Madison Square Garden To Spin Off MSG Sports [Forbes]
MADISON SQUARE GARDEN CO NEW (MSG)
Last madison square garden co new earnings: 2/7 07:00 am
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Source: Forbes
New York City, Manhattan, New York, United States, North America On October 4, 2018, The Madison Square Garden Company (NYSE:MSG, $290.90, Market Capitalization $6.9 billion) announced that it has made progress towards the spin-off of its sports business by filing a confidential initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission. The proposed spinoff would be structured as a tax-free transaction to all MSG shareholders. Upon completion of the transaction, record holders of MSG common stock would receive a pro-rata distribution, expected to be equivalent, in aggregate, to an approximately two-thirds economic interest in the pure-play sports company. The live entertainment company would include an approximately one-third economic interest in the pure-play sports company; and approximately $1 billion in cash on hand. The remaining common stock would be retained by the live entertainment company and is expected to be used to rais
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