A split of Madison Square Garden Company assets is now complete, with MSG Entertainment (comprising the programming and venues) and MSG Sports (comprising the professional sports franchises) now trading separately on the New York Stock Exchange.
The sports corporation will include New York Knicks, New York Rangers, Westchester Knicks, Hartford Wolf Pack, Counter Logic Gaming and Knicks Gaming. The entertainment corporation will include new entertain facilities in London and Las Vegas while operating several venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; and the Chicago Theatre.
The spin-off distribution was completed at 11:59 p.m. on April 17, 2020 to stockholders of record of MSG as of the close of business on April 13, 2020 . Each MSG common stockholder received one share of MSG Entertainment Class A or Class B common stock for every share of MSG Class A or Class B common stock, respectively, held as of the record date.
MSG Entertainment named Mark FitzPatrick Executive Vice President and Chief Financial Officer of the new entertainment company, reporting to James Dolan. In addition, as previously announced, Andrew Lustgarten will serve as President of MSG Entertainment.
“While the current environment presents significant challenges to our industry, we are confident in the future, and look forward to MSG Entertainment building on its reputation as a leader in live experiences,” said Dolan, Executive Chairman and CEO of MSG Entertainment, via press statement. “We are also very pleased to welcome Mark, a talented corporate finance executive who brings extensive experience working with well-known companies. We believe he is the ideal executive to help guide MSG Entertainment as we continue to pursue excellence across our operations.”
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