Christopher BarrettMadison Square Garden Entertainment said its board of directors has approved the spin-off of its traditional live entertainment business, which is expected to be completed on April 20.
Upon completion of the spin-off, MSGE will be renamed Sphere Entertainment Co. and will consist of the Sphere, MSG Networks and Tao Group Hospitality businesses.
The newly formed live entertainment company will take on the name Madison Square Garden Entertainment and will include performance venues, an entertainment and sports bookings business and the Christmas Spectacular Starring the Radio City Rockettes production.
Madison Square Garden Entertainment’s venues include New York’s Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, Beacon Theatre and The Chicago Theatre. It is currently building a Sphere venue in Las Vegas and its attempt to build a similar venue in London has proved controversial.
Executive chairman and CEO James L. Dolan said, “With today’s announcement, we are one step closer toward our goal of creating two distinct companies, each well positioned to generate long-term value for our shareholders.”