The MSG Network — MSG Networks’ flagship regional cable and radio network — broadcasts in New York, north and central New Jersey, southern Connecticut, and northern Pennsylvania. New Jersey has emerged as the sports betting market leader in terms of betting revenue.<\/strong><\/p>\nNew York currently only allows in-person sports betting at upstate casinos. But discussions in Albany are mulling online sports betting.<\/p>\n
“MSG Entertainment is actively executing a plan designed to grow the company beyond its established collection of assets into one that is pioneering the next generation of entertainment,” said Lustgarten. “We have always believed in the value of live sports and look forward to welcoming MSG Networks back into the fold as part of a transaction that we are confident would enhance our financial flexibility and set the stage for continued growth and value creation.”<\/p>\n
Investors Wary<\/b><\/h2>\n
Traded on the New York Stock Exchange, MSG Entertainment’s news of its purchasing MSG Networks wasn’t well received on Wall Street.\u00a0<\/span><\/p>\n\n
MSGE shares tumbled on Friday following the announcement, the stock dropping nearly nine percent from $93.00 to $84.66. Shares are down another two percent today. \u00a0<\/span><\/p>\n<\/div>\n“While the deal provides access to much-needed cash flow, and has modest tax benefits and cost synergies, we believe other funding alternatives could have been pursued,” opined Oppenheimer analyst Ian Zaffino.<\/p>\n","protected":false},"excerpt":{"rendered":"
The company building the MSG Sphere at The Venetian in Las Vegas is acquiring its sister organization.\u00a0 The Madison Square Garden Entertainment Corp. (MSG Entertainment) was formed last year through several corporate reshufflings by the Dolan family’s sports and entertainment media empire. The Madison Square Garden Co. rebranded in 2020 as Madison Square Garden Sports […]<\/p>\n","protected":false},"author":25,"featured_media":168915,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3313,1074],"tags":[],"acf":[],"yoast_head":"\n
MSG Sphere Developer to Acquire Sister Company's Sports Networks<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n