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.
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Mohari Hospitality announced its acquisition of Tao Group Hospitality from Madison Square Garden Entertainment Corp. (MSGE) for $550 million. The transaction is projected to close in May 2023, pending customary conditions. This acquisition enhances Mohari's portfolio, adding to its luxury and lifestyle offerings, which include high-profile properties like the Peninsula Papagayo and Centro Canalejas Madrid. Tao Group operates over 80 venues globally, and its management team is expected to continue leading the brand under Mohari. The partnership aims to accelerate growth and expand in the hospitality sector, leveraging synergies and expertise. Furthermore, a multi-year consulting agreement with MSG Entertainment will support Tao Group in its operations at Madison Square Garden and Sphere in Las Vegas.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) announced an agreement to sell its 66.9% majority interest in Tao Group Hospitality to Mohari Hospitality for a total valuation of $550 million. The transaction is expected to close in May and will provide the company with net cash proceeds of approximately $300 million. Since its acquisition in 2017, Tao Group has expanded significantly, generating about $485 million in revenue and $67 million in adjusted operating income in fiscal 2022. Post-sale, MSG Entertainment will engage in multi-year consulting agreements with Tao Group, ensuring continued operational support at major venues including Madison Square Garden and Sphere in Las Vegas.
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Madison Square Garden Entertainment Corp. (NYSE: MSGE) has unveiled its upcoming Sphere Experiences, showcasing a groundbreaking entertainment medium opening in Las Vegas this fall. The inaugural production, Postcard from Earth, will immerse audiences using Sphere's advanced technologies, including the highest resolution LED screen globally (16K x 16K) and cutting-edge audio systems that create customized sound experiences. Tickets for Postcard from Earth will be available starting April 12, 2023, at 10:00 AM PT. Each experience will last about 60 minutes and run multiple times daily. Sphere aims to redefine live entertainment by blending art, technology, and storytelling.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) announced a strategic spin-off of its live entertainment business, set for April 20, 2023. The parent company will be renamed Sphere Entertainment Co., while the new entity will retain the Madison Square Garden Entertainment Corp. name, encompassing various performance venues and productions such as the Christmas Spectacular Starring the Radio City Rockettes.
Each shareholder will receive one share in the new company for every share they hold, with the spin-off expected to be tax-free for U.S. federal income tax purposes. Additionally, a $250 million share repurchase program for the new company’s Class A common stock has been authorized.
MSG Networks has announced the launch of MSG+, a new direct-to-consumer streaming product set to debut this summer, and MSG SportsZone, a free ad-supported streaming channel. MSG+ will offer monthly subscriptions at $29.99, annual plans at $309.99, and single games for $9.99. This provides fans without traditional TV subscriptions access to live coverage of local sports teams. MSG SportsZone will feature original programming and is available on Vizio and Plex. These initiatives aim to expand audience reach and enhance monetization opportunities for MSG Networks.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) announced progress on its proposed tax-free spin-off of its live entertainment businesses. The spin-off will create MSG Entertainment, which will focus on live entertainment and associated venues, and MSG Sphere Corp., which will include the MSG Sphere, MSG Networks, and Tao Group Hospitality. A Form 10 Registration Statement has been filed with the SEC for the spin-off. The transaction's completion depends on several conditions, including regulatory approvals and final Board consent. James L. Dolan is set to lead both entities as Executive Chairman and CEO.