The Board of Directors of The Madison Square Garden Company (NYSE:MSG) agreed to spin-off Sports Businesses to its shareholders on June 27, 2018. The Board of Directors of The Madison Square Garden Company of has unanimously approved pursuing a revised plan for the proposed separation of its sports and entertainment businesses on November 7, 2019. Madison Square Garden Company is now pursuing a spin-off of its entertainment businesses into a separately traded public company and, as part of this revised structure, the entertainment company would not retain an equity interest in the sports company. As of April 7, 2020, Holders of The Madison Square Garden Company Class A Common Stock will receive a distribution of one share of our Class A Common Stock for every one share of The Madison Square Garden Company Class A Common Stock held by them on the record date, and holders of The Madison Square Garden Company Class B Common Stock will receive a distribution of one share of our Class B Common Stock for every one share of The Madison Square Garden Company Class B Common Stock held by them on the record date. The spun-off entity will be renamed as Madison Square Garden Entertainment Corp. The record holders of Madison Square Garden common stock would receive a pro-rata distribution of interest in the pure play company. The pure-play sports company is expected to include The New York Knicks professional NBA sports franchise and its development team, the Westchester Knicks; The New York Rangers professional NHL sports franchise and its development team, the Hartford Wolf Pack; The New York Liberty professional WNBA sports franchise, for which Madison Square Garden is exploring a sale; Knicks Gaming, the official NBA 2K esports franchise of the New York Knicks, and a majority interest in Counter Logic Gaming, and professional sports team Training Center in Greenburgh, New York. James L. Dolan is expected to serve as Executive Chairman of the sports company and as Executive Chairman and Chief Executive Officer of the entertainment company. Upon completion of the spin-off transaction, The Madison Square Garden Company will be a pure-play sports company and will change its name to Madison Square Garden Sports Corp. (MSG Sports), while the newly-formed entertainment company will be named Madison Square Garden Entertainment Corp. (MSG Entertainment). The newly created company is intended to be listed on stock exchange. Completion of the spin-off will be subject to various conditions, including completion and effectiveness of the Form 10 Registration Statement, certain league approvals, a private letter ruling from the internal revenue services, receipt of a tax opinion from counsel and final Madison Square Garden Board approval. As of December 3, 2019, The Madison Square Garden Company has filed a confidential initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission for the proposed spin-off of its entertainment business. The new entity will be known as Madison Square Garden Entertainment Corp. (MSG Entertainment). Andrew Lustgarten is expected to be named President and Chief Executive Officer overseeing all business operations for the pure-play sports company, which is expected to be re-named Madison Square Garden Sports Corp. (MSG Sports). This transaction remains subject to various conditions, including final league and MSG Board approval. As of March 31, 2020, Board of The Madison Square Garden Company approved the transaction. The distribution will take place on April 17, 2020 to The Madison Square Garden Company stockholders of record as of the close of business on April 13, 2020. The proposed transaction is currently expected to be completed during the first half of calendar 2019. As of November 7, 2019, the transaction is still expected to be completed during the first quarter of calendar 2020. As of March 31, 2020, the transaction is expected to be completed in mid-April 2020. J.P. Morgan Securities LLC and PJT Partners acted as financial advisors while Sullivan & Cromwell LLP acted as legal advisor to The Madison Square Garden. EQ Shareowner Services acted as transfer and distribution agent to The Madison Square Garden Company.

The Board of Directors of The Madison Square Garden Company (NYSE:MSG) completed the spin-off Madison Square Garden Entertainment Corp. on April 17, 2020. In addition, MSG Entertainment also named Mark FitzPatrick Executive Vice President and Chief Financial Officer of the new entertainment company, reporting to James Dolan. In addition, Andrew Lustgarten will serve as President of MSG Entertainment.