Madison Square Garden Entertainment has officially confirmed plans to spin off its live division by March’s end. Execs had long been planning to split the business from Madison Square Garden Sports, and after doing so, Madison Square Garden Entertainment in 2021 acquired MSG Networks in an all-stock deal.
And while the precise details of the live-division spinoff will presumably come to light with the aforesaid public release of SEC filings, it’s worth noting that the overarching MSG Entertainment generated $642.2 million during Q4 2022, its earnings report shows.
“We are moving swiftly and anticipate completing the spinoff by the end of March subject to various conditions including final Board approval,” the former ViacomCBS exec Byrnes indicated. “We are also continuing to make significant progress around MSG Sphere and expect to open the venue in September.”
Furthermore, MSG Entertainment’s net income is said to have hiked from $5.0 million to $70.6 million YoY during last year’s final three months, contributing to $26.5 million or so in net income for 2022’s entire second half.
