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MSG Entertainment to Buy MSG Networks

Y2kTheNewOldies

Y2kTheNewOldies

www.nexttv.com

MSG Entertainment to Buy MSG Networks

Tax-free exchange will recombine venues, sports networks
www.nexttv.com www.nexttv.com

Almost six years after splitting the company to unlock value, Madison Square Garden Entertainment said it has agreed to combine with MSG Networks in a tax-free exchange of shares.

The recombination is expected to bolster MSG Entertainment, which includes Madison Square Garden arena, Radio City Music Hall and other venues that have been hit hard as the pandemic has shut down the concert business. The entertainment unit is building a state-of-the-art facility in Las Vegas -- MSG Sphere at the Venetian -- which is scheduled to open in 2023. The company also has said it plans to build a second MSG Sphere in London, pending necessary approvals.
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