Madison Square Grdn Sprt Corp - MSGS STOCK NEWS

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.

Madison Square Garden Sports Corp. (NYSE: MSGS) reported record financial results for fiscal 2024, with revenues exceeding $1 billion, up 16% year-over-year. The company's operating income increased 71% to $146.0 million, while adjusted operating income rose 50% to $172.2 million. The strong performance was driven by robust demand for the New York Knicks and New York Rangers, both of which had successful regular seasons and playoff runs.

For the fiscal 2024 fourth quarter, MSGS reported revenues of $227.3 million, a 79% increase from the prior year quarter. Operating income for the quarter was $52.3 million, compared to a loss in the previous year. The impressive results were attributed to higher playoff-related revenues, increased regular season ticket sales, and growth in suite revenues and sponsorships.

Madison Square Garden Sports Corp. (NYSE: MSGS) has announced its upcoming fiscal 2024 fourth quarter and year-end conference call, scheduled for Tuesday, August 13, 2024, at 10:00 a.m. Eastern Time. The company will release its financial results before the market opens on the same day. Interested parties can participate via telephone by dialing 888-660-6386 with the conference ID 6996895, or through a webcast available at investor.msgsports.com under the 'Events' section.

For those unable to join the live call, a recording will be accessible by dialing 800-770-2030 (conference ID 6996895) from 1:00 p.m. Eastern Time on August 13 until 11:59 p.m. Eastern Time on August 20, 2024. Additionally, a webcast replay will be available on the company's website until August 20, 2024.

Madison Square Garden Sports Corp. (NYSE: MSGS) has appointed Jamaal Lesane as its new Chief Operating Officer. Lesane has been with MSG Sports for over 15 years, serving most recently as Executive Vice President and General Counsel. In his new role, he will work closely with executive leadership to enhance MSG Sports' portfolio and support its strategic vision, driving innovation and optimizing performance across the company's professional sports franchises, including the New York Knicks and New York Rangers. Lesane's responsibilities will encompass strategic planning, marketing, ticketing, in-game experiences, and community and fan development.

Lesane's previous roles at MSG included Senior Vice President and Associate General Counsel. Before joining MSG, he worked at HBO as Associate Counsel and at Covington and Burling LLP as a corporate lawyer. He holds a B.A. from Yale University and a J.D. from Harvard Law School.

Madison Square Garden Sports Corp. reported solid financial results for the fiscal 2024 third quarter, with revenues of $430.0 million, a 12% increase compared to the prior year. The company generated operating income of $79.7 million, a slight decrease of 2%, and adjusted operating income of $88.7 million, a 3% increase. The increase in revenues was driven by higher ticket-related revenues, suite revenues, food, beverage, and merchandise sales, local media rights fees, and revenues from league distributions. The Knicks played additional home games at The Garden, contributing to the revenue growth.