Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  The Madison Square Garden Company    MSG

THE MADISON SQUARE GARDEN COMPANY

(MSG)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Madison Square Garden : shares rise after company mulls spinoff

share with twitter share with LinkedIn share with facebook
share via e-mail
06/28/2018 | 10:11am EDT
New York Knicks owner Dolan speaks during a news conference announcing the team's new head coach in New York

(Reuters) - Shares of Madison Square Garden Co rose 12 percent on Thursday after the New York Knicks owner said it is exploring a spinoff to separate its sports businesses from live entertainment.

A possible tax-free spinoff would create two separately traded public companies to unlock value for the businesses, MSG said on Wednesday.

"This proposed transaction would provide each company with enhanced strategic flexibility, its own defined business focus and clear investment characteristics," said Chief Executive Officer James Dolan, who is expected to be the chairman and CEO of both the companies.

The sports entity will house the New York Knicks and New York Rangers professional sports franchises, while the live entertainment company will include all owned concert-hosting venues such as New York's Madison Square Garden and Radio City Music Hall as well as nightclubs owned by the TAO Group.

Jefferies raised its rating on MSG to "buy" from "hold" and also increased the price target by $117 to $350, with MSG Sports worth $133 and MSG Entertainment $217.

"MSG possesses a collection of unique, world class sports and entertainment assets which are largely underappreciated by investors," Jefferies analyst John Janedis wrote in a client note, adding that the spinoff is expected to better reflect the intrinsic value of the assets.

TAO Group owns restaurant and nightclubs with over 20 venues in New York, Las Vegas and Sydney.

The entertainment business has been driving growth at MSG in the last few quarters. Revenue from this segment more than doubled in the quarter ended March 31 to $159.6 million, while sports fell 3 percent to $300 million.

Shares of MSG, which have climbed nearly 40 percent this year, were last up 11.6 percent at $297.22.

(Reporting by Sonam Rai in Bengaluru; Editing by Saumyadeb Chakrabarty)

Stocks mentioned in the article
ChangeLast1st jan.
SQUARE, INC. -4.76% 52.38 Delayed Quote.-16.27%
THE MADISON SQUARE GARDEN COMPANY -6.21% 211.41 Delayed Quote.-28.14%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on THE MADISON SQUARE GARDEN
03/31MADISON SQUARE GARDEN CO : Entry into a Material Definitive Agreement, Change in..
AQ
03/31The madison square garden company board approves spin-off of entertainment bu..
GL
03/29THE LATEST : Madison Square Garden Co. head has coronavirus
AQ
03/28MADISON SQUARE GARDEN : Knicks owner, MSG chairman James Dolan has coronavirus
AQ
03/25MADISON SQUARE GARDEN CO : Entry into a Material Definitive Agreement (form 8-K)
AQ
03/24MADISON SQUARE GARDEN : Ballmer to buy Forum, clearing way for new Clippers aren..
AQ
03/24MADISON SQUARE GARDEN : Newly Formed CAPSS LLC To Purchase The Forum in Inglewoo..
BU
03/06The Madison Square Garden Company Continues to Make Important Progress on Pro..
GL
03/02MADISON SQUARE GARDEN : The Radio City Rockettes Launch Dancer Development Progr..
AQ
03/02MADISON SQUARE GARDEN : Leon Rose Named President of New York Knicks
PU
More news
Financials (USD)
Sales 2020 1 580 M
EBIT 2020 -72,5 M
Net income 2020 -57,2 M
Finance 2020 412 M
Yield 2020 -
P/E ratio 2020 -88,0x
P/E ratio 2021 -131x
EV / Sales2020 2,95x
EV / Sales2021 3,17x
Capitalization 5 072 M
Chart THE MADISON SQUARE GARDEN COMPANY
Duration : Period :
The Madison Square Garden Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends THE MADISON SQUARE GARDEN
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 10
Average target price 334,44  $
Last Close Price 211,41  $
Spread / Highest target 94,6%
Spread / Average Target 58,2%
Spread / Lowest Target 17,3%
EPS Revisions
Managers
NameTitle
James Lawrence Dolan Executive Chairman & Chief Executive Officer
Andrew Lustgarten President
Joel Fisher Executive Vice President-Events & Operations
Victoria M. Mink Chief Financial Officer & Executive Vice President
Richard D. Parsons Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
THE MADISON SQUARE GARDEN COMPANY-28.14%5 072
MANGO EXCELLENT MEDIA CO., LTD.-0.45%10 985
PERFECT WORLD CO., LTD.-1.69%8 602
TOHO CO., LTD.0.92%5 395
ALIBABA PICTURES GROUP LIMITED-1.98%3 425
CHINA FILM CO.,LTD.-22.14%3 117