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MSGE - Why MSG Networks and MSG Entertainment Fell Today
Madison Square Garden Entertainment Corp. Class A
Shares of Madison Square Garden Entertainment (NYSE: MSGE) and MSG Networks (NYSE: MSGN) fell 9% and 8%, respectively, after the former said it was acquiring the latter for about $922 million in an all-stock deal, a 4% premium to MSG Networks' closing value on March 10.
MSG Entertainment says the acquisition of its media company sibling paves the road for it to generate significant incremental revenue by allowing it to "capture more of the emerging revenue opportunity related to the potential expansion of legalized sports gaming in its market."