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HomeBreaking News: Madison Square Garden moving ahead with live-entertainment spin-off

: Madison Square Garden moving ahead with live-entertainment spin-off

'Quick read' news summary

Madison Square Garden Entertainment Corp. MSGE, +0.39% on Friday said it would move ahead with a spin-off of its live entertainment business and planned to complete that spin-off by the end of March. Executives for the company said it had confidentially filed an amended registration statement for the proposed deal, and said it expected to file a publicly available registration statement next month. Shares were unchanged after hours. MSG in December said it was weighing separating its live entertainment segment as part of a “revised” spin-off plan approved by its board. The spin-off would be structured as tax-free to stockholders, the company said. Holders of Madison Square Garden Entertainment’s Class A and B shares would receive the equivalent of a roughly 67% stake in the live-entertainment company, which would keep the name Madison Square Garden Entertainment Corp. The rest of that stake would be held by the current parent company, to be renamed MSG Sphere Corp.

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