HomeIndustriesMadison Square Garden to Launch Live Entertainment Business

Madison Square Garden to Launch Live Entertainment Business

Madison Square Garden Entertainment Corp (MSGE) confirmed on Friday that it will go ahead with the launch of its proposed live entertainment business which includes the iconic New York arena. The company has been exploring the possibility of creating this spinoff business since August of last year.

The new business will see the MSG’s original live entertainment business and the MSG Networks unit split from the MSG Sphere and Tao Group Hospitality businesses.

Following the split, the new company will be named Madison Square Garden Entertainment Corp, with the existing company taking on the name MSG Sphere Corp. In addition to the New York Arena, the new company will include other major venues such as Radio City Music Hall, the Beacon Theatre, and the Chicago Theatre.

A tax-free spinoff, the new Madison Square Garden Entertainment Corp will provide existing shareholders with 67% economic interest in the new company.

In December, the company stated that it would retain MSG Networks, which owns two regional sports and entertainment networks. The spinoff company is expected to be live in March.

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