MSGE - MSG Entertainment jumps 5% on exploring spin-off of media/entertainment
- Madison Square Garden Entertainment ( NYSE: MSGE ) has jumped 5.3% postmarket as its board has authorized exploring a potential spin-off of its traditional live entertainment businesses.
- Such a spin-off would contain "a diverse collection of performance venues, entertainment and sports bookings and the Christmas Spectacular production" as well as the MSG Networks business, separating those from the company's MSG Sphere venue business, and the Tao Group Hospitality business.
- And any such deal would be structured as a tax-free spin-off to MSGE shareholders if it goes forward, the company says. Step one would involve those shareholders receiving a pro rata distribution equivalent to a two-thirds interest in the live entertainment/media company; the remaining third would be retained by MSG Entertainment to be used for a tax-free exchange offer; to raise capital; or for a follow-on spin-off to shareholders.
- Developing story ...
For further details see:
MSG Entertainment jumps 5% on exploring spin-off of media/entertainment