MSG Entertainment provides update on spin-off of live entertainment businesses

MSG Entertainment announced that it is continuing to make progress on the proposed tax-free spin-off of its traditional live entertainment businesses. The company, to be renamed MSG Sphere Corp following the spin-off, has filed a publicly available Form 10 Registration Statement with the U.S. Securities and Exchange Commission, or SEC, for the new live entertainment company, which would take on the name Madison Square Garden Entertainment. The company has also published an investor presentation, available at investor.msgentertainment.com, highlighting the new live entertainment company’s assets and financial profile. The proposed spin-off would create two distinct companies for shareholders – MSG Entertainment, a pure-play live entertainment company with a collection of venues in New York and Chicago, the company’s entertainment and sports bookings business, as well as the Christmas Spectacular Starring the Radio City Rockettes production; and MSG Sphere Corp., which would be comprised of the company’s MSG Sphere, MSG Networks and Tao Group Hospitality businesses. The company also announced that James Dolan is expected to serve as executive chairman and CEO of MSG Entertainment, and remain the executive chairman and CEO of MSG Sphere Corp. Completion of the transaction remains subject to various conditions, including effectiveness of the Form 10 Registration Statement, certain league and other approvals, receipt of a tax opinion from counsel and final Board approval. Securities of MSG Entertainment may not be sold, nor may offers to buy be accepted, prior to the time the Form 10 becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of MSG Entertainment in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.