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MSG Entertainment finalises plan to split company into two
By Chris Cooke | Published on Monday 3 April 2023
US-based Madison Square Garden Entertainment last week finalised its grand plan to split the company into two separate entities.
Under that plan – first revealed last August, but since changed somewhat – there will be a new company called Sphere Entertainment Co which will own the MSG Networks sports broadcasting set-up, the Tao Group hospitality business, and the new fangled Sphere venue that MSG has been building in Las Vegas (and presumably the London version of that venue, if it ever goes ahead).
The second company will continue to be known as Madison Square Garden Entertainment, and will own the rest of the current firm’s venues, including Madison Square Garden, and also its entertainment and sports booking business.
MSGE CEO James Dolan says: “With today’s announcement, we are one step closer toward our goal of creating two distinct companies, each well positioned to generate long-term value for our shareholders”.
