MSG Entertainment announces 5.25M share offering of Class A common for holders

Madison Square Garden Entertainment announced that Sphere Entertainment Group has commenced an underwritten secondary offering of 5.25M shares of MSG Entertainment’s Class A common stock. In addition, under MSG Entertainment’s existing $250 million share repurchase authorization, MSG Entertainment intends to repurchase directly from the Selling Stockholder a number of shares equivalent to approximately $25M. The share repurchase is expected to occur concurrently with the closing of the offering, at a price per share equal to the price at which the underwriters will purchase the shares from the Selling Stockholder in the offering. The company intends to fund the share repurchase from cash on hand. The share repurchase is subject to the completion of the offering. The closing of the offering is not contingent on the closing of the share repurchase. BofA Securities, Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint book-running managers for the offering.