MSG Co. Reports $80M Q1 Loss

The Madison Square Garden Co. (MSG) on Friday reported a loss of $80 million in its fiscal first quarter, or $3.36 per share. 

The results fell short of Wall Street expectations, with three analysts surveyed by Zacks Investment Research predicting a loss of $2.29 per share.

The sports team and entertainment company posted revenue of $214.8 million in the period.

The Madison Square Garden Co. shares have risen 4% since the beginning of the year, against the S&P 500’s rise of nearly 23%. 

On Thursday MSG, citing changes to its timeline for constructing the MSG Sphere in London, announced it will now spin off its entertainment businesses into a separately traded public company and retain no equity interest in the sports company, a major revision of its previous plan to separate its sports and entertainment businesses.

The company announced the change, which its board of directors unanimously approved, Nov. 7. The previous plan was to spin off approximately two-thirds of its economic interest in its sports businesses to shareholders, with the entertainment company retaining an approximate one-third interest in the sports company.