MSG Entertainment is considering spinning off its two iconic New York City properties, Madison Square Garden and Radio City Music Hall, in addition to its regional sports network to create a new live event/media business.
MSG Entertainment is building the MSG Sphere in Las Vegas, which is slated to open for business next year. The $1.865 billion arena is located near the Las Vegas Strip and will hold 17,500 spectators. The expense of the new project is the genesis for the exploration of the spinoff.
According to a report from Bret McCormick of Sports Business Journal, MSG Sports Corp scored a record-breaking $821.4 million in revenue during the most recent fiscal year which included tickets, media rights, and other revenues associated with live events and sports broadcasts.
The MSG sports cable channel is currently the television home of the New York Knicks, New York Rangers, New York Islanders, New Jersey Devils, and New York Red Bulls.
