|Over a month ago|
Four new option listings and thirteen option delistings on April 20th » 08:3004/2004/20/20
MSGS, ALIM, BASX, CYOU, FVE, MSG, SMTA, TGE, VIVE
New option listings for…
New option listings for April 20th include Pacer US Cash Cows 100 ETF (COWZ), Madison Square Garden Sports Corp (Class A Stock) (MSGS), Pacer Trendpilot 100 ETF (PTNQ), and Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF (SRVR). Option delistings effective April 20th include Alimera Sciences (ALIM), Approach Resources Inc (AREXQ), AU Optronics Corp (AUOTY), Basic Energy Services Inc New (BASX), Changyou com Limited (ADS) (CYOU), VelocityShares 1x Long VSTOXX Futures ETN (EVIX), Freds Inc (FREDQ), Five Star Quality (FVE), Key Energy Services Inc (KEGX), Madison Square Garden Company New (Class A Stock) (MSG), Spirit MTA (SMTA), Tallgrass Energy LP (Class A Stock) (TGE), and Viveve (VIVE).
MSG Sports price target lowered to $194 from $308 at Imperial Capital » 05:0804/2004/20/20
MSGS, MSGE, MSG
Imperial Capital analyst…
Imperial Capital analyst David Miller lowered the firm's price target on MSG Sports (MSGS) to $194 from $308 and keeps an Outperform rating on the shares. The target reduction reflects the spinoff of MSG Entertainment (MSGE).
|Over a quarter ago|
Madison Square Garden suspends construction on MSG Sphere in Las Vegas » 17:2303/3103/31/20
The Madison Square Garden…
The Madison Square Garden Company provided an update on its MSG Sphere construction in Las Vegas. The company is currently building a state-of-the-art venue in Las Vegas, called MSG Sphere. The widespread global effects of COVID-19 have resulted in significant impediments to construction that are beyond the company's control, including disruptions to its supply chain. As a result, the company will implement a temporary suspension of construction, with all work ceasing over approximately the next two weeks. The company remains committed to building a state-of-the-art venue in Las Vegas and looks forward to quickly and efficiently resuming construction as soon as practicable. As a result of this delay, the company does not expect to achieve its goal of opening the venue in calendar year 2021.
Madison Square Garden board approves spin-off of entertainment business » 17:2103/3103/31/20
The Madison Square Garden…
The Madison Square Garden Company announced that its board has approved the spin-off of its entertainment businesses from its sports businesses, which is expected to be completed in mid-April. Upon completion of the spin-off transaction, MSG will be a pure-play sports company and will change its name to Madison Square Garden Sports Corp., while the newly-formed entertainment company will be named Madison Square Garden Entertainment Corp. The distribution will take place on April 17 to MSG stockholders of record as of the close of business on April 13. Each MSG common stockholder will receive one share of MSG Entertainment Class A or Class B common stock for every share of MSG Class A or Class B common stock, respectively, held as of the record date.
NY Knicks say MSG Chairman and CEO Dolan has coronavirus » 06:3103/3003/30/20
In a tweet over the…
In a tweet over the weekend, the New York Knicks stated: "The Madison Square Garden Company Executive Chairman and Chief Executive Officer Jim Dolan has tested positive for coronavirus. He has been in self-isolation and is experiencing little to no symptoms. He continues to oversee business operations." Reference Link
Madison Square Garden price target lowered to $307 from $363 at Imperial Capital » 05:0603/2703/27/20
Imperial Capital analyst…
Imperial Capital analyst David Miller lowered the firm's price target on Madison Square Garden to $307 from $363 and keeps an Outperform rating on the shares. The analyst cites reduced terminal multiples for entertainment side of the company for the target decrease.
CAPSS LLC to buy Madison Square Garden's The Forum in Inglewood for $400M » 19:3803/2403/24/20
CAPSS LLC has reached an…
CAPSS LLC has reached an agreement with The Madison Square Garden to purchase The Forum in Inglewood, which will continue to operate as one of the premier live-music venues in the United States. The formation of CAPSS LLC and the acquisition of the Forum were driven by L.A. Clippers Chairman Steve Ballmer and L.A. Clippers Vice Chairman Dennis Wong. By reaching an agreement with MSG, CAPSS LLC will acquire the Inglewood venue, simultaneously resolving litigation surrounding plans for the new NBA arena. As part of the agreement, all of MSG's current Forum employees will be extended employment offers by the new owner. This transaction, which remains subject to Hart-Scott-Rodino and other customary closing conditions, is expected to close during Q2 of 2020. CAPSS LLC is purchasing The Forum for $400M in cash.
Disney goes positive after reopening shops and restaurants in Shanghai » 13:5903/1003/10/20
DIS, FUN, SEAS, SIX, MSG, AMC, LYV
Disney (DIS) shares are…
Disney (DIS) shares are showing some strength on Tuesday after reopening certain features of its mega-resort in Shanghai more than a month after it was forced to close because of the coronavirus outbreak. SHANGHAI DISNEY: In late January, Disney's Shanghai resort closed during the ordinarily very busy seven-day Lunar New Year holiday, as officials tried to stop the spread of the coronavirus. In early February, as Disney reported its quarterly earnings, the entertainment giant said it was already seeing a decrease in attendance at Hong Kong Disneyland parks. Chief Financial Officer Christine McCarthy said at the time that with the Hong Kong protests and the COVID-19 virus, the Hong Kong park could lose roughly $145M in operating income over the quarter. DISNEY SHARES INTERESTING? According to Bernstein analyst Todd Juenger, one of the most pressing questions of late for media investors is "At what price do Disney shares become interesting? Our answer is 'we're getting pretty close.'" Although Juenger believes the price is getting close, he added that "there is still more bad news to get out of the way." The analyst said he expects the domestic parks "to shut down. Perhaps that will be the day to start buying Disney shares." PRICE ACTION: Shares of Disney are off earlier highs, up 1%, or $1.05, to $105.56 in afternoon trading. OTHER STOCKS TO WATCH: Other companies engaged in entertainment include Cedar Fair (FUN), SeaWorld Entertainment (SEAS), Six Flags Entertainment (SIX), Madison Square Garden (MSG), AMC Entertainment Holdings (AMC) and Live Nation Entertainment (LYV).
Madison Square Garden makes progress on proposed spin-off transaction » 06:5803/0603/06/20
The Madison Square Garden…
The Madison Square Garden Company announced that it is continuing to make important progress on the spin-off of its entertainment businesses from its sports businesses. The company filed a publicly available Form 10 Registration Statement with the U.S. SEC for the new entertainment company, which is expected to be called Madison Square Garden Entertainment Corp. In addition, the company announced that Andrew Lustgarten is expected to be named President and CEO overseeing all business operations for the pure-play sports company, which is expected to be re-named Madison Square Garden Sports Corp. This transaction remains subject to various conditions, including final league and MSG Board approval. MSG's proposed spin-off transaction would create two distinct companies for shareholders - MSG Sports, a pure-play sports company that would reflect the strong and steady financial performance of MSG's sports businesses and MSG Entertainment, an entertainment company that would capitalize on opportunities for growth, most notably through venue expansion. Following the completion of the spin-off, James Dolan is expected to serve as Executive Chairman of the sports company and as Executive Chairman and CEO of the entertainment company. In addition to serving as President and CEO of the sports company, it is anticipated that Lustgarten will serve as President of the entertainment company.
Event, entertainment stocks lower amid coronavirus fears » 14:4802/2602/26/20
SIX, SEAS, FUN, MSG, LYV, CZR, DIS
Shares of event and…
Shares of event and entertainment stocks, including Six Flags (SIX), SeaWorld (SEAS), and Cedar Fair (FUN), are trading lower amid news of the spread of coronavirus. Additionally, the coronavirus outbreak has forced Disney (DIS) to temporarily shut its Shanghai and Hong Kong theme parks, according to reports. Shares of Six Flags and SeaWorld Entertainment are both down approximately 8%. Other entertainment stocks are also lower on Wednesday including Cedar Fair, Madison Square Garden (MSG), Live Nation (LYV), and Caesars (CZR).