The split of Madison Square Garden Company’s (MSG) sports and entertainment assets has today (Monday) been completed, with a new MSG Entertainment company having officially been formed.
MSG Entertainment and MSG Sports will now operate as two separate entities, with the former to begin trading on the New York Stock Exchange today. MSG Sports is the new name for the business formerly known as the Madison Square Garden Company.
MSG Entertainment will oversee programming and venues, with MSG Sports to comprise professional sports franchises, including the NHL’s New York Rangers and the NBA’s New York Knicks.
The spin-off distribution was completed at 11.59pm on Friday, April 17 to stockholders of record of MSG as of the close of business on April 13. Each MSG common stockholder received one share of MSG Entertainment Class A or Class B common stock for every equivalent share they held in the previously-named MSG.
MSG Entertainment has also named Mark FitzPatrick as its new executive vice president and chief financial officer. FitzPatrick will report to MSG Entertainment executive chairman and chief executive James Dolan.
FitzPatrick will work closely with MSG Entertainment’s executive team to support the long-term direction and overall management of the company, overseeing financial and accounting matters such as forecasting, budgeting, financial planning and analysis. He most recently served as deputy chief financial officer at WeWork.
As previously announced, Andrew Lustgarten will serve as president of MSG Entertainment. Victoria Mink, executive vice-president and chief financial officer, will continue in her role at MSG Sports (formerly the Madison Square Garden Company).
James Dolan, executive chairman and chief executive of MSG Entertainment, said: “While the current environment presents significant challenges to our industry, we are confident in the future, and look forward to MSG Entertainment building on its reputation as a leader in live experiences.
“We are also very pleased to welcome Mark, a talented corporate finance executive who brings extensive experience working with well-known companies. We believe he is the ideal executive to help guide MSG Entertainment as we continue to pursue excellence across our operations.”
As well as the Knicks and Rangers, MSG Sports will include the Westchester Knicks, Hartford Wolf Pack, Counter Logic Gaming and Knicks Gaming. MSG Entertainment will operate New York’s Madison Square Garden (pictured), Hulu Theater at Madison Square Garden, Radio City Hall and Beacon Theatre; the Chicago Theatre; and planned new arenas in London and Las Vegas.
Both the Las Vegas and London arenas are experiencing delays due to the widespread global effects of COVID-19. It had originally been hoped that the Las Vegas venue would open in 2021 but this no longer looks achievable.
Image: Anthony Quintano