MSGE - Why MSG Entertainment Soared Today
Shares of Madison Square Garden Entertainment (NYSE: MSGE) surged 17% higher on Monday after the sports and entertainment venue owner reported fiscal fourth-quarter results that far surpassed analyst expectations.
MSG Entertainment, which owns venues such as Madison Square Garden and Radio City Music Hall, reported revenue of $99.8 million, which generated earnings of $0.59 per share, easily beating Wall Street's consensus estimates of $65 million in revenue and losses of $3.31 per share.
After the quarter closed, the venue operator completed its acquisition of MSG Networks, the media company that broadcasts various New York sports team games and events. The deal had been announced earlier this year.
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Why MSG Entertainment Soared Today