NEW YORK RANGERS AND BENJAMIN MOORE RENEW AND EXPAND SIGNATURE MULTI-YEAR PARTNERSHIP

Rhea-AI Summary

Madison Square Garden Sports Corp. (NYSE: MSGS) has renewed and expanded its partnership with Benjamin Moore, a Berkshire Hathaway company. The partnership includes:

1. Benjamin Moore remaining as the Rangers in-game helmet sponsor for all games except NHL-controlled ones.

2. Introduction of 'The Benjamin Moore Boardroom,' a private hospitality space at The Garden.

3. Continuation of community initiatives to renovate local hockey rinks.

4. Benjamin Moore receiving branding on digitally enhanced dasherboards during nationally televised Rangers home games.

5. Brand activations at the Rangers' annual 'Casino Night' benefiting the Garden of Dreams Foundation.

6. Presence on MSG Networks throughout the season and access to unique hospitality experiences.

Positive

• Renewal and expansion of partnership with Benjamin Moore, potentially increasing revenue streams
• Introduction of 'The Benjamin Moore Boardroom' as a new hospitality space, potentially enhancing fan experience and revenue
• Continued community initiatives for rink renovations, potentially improving brand image and community relations
• Increased brand exposure through digitally enhanced dasherboards during nationally televised games

Negative

• None.

Insights

Marketing Analyst

This partnership renewal and expansion between the New York Rangers and Benjamin Moore is a strategic move for both parties. The continuation of the in-game helmet sponsorship maintains high-visibility branding for Benjamin Moore during all Rangers games. The introduction of "The Benjamin Moore Boardroom" adds a premium hospitality element, potentially attracting high-value clients and enhancing the fan experience.

The community initiatives focused on renovating youth hockey rinks demonstrate corporate social responsibility, which can positively impact brand perception and customer loyalty. This aligns well with current marketing trends emphasizing purpose-driven partnerships.

The addition of branding on digitally enhanced dasherboards during nationally televised games expands Benjamin Moore's reach to a broader audience. This, combined with brand activations at events like "Casino Night" and presence on MSG Networks, creates a multi-touchpoint marketing strategy that can significantly boost brand awareness and engagement.

For MSG Sports, this deal likely represents a substantial revenue stream and showcases their ability to retain and grow partnerships, which is important for investor confidence. While specific financial terms aren't disclosed, multi-year deals with expanded elements typically indicate increased value for the sports organization.

Financial Analyst

The renewal and expansion of this partnership is a positive indicator for Madison Square Garden Sports Corp. (MSGS). While the financial terms are not disclosed, multi-year partnerships of this nature typically contribute significantly to a sports organization's revenue stream.

Key financial implications include:

• Diversified Revenue: The deal encompasses various elements (helmet sponsorship, hospitality space, community initiatives, digital advertising), suggesting a diversified and potentially growing revenue source.
• Brand Value Enhancement: The partnership with a premium brand like Benjamin Moore can enhance MSGS's own brand value, potentially leading to increased marketability for future sponsorships.
• Cost Sharing: Community initiatives and rink renovations may involve shared costs, allowing MSGS to expand its community outreach while managing expenses.

For investors, this deal demonstrates MSGS's ability to maintain and grow valuable partnerships, which is important for long-term financial stability in the sports industry. The expanded elements of the partnership also suggest potential for incremental revenue growth over the previous agreement.

Benjamin Moore Remains In-Game Helmet Sponsor and Expands Sponsorship as the Official Paint, Stain and Coatings Partner of the NY Rangers

NEW YORK, Oct. 10, 2024 /PRNewswire/ -- Madison Square Garden Sports Corp. (NYSE: MSGS) announced today the renewal and expansion of their marketing partnership with Benjamin Moore, a Berkshire Hathaway company and a leader in paint, color and coatings.

As part of the partnership, Benjamin Moore remains the Rangers in-game helmet sponsor, with a logo on either side of each player worn helmet during all home and away pre-season, regular season and if applicable, post-season games, with the exception of any NHL-controlled games.

Madison Square Garden and Benjamin Moore will also introduce a private hospitality space inside The Garden known as the "The Benjamin Moore Boardroom." Acclaimed interior designer and native New Yorker Sasha Bikoff has reimagined the space using premium Benjamin Moore paints, bringing to life a color-drenched hideaway within the bustling arena. Designer lighting from Visual Comfort & Co. and luxury surfaces from Cosentino add style and intrigue to the sophisticated space.

Since their partnership began in October 2021, the Rangers and Benjamin Moore have collaborated on several community initiatives focused on providing youth with better quality hockey rinks to play in throughout the year. Together, they have renovated and enhanced local rinks throughout the city's boroughs and Westchester, and will continue these efforts through the renewed partnership. Together, the organizations have and will continue to impact thousands of youth across the tri-state area as they learn to play the game. 

"As fans of the organization's efforts both on and off the ice, we are proud to be expanding our partnership with the New York Rangers and evolve the legacies our brands have built in the New York area and around the country," said Harriette Martins, SVP Marketing of Benjamin Moore. "Through curated activations and refurbishment projects, we are excited to illustrate the transformative power of paint in our homes and communities, while inviting new fans to experience the brand."

"Throughout our partnership, it has been a pleasure to work closely with Benjamin Moore on developing unique, innovative interactions with the local communities through rink refurbishments and other activations, while also providing excellent exposure for Benjamin Moore's high-quality brand through our properties," said Jamaal Lesane, Chief Operating Officer, MSG Sports. "Our work together has grown over the years, and we look forward to seeing what we create with our continued collaborations."

Additionally, Benjamin Moore will receive key branding on the digitally enhanced dasherboards during all nationally televised Rangers regular season home games. They will also provide brand-specific activations at the Rangers annual "Casino Night," which benefits the Garden of Dreams Foundation. Benjamin Moore will appear on MSG Networks throughout the season through various programming and will continue to have access to unique hospitality experiences.

About Madison Square Garden Sports Corp.
Madison Square Garden Sports Corp. (MSG Sports) is a leading professional sports company, with a collection of assets that includes the New York Knicks (NBA) and the New York Rangers (NHL), as well as two development league teams – the Westchester Knicks (NBAGL) and the Hartford Wolf Pack (AHL). MSG Sports also operates a professional sports team performance center – the MSG Training Center in Greenburgh, NY. More information is available at www.msgsports.com.

About Benjamin Moore
Benjamin Moore, a Berkshire Hathaway company, was founded in 1883 and remains one of the world's leading paint, color and coatings brands. A manufacturer of premium quality residential and commercial coatings, Benjamin Moore maintains a relentless commitment to innovation and sustainable manufacturing practices. The portfolio spans the brand's flagship paint lines including Aura®, Regal® Select, Ben®, Ultra Spec®, Advance®, Scuff-X®, Insl-X® and more. Benjamin Moore is renowned for its more than 3,500 unmatchable colors, and its design tools and expertise for consumers and professionals alike. Benjamin Moore products are available exclusively from more than 8,500 locally owned and operated paint, decorating and hardware retailers throughout the United States, Canada and another 74 countries globally.

MEDIA CONTACTS: Madison Square Garden Sports: msgspr@msg.com   Benjamin Moore Contact: pressrequests@benjaminmoore.com

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SOURCE Madison Square Garden Sports Corp.

FAQ

What is the new partnership between the New York Rangers and Benjamin Moore for MSGS stock?

The New York Rangers and Benjamin Moore have renewed and expanded their multi-year partnership. Benjamin Moore remains the in-game helmet sponsor for the Rangers and becomes the Official Paint, Stain and Coatings Partner. The partnership includes new elements like 'The Benjamin Moore Boardroom' at Madison Square Garden and branding on digitally enhanced dasherboards during nationally televised home games.

How does the Benjamin Moore partnership affect MSGS community initiatives?

The partnership between MSGS and Benjamin Moore includes continued collaboration on community initiatives focused on renovating and enhancing local hockey rinks throughout New York City's boroughs and Westchester. These efforts aim to provide youth with better quality facilities to play hockey, impacting thousands of young players across the tri-state area.

What new branding opportunities does the expanded MSGS-Benjamin Moore partnership offer?

The expanded partnership offers Benjamin Moore new branding opportunities, including key branding on digitally enhanced dasherboards during nationally televised Rangers regular season home games, presence on MSG Networks throughout the season, and brand-specific activations at the Rangers annual 'Casino Night' benefiting the Garden of Dreams Foundation.

What is 'The Benjamin Moore Boardroom' in the context of the MSGS partnership?

The Benjamin Moore Boardroom' is a new private hospitality space inside Madison Square Garden, introduced as part of the expanded partnership between MSGS and Benjamin Moore. It has been designed by interior designer Sasha Bikoff using premium Benjamin Moore paints, creating a unique, color-rich environment within the arena.