Madison Square Garden Entertainment Corp. (MSGE) said its board has approved the spin-off of its traditional live entertainment business, which is expected to be completed on April 20th. The newly formed live entertainment company will take on the name Madison Square Garden Entertainment Corp. The current parent company will be renamed Sphere Entertainment Co. and will be comprised of the Sphere, MSG Networks and Tao Group Hospitality businesses.
Immediately after the spin-off becomes effective, Sphere Entertainment Co. will own approximately 33% of the outstanding shares of the new live entertainment company.
The new live entertainment company's class A common stock is expected to begin trading on a "when-issued" basis on the NYSE under the symbol MSGE WI and under the name, Madison Square Garden Entertainment Corp., beginning on April 17, 2023 and continuing until the distribution occurs.
Regular way trading will begin on April 21, 2023 with Sphere Entertainment Co. class A common stock trading under the symbol SPHR and the class A common stock of the new live entertainment company, Madison Square Garden Entertainment Corp., trading under the symbol, MSGE.
The company's Board authorized a $250 million share repurchase program for the new live entertainment company's class A common stock following completion of the spin-off.
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