Company Continues to Apprehend Proposed Transaction to be Completed During Aboriginal Division of Agenda 2020
NEW YORK, Dec. 03, 2019 (GLOBE NEWSWIRE) — The Madison Square Garden Aggregation (NYSE: MSG) today appear that it has filed a arcane antecedent Form 10 Registration Statement with the U.S. Securities and Exchange Commission (“SEC”) for the proposed aftereffect of its ball business. The filing represents a cogent anniversary with attention to commutual the transaction, which the Aggregation continues to apprehend will booty abode in the aboriginal division of agenda 2020, accountable to assertive conditions.
As ahead announced, the proposed break of the sports and ball business would be structured as a tax-free aftereffect to all MSG shareholders. Upon achievement of the transaction, almanac holders of MSG accepted banal would abide to advance their accepted bread-and-butter absorption in both the sports and ball businesses.
The proposed aftereffect would actualize two audible companies for MSG shareholders – a pure-play sports aggregation that would reflect the able and abiding banking achievement of MSG’s sports businesses and an ball aggregation that would capitalize on opportunities for growth, best conspicuously through area expansion. The transaction would accredit investors to added acutely appraise anniversary company’s assets and opportunities, while accouterment both companies with added cardinal adaptability to accompany their own business plan and basic allocation policy. The Dolan ancestors would advance majority voting ascendancy of both the sports and ball companies through their buying of Class B shares.
The pure-play sports aggregation would include:
The ball aggregation would affection iconic venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; the Forum in Inglewood, CA; and The Chicago Theatre. The Aggregation is additionally currently amalgam a advanced venue, alleged MSG Sphere, in Las Vegas with the ambition of aperture in agenda 2021 and affairs to body a additional MSG Sphere in London.
In accession to this portfolio of world-class venues, the ball aggregation would additionally include:
Completion of the transaction would be accountable to assorted conditions, including alliance and final MSG Board approval. J.P. Morgan Securities LLC and PJT Partners LP abide to serve as banking admiral and Sullivan & Cromwell LLP continues to serve as acknowledged advisor.
About The Madison Square Garden CompanyThe Madison Square Garden Aggregation (MSG) is a apple baton in alive sports and ball experiences. The aggregation presents or hosts a ample arrangement of arch contest in its assorted accumulating of iconic venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; the Forum in Inglewood, CA; and The Chicago Theatre. Added MSG backdrop accommodate allegorical sports franchises: the New York Knicks (NBA) and the New York Rangers (NHL); two development alliance teams – the Westchester Knicks (NBAGL) and the Hartford Wolf Pack (AHL); and esports teams through Counter Logic Gaming, a arch North American esports organization, and Knicks Gaming, MSG’s NBA 2K Alliance franchise. In addition, the Aggregation appearance the accepted aboriginal assembly – the Christmas Spectacular Starring the Radio City Rockettes – and through Boston Calling Events, produces New England’s capital Boston Calling Music Festival. Also beneath the MSG awning is Tao Accumulation Hospitality, a world-class accommodation accumulation with globally-recognized entertainment, dining and nightlife brands including Tao, Marquee, Lavo, Avenue, Beauty & Essex and Cathédrale. More advice is accessible at www.themadisonsquaregardencompany.com
This columnist absolution may accommodate statements that aggregate advanced statements aural the acceptation of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such advanced statements are not guarantees of approaching achievement or after-effects and absorb risks and uncertainties, and that absolute results, developments and contest may alter materially from those in the advanced statements as a aftereffect of assorted factors, including banking association and appraisement bureau perceptions of the Aggregation and its business, operations, banking action and the industry in which it operates and the factors declared in the Company’s filings with the Securities and Exchange Commission, including the sections blue-blooded “Risk Factors” and “Management’s Discussion and Analysis of Banking Action and After-effects of Operations” independent therein. The Aggregation disclaims any obligation to amend any advanced statements independent herein.
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