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Sphere Entertainment Co. (NYSE: SPHR) completed the spin-off of its live entertainment businesses, changing its name from Madison Square Garden Entertainment Corp. to Sphere Entertainment Co. The spin-off was finalized at 11:59 p.m. on April 20, 2023, with shareholders receiving shares of the new MSG Entertainment Corp. (ticker: MSGE). Each stockholder of Sphere Entertainment received one share of MSG Entertainment for each share held, reflecting around 67% of MSG Entertainment's outstanding shares. Sphere Entertainment retains approximately 33% of MSG Entertainment's shares. The spin-off is structured as a tax-free distribution for U.S. federal income tax purposes, and shareholders should consult tax advisors regarding potential implications.
