Madison Square Garden Entertainment
MSG Entertainment Revenue Down 94%, But Things Are Looking Up
Although MSGE’s share price fell as much as 6.5% to $94.01 on Friday, investors have faith in live entertainment: Closing at $97.02, MSGE has lost little value since it spun off from MSG’s sports division at $100 on April 9, 2020. Its shares were trading below $70 as recently as Nov. 2 — the beneficiary of a bull market as well as positive news about vaccination rollouts. MSGE’s $1.45 billion of liquidity on Dec. 31 was helped by a debt sale of $650 million in November and $20.6 million raised from the sale of some its stake in fantasy sports platform DraftKings.com. Its operational cash burn was just $64 million in the quarter and $107 million went to capital expenditures, mainly the construction of its next-generation venue, the MSG Sphere in Las Vegas, that is planned to open in 2...
Four Takeaways From MSG Entertainment’s Near-Zero Revenue Debut Quarter as a Standalone Company
Crippled by venue closures, concert promoter MSG Entertainment’s fiscal fourth quarter revenue fell 96% to $9 million from $215.2 million for the same period a year earlier, according to financial results released Friday (Aug. 14). These aren’t the sort of numbers investors might have hoped for in the first full earnings report since MSGE spun off from the Madison Square Garden Company on April 20, but amid a pandemic that has shut down concerts since March perhaps there is some solace that this decline in revenue was still slightly better than the 98% drop Live Nation announced Aug. 5. Shares of MSGE dipped 4.7% to $67.99 at the New York Stock Exchange on Friday. In all, MSGE’s revenue for the full fiscal year, from July 1, 2019, to June 30, 2020, fell 27% to $762.9 million from $1 billio...
Madison Square Garden Entertainment Names Scott Packman Executive VP and General Counsel
On Monday (June 29) Madison Square Garden Entertainment announced it had named Scott Packman executive vp and general counsel. Effective July 1, Packman will be tasked with overseeing and directing all of MSG Entertainment’s legal affairs and managing the company’s legal affairs team, including all corporate, commercial, transactional, litigation, regulatory and day-to-day legal matters. He will report to MSG Entertainment executive chairman and CEO Jim Dolan. Packman comes to MSG Entertainment with over 25 years of legal experience under his belt. Most notably, this includes a 14-year year stint at MGM Holdings/Metro-Goldwyn-Mayer, where he served in a variety of leadership roles, including 12 years as general counsel and secretary. During his run at the company, which he ended as senior ...
