipates capacity limits easing for events, aiming to capitalize on pent-up demand. MSGE plans to acquire MSG Networks in a tax-free all-stock merger, expected to enhance its market position and enable future growth, especially in mobile sports gaming.

Madison Square Garden Entertainment Corp. (MSGE) plans to release its fiscal Q3 results on May 7, 2021. MSG Networks (MSGN) will also announce its Q3 results on the same day. Furthermore, MSGE intends to file a registration statement for a joint proxy statement regarding its acquisition of MSG Networks, with a joint investor presentation scheduled for the same date. A webcast discussing the acquisition is set for May 10, 2021, at 4:30 PM ET, featuring industry insights from Brandon Ross of LightShed Partners.

Madison Square Garden Entertainment Corp. (MSGE) is set to announce its financial results for the fiscal third quarter ending March 31, 2021, on May 7, 2021. Concurrently, MSG Networks (MSGN) will also release its results for the same period. Both companies will file a registration statement and a joint investor presentation regarding MSG Networks' proposed acquisition by MSG Entertainment. A joint webcast will be held on May 10, 2021, to discuss the acquisition details, providing further insights into the transaction's implications for stakeholders.

Tao Group Hospitality has acquired Hakkasan Group, forming a robust hospitality enterprise with 61 venues across 22 markets worldwide. This merger enhances Tao Group's U.S. and global presence, particularly in key cities like Las Vegas and London. Co-CEOs Noah Tepperberg and Jason Strauss will lead the new entity, leveraging combined strengths to capitalize on pent-up demand in the hospitality sector post-pandemic. The partnership aims for growth through expanded brand portfolios and enhanced operational efficiencies.