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Madison Square Garden Entertainment Corp. operates a live entertainment business built around major venues including New York's Madison Square Garden, Infosys Theater at Madison Square Garden, Radio City Music Hall, Beacon Theatre and The Chicago Theatre. Company news commonly covers fiscal results, event calendars, venue bookings, concerts, sporting events, family shows and special events across that portfolio.
Recurring updates also include the Christmas Spectacular Starring the Radio City Rockettes, venue partnerships and entitlement arrangements, concession and fan-experience agreements, community or benefit events, and leadership or legal-governance appointments tied to MSG Entertainment.
Infosys has been named the Official Digital Innovation Partner for Madison Square Garden Sports and Entertainment. This multi-year partnership will create a digital command center at Madison Square Garden, enhancing real-time operational updates for staff and improving the fan experience. Additionally, Infosys will deliver in-depth game stats for the New York Knicks and Rangers, and brand integration throughout The Garden. This collaboration aims to utilize data and analytics to elevate the fan experience, making it more efficient and engaging.
Madison Square Garden Entertainment Corp. (NYSE:MSGE) has appointed Jamal Haughton as Executive Vice President and General Counsel, effective December 6. With over 20 years of legal experience, Haughton will oversee all legal functions, supporting the company's growth and MSG Sphere initiative. Previously, he served as Senior Vice President and General Counsel at Samsung Electronics America. Haughton has a robust background in corporate law and was recognized as a top general counsel influencer in 2019. MSG Entertainment continues to innovate with new venues while maintaining its leadership in live entertainment.
Madison Square Garden Entertainment Corp. (MSGE) reported a strong fiscal Q1 2022 with revenues soaring to $294.5 million, a $124.0 million increase year-over-year. The profitability of Tao Group Hospitality continued, benefiting from strong consumer demand, especially in Las Vegas. Despite an operating loss of $83.3 million, adjusted operating income rose to $10.3 million. The acquisition of MSG Networks is expected to enhance overall performance. However, the MSG Networks segment saw a revenue decline of $15.9 million due to subscriber losses. Overall, the company expresses optimism for continued growth in 2022.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) announces the return of Billy Joel to Madison Square Garden for his 120th lifetime performance on NOVEMBER 5, 2021. This event marks the resumption of his record-setting monthly residency, paused due to the pandemic. Joel is celebrated as one of the biggest concert draws, having sold over 150 million records and holding numerous accolades. His monthly performances are crucial for both MSGE and New York City's recovery. This concert underscores MSGE's leadership in live entertainment.
Madison Square Garden Entertainment Corp. (MSGE) is set to host a conference call on November 9, 2021, at 10:00 a.m. ET to discuss its fiscal first-quarter results ending September 30, 2021. The corresponding press release will be distributed prior to market opening. Participants can join the call by dialing 833-420-0364 with conference ID 6594401. A replay will be available post-call from 1:00 p.m. ET on the same day until November 16, 2021. More details can be found at investor.msgentertainment.com.
Madison Square Garden Sports Corp. (MSGS) and Madison Square Garden Entertainment Corp. (MSGE) have renewed their marketing partnership with JPMorgan Chase (JPM), continuing their role as Marquee Partner. The renewal includes the debut of a new Chase Lounge at Madison Square Garden, exclusively for Chase cardholders, starting with the Knicks home opener. Guests can enjoy complimentary food and beverages. This partnership extends across various MSG venues and includes initiatives like the Chase Sound Check series and community support programs.
Madison Square Garden Sports Corp. (NYSE: MSGS) and Madison Square Garden Entertainment Corp. (NYSE: MSGE) have renewed their marketing partnership with Lexus. This multi-year agreement solidifies Lexus's status as the Official Luxury Auto Partner for prestigious venues including Madison Square Garden and Radio City Music Hall. Lexus will continue to gain significant brand exposure through vehicle displays, signage at games, and integrations during broadcasts. This renewal underscores a strong relationship developed since Lexus first partnered in 2012, focusing on innovative experiences for guests.
MSG Networks has secured a multi-year renewal of its distribution agreement with Verizon Fios. This agreement guarantees that Fios customers will continue to access MSG Networks and live games from prominent teams including the New York Knicks, New York Rangers, and New Jersey Devils. The deal highlights the value of live sports programming, which MSG Networks has been providing for over 50 years, offering around 400 live professional games annually. This partnership strengthens MSG Networks' position in the regional sports landscape.
MSG Networks has been dropped by Comcast from its Xfinity channel lineup in New Jersey and Connecticut, impacting fans of the New York Knicks, New Jersey Devils, New York Rangers, and New York Islanders. This decision comes just as the NBA and NHL seasons commence, depriving viewers of hundreds of live games. MSG Networks criticized Comcast for rejecting reasonable proposals while maintaining the same subscription rates, including a recent 22% increase in regional sports fees. Fans are urged to demand access to their teams via KeepMSG.com.
Madison Square Garden Entertainment Corp. (MSGE) reported financial results for Q4 and fiscal year ended June 30, 2021. Revenues were $99.8 million for Q4, a significant increase from $9.0 million the previous year, but annual revenues fell to $180.4 million from $762.9 million. The company faced an operating loss of $450.2 million for FY 2021. The return of live events and easing restrictions helped drive Q4 revenue increases. MSGE's unrestricted cash balance stood at $1.17 billion, with total combined cash of $1.52 billion. The acquisition of MSG Networks was completed on July 9, 2021.