MSG Beats Street
Chief Exec Tad Smith reaffirmed MSG’s exploration of spinoff scenarios to split its entertainment business from its media and sports operations, according to the Wall Street Journal, saying the split would give the resulting two publicy traded companies more flexibility.
For the quarter ended Dec. 31, MSG reported profit of $61.2 million, for 78 cents per share, compared with $60.5 million, or 77 cents per share, from a year ago.
The results included a gain of $23.8 million on the sale of the Fuse music network in July.
homson Reuters analysts forecast earnings of 75 cents on the revenue of $532.2 million, according to the paper. Revenue in MSG’s entertainment sector rose 19 percent to $194.1 million, with higher event-related revenue and increased sponsorship and suite rental revenue. MSG’s sports revenue rose 10 percent, in part thanks to a rise in ticket revenue.
Madison Square Garden also used the opportunity to announce that Cablevision CFO Gregg Seibert has been named MSG vice chairman.