MSGE Ownership Update: Ariel Holds Nearly 8M Class A Shares (19.5%)

Rhea-AI Filing Summary

Ariel Investments, LLC filed a Schedule 13G/A reporting beneficial ownership of 7,896,008 shares of Madison Square Garden Entertainment common stock, Class A (CUSIP 558256103), representing 19.5% of the class. The filer discloses sole voting power for 7,156,086 shares and sole dispositive power for 7,896,008 shares. The filing also notes that adviser clients have rights to dividends or proceeds related to these securities and that Ariel Fund owns 3,185,763 shares, an economic interest above 5% of the reported securities.

The filing states the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer. The statement is submitted on behalf of Ariel Investments, LLC and signed by a compliance officer.

Positive

• Material disclosed stake: Ariel Investments beneficially owns 7,896,008 shares, representing 19.5% of MSGE Class A.
• Concentrated authority: The filer reports sole voting power over 7,156,086 shares and sole dispositive power over 7,896,008 shares.
• Economic interest disclosed: Ariel Fund owns 3,185,763 shares, representing an economic interest above 5% of the securities reported.

Negative

• None.

Insights

Financial Analyst

TL;DR: Ariel reports a disclosed 19.5% beneficial stake with sole voting and dispositive power; filer denies intent to seek control.

The Schedule 13G/A discloses a material equity position: 7,896,008 shares equal to 19.5% of MSGE Class A. Sole voting power of 7,156,086 and sole dispositive power of 7,896,008 indicate concentrated control over voting and disposition within Ariel. The filing explicitly states holdings were acquired in the ordinary course and not to influence control, which classifies this as a passive disclosure rather than an active control pursuit. For investors, the key facts are the size of the stake and the filers stated intent; both are material inputs to ownership and governance analysis.

Corporate Governance Expert

TL;DR: A nearly 20% disclosed stake is material to governance; the filing denies control intent but still merits attention for shareholder dynamics.

The reported 19.5% position is large relative to a single institutional holder and the filing shows sole voting and dispositive powers, which can affect shareholder outcomes even if the filer disclaims control intent. The disclosure that adviser clients may receive dividends or proceeds and that Ariel Fund holds 3,185,763 shares provides transparency on economic interests behind the filing. From a governance perspective, the lack of shared voting power and the presence of sole powers are notable facts for boards and investors assessing potential influence.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Madison Square Garden Entertai

(Name of Issuer)

Common Stock SH CL A

(Title of Class of Securities)

558256103

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 558256103

1

Names of Reporting Persons

Ariel Investments, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,156,086.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,896,008.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,896,008.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.5 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Madison Square Garden Entertai
(b)	Address of issuer's principal executive offices: Two Penn Plaza, New York, NY 10121
Item 2.
(a)	Name of person filing: Ariel Investments, LLC
(b)	Address or principal business office or, if none, residence: 200 E. Randolph Street, Suite 2900, Chicago, 60601, United States
(c)	Citizenship: DELAWARE LIMITED LIABILITY COMPANY
(d)	Title of class of securities: Common Stock SH CL A
(e)	CUSIP No.: 558256103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7,896,008
(b)	Percent of class: 19.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 7,156,086
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 7,896,008
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Ariel Investments, LLC's adviser clients have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, all securities reported upon this Schedule. Ariel Fund, a series of Ariel Investment Trust, an open-end management investment company, owns 3,185,763 shares of the Issuer which represents an economic interest in more than 5% of the subject securities reported upon this Schedule.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ariel Investments, LLC

Signature:	James Prescott
Name/Title:	Vice President, Compliance
Date:	08/13/2025

FAQ

How many MSGE shares does Ariel Investments report owning?

Ariel reports beneficial ownership of 7,896,008 shares of Madison Square Garden Entertainment Class A common stock.

What percentage of MSGE does Ariel Investments' position represent?

The position represents 19.5% of the Class A shares reported in the Schedule 13G/A.

What voting and dispositive powers does Ariel report for MSGE shares?

Sole voting power for 7,156,086 shares and sole dispositive power for 7,896,008 shares; no shared voting or dispositive powers are reported.

Does Ariel hold these MSGE shares on behalf of other clients?

Yes. The filing states adviser clients have rights to receive dividends or proceeds and notes that Ariel Fund owns 3,185,763 of the reported shares.

Was the stake acquired to influence or change control of MSGE?

No. The certification states the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

Who signed the Schedule 13G/A on behalf of Ariel Investments?

James Prescott, Vice President, Compliance, signed the statement on behalf of Ariel Investments, LLC.