ME - What Is Going on With Madison Square Garden (MSGE) Stock Today?
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Madison Square Garden (NYSE:MSGE) stock is getting a boost on Friday following approval to explore a potential spin-off.
The company’s Board of Directors voted in favor of allowing Madison Square Garden to consider a spin-off of a separately-traded public company. This new company would include its live entertainment business and the MSG Networks business.
If that spin-off were to occur, it would separate the businesses mentioned above from the company’s MSG Sphere and Tao Group Hospitality businesses. This split would allow investors to better control what part of the company they’re taking a stake in.
James L. Dolan, executive chairman and CEO of Madison Square Garden, said the following in a news release.
“This potential transaction would create two companies, each with a distinct value proposition for investors. The live entertainment and media company would include Madison Square Garden, the Christmas Spectacular production and MSG Networks and would generate substantial free cash flow. The second company, comprised of MSG Sphere and Tao Group Hospitality, would be focused on unique shared experiences, innovation and global opportunities for growth.”
Investor interest in a potential spin-off has MSGE stock seeing heavy trading today. This has some 400,000 shares on the move as of this writing. For the record, the company’s daily average trading volume is about 167,000 shares.
MSGE stock is up 3.7% as of Friday afternoon.
Investors seeking out more of the latest stock market news are in luck!
We’ve got all of it ready to go in one place for them! A few examples from Friday include everything happening with MindMed (NASDAQ:MNMD), 23andMe (NASDAQ:ME), and Applied DNA Sciences (NASDAQ:APDN) stock. You can catch up on that news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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