MSG Entertainment explores possible spinoff that would include NY arena

Madison Square Garden Entertainment introduced Thursday it's exploring a spinoff of its stay leisure enterprise, together with its iconic New York City arena, and MSG Networks.

The spinoff would include the corporate's efficiency venues – together with Madison Square Garden, the Hulu Theater, Radio City Music Hall, the Beacon Theatre and the Chicago Theatre – in addition to its leisure and sports activities bookings, the Radio City Rockettes and the "Christmas Spectacular" manufacturing, the corporate stated in a launch.

The new firm would additionally management the Garden's licensing agreements with the New York Knicks and the New York Rangers, together with its regional sports activities and leisure networks.

It would go away MSG Entertainment with Tao Group Hospitality, which owns eating places and nightclubs around the globe, and the MSG Sphere enterprise, which encompasses "multi-sensory" efficiency venues, the primary of which is at present beneath building in Las Vegas.

Shares of Madison Square Garden Entertainment rose about 7% in prolonged buying and selling Thursday.

based mostly on web site supplies www.cnbc.com

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