Madison Square Garden Sports Corp. Completes Spin-Off of Entertainment Businesses
NEW YORK, April 20, 2020 (GLOBE NEWSWIRE) -- Madison Square Garden Sports Corp. (NYSE: MSGS) (“MSG Sports”) announced that it has completed the spin-off of its entertainment businesses and changed its name from The Madison Square Garden Company (“MSG”). MSG Sports will begin trading today on the NYSE under the symbol “MSGS.” The newly formed entertainment company, Madison Square Garden Entertainment Corp. (“MSG Entertainment”), will begin trading today on the NYSE as “MSGE.”
The spin-off distribution was completed at 11:59 p.m. on April 17, 2020 to stockholders of record of MSG as of the close of business on April 13, 2020. Each MSG common stockholder received one share of MSG Entertainment Class A or Class B common stock for every share of MSG Class A or Class B common stock, respectively, held as of the record date.
No action or payment was required by stockholders of MSG to receive the new MSG Entertainment shares. Stockholders who held MSG common stock as of the record date will receive a book-entry account statement reflecting their ownership of the new MSG Entertainment shares or have their brokerage account credited with the new MSG Entertainment shares.
The spin-off has been structured to qualify as a tax-free distribution to MSG stockholders and MSG for U.S. federal income tax purposes. MSG stockholders are urged to consult with their tax advisors with respect to the U.S. federal, state, local and foreign tax consequences of the spin-off.
About Madison Square Garden Sports Corp.
Madison Square Garden Sports Corp. (MSG Sports) is a leading professional sports company, with a collection of assets that includes: the New York Knicks (NBA) and the New York Rangers (NHL); two development league teams – the Westchester Knicks (NBAGL) and the Hartford Wolf Pack (AHL); and esports teams through Counter Logic Gaming, a leading North American esports organization, and Knicks Gaming, an NBA 2K League franchise. MSG Sports also owns two professional sports team performance centers – the MSG Training Center in Greenburgh, NY and the CLG Performance Center in Los Angeles, CA. More information is available at .
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industry in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.
Contacts:
| Kimberly Kerns EVP and Chief Communications Officer (212) 465-6442 / | Ari Danes, CFA Senior Vice President, Investor Relations & Treasury (212) 465-6072 / |
