Madison Square Garden Entertainment (MSGE) has completed its spin-off from Sphere Entertainment (SPHR) and will begin trading today on the NYSE under the ticker symbol "MSGE." Each of Sphere Entertainment’s stockholders received a distribution of one share of the new MSG Entertainment Class A or Class B common stock for every share of Sphere Entertainment Class A or Class B common stock, respectively, held as of the record date, representing approximately 67% of the outstanding shares of the new MSG Entertainment. Sphere Entertainment owns the remaining approximately 33% of MSG Entertainment’s outstanding shares. The spin-off has been structured to qualify as a tax-free distribution for U.S. federal income tax purposes.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on MSGE:
- SeatGeek files confidentially for public listing, The Information reports
- MOHARI HOSPITALITY TO ACQUIRE TAO GROUP HOSPITALITY FURTHER ENHANCING ITS LUXURY PORTFOLIO
- Mohari Hospitality to acquire Tao Group Hospitality from MSG Entertainment
- MSG Entertainment to sell majority interest in Tao Group Hospitality
- MSG Entertainment in advanced talks to sell Tao for about $550M, Bloomberg says