The Madison Square Garden Co. completed its planned separation into two entities late Friday, one focused on sports and one focused on entertainment. The company announced the spin-off Monday as MSGE went public.
Now known as Madison Square Garden Sports Corp., The Madison Square Garden Co. has spun off its entertainment properties into Madison Square Garden Entertainment Corp., a move that had been in the works since 2018. MSG Sports began trading today on the New York Stock Exchange under the symbol “MSGS,” while the newly formed entertainment company, Madison Square Garden Entertainment Corp. is under the ticker of “MSGE.”
“While the current environment presents significant challenges to our industry, we are confident in the future, and look forward to MSG Entertainment building on its reputation as a leader in live experiences,” said James Dolan, executive chairman and CEO of MSG Entertainment, in a statement. Dolan is also expected to be executive chairman of MSG Sports.
MSG Entertainment named Mark FitzPatrick executive vice president and chief financial officer of the new company.
FitzPatrick is “a talented corporate finance executive who brings extensive experience working with well-known companies,” Dolan said. “We believe he is the ideal executive to help guide MSG Entertainment as we continue to pursue excellence across our operations.
FitzPatrick most recently served as WeWork’s deputy chief financial officer and before that occupied several senior finance roles during a 10-year stint at Time Warner Cable.
FitzPatrick joins Andrew Lustgarten, who will serve as MSG Entertainment president; Lustgarten joined The Madison Square Garden Co. in 2014 as executive vice president of corporate development and became president of the company in December 2017.
The spin-off distribution was completed at 11:59 p.m. on April 17 to stockholders of record of MSG as of the close of business on April 13, 2020. Each MSG common stockholder received one share of MSG Entertainment Class A or Class B common stock for every share of MSG Class A or Class B common stock, respectively, held as of the record date.
The news comes as MSG continues to develop its state-of-the-art Sphere venues in Las Vegas and London.
Meanwhile, Victoria Mink will continue in the role of executive vice president and chief financial officer at MSG Sports.
The spinoff continues a news-filled spring for MSG. In late March, Dolan announced he had received a positive coronavirus diagnosis; he experienced “little to no symptoms,” according to a statement by the New York Knicks. Days earlier, The Madison Square Garden Co. revealed that it had reached an agreement to sell Los Angeles-area arena the Forum to the Los Angeles Clippers and owner Steve Ballmer.