MSG Entertainment will break away from Sphere, MSG Networks and Tao Group Hospitality on April 20.
Madison Square Garden Entertainment finalized plans to spin off its live entertainment business, the company announced Thursday . That will separate the pure-play live music business from MSG Entertainment’s state-of-the-art venue in Las Vegas, sports television network and hospitality businesses.
The transaction is expected to be complete on April 20 and is subject to “certain conditions, approvals, and consents, including final NBA league approval and receipt of a tax opinion from counsel,” according to the company’sFollowing the spin-off, the current parent company will be renamed Sphere Entertainment Co. and will include the Sphere, MSG Networks and Tao Group Hospitality.
MSG Entertainment shareholders of record on April 14 will receive a distribution of one Class A or Class B share of the new live entertainment company for each share off the company’s Class A or Class B common stock. The distribution will amount to about 67% of the the new company’s outstanding shares. Sphere Entertainment Co. will own the remaining 33% of the live entertainment company’s outstanding shares.
“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,” MSGE executive chairman and CEO
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