NEW YORK--(BUSINESS WIRE)--Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment”) announced that it has completed its spin-off from Madison Square Garden Sports Corp. (NYSE: MSGS) (“MSG Sports”), formerly The Madison Square Garden Company (“MSG”), and that it will begin trading today on the NYSE under the symbol “MSGE.” In addition, MSG Entertainment has named Mark FitzPatrick – a seasoned executive with more than 20 years of finance experience – Executive Vice President and Chief Financial Officer.
“While the current environment presents significant challenges to our industry, we are confident in the future, and look forward to MSG Entertainment building on its reputation as a leader in live experiences,” said James L. Dolan, Executive Chairman and CEO of MSG Entertainment. “We are also very pleased to welcome Mark, a talented corporate finance executive who brings extensive experience working with well-known companies. We believe he is the ideal executive to help guide MSG Entertainment as we continue to pursue excellence across our operations.”
The spin-off distribution was completed at 11:59 p.m. on April 17, 2020 to stockholders of record of MSG as of the close of business on April 13, 2020. Each MSG common stockholder received 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.
No action or payment was required by stockholders of MSG to receive the new MSG Entertainment shares. Stockholders who held MSG common stock as of the record date will receive a book-entry account statement reflecting their ownership of the new MSG Entertainment shares or have their brokerage account credited with the new MSG Entertainment shares.
The spin-off has been structured to qualify as a tax-free distribution to MSG stockholders and MSG for U.S. federal income tax purposes. MSG stockholders are urged to consult with their tax advisors with respect to the U.S. federal, state, local and foreign tax consequences of the spin-off.
MSG Entertainment Executive Team
MSG Entertainment also named Mark FitzPatrick Executive Vice President and Chief Financial Officer of the new entertainment company, reporting to James Dolan. In addition, as previously announced, Andrew Lustgarten will serve as President of MSG Entertainment.
In his role as CFO, Mr. FitzPatrick will work closely with the executive team to support the long-term direction and overall management of the Company. He will oversee all of MSG Entertainment’s financial and accounting matters, including forecasting, budgeting and financial planning and analysis, as well as the Company’s treasury, investor relations, tax and risk management functions.
Mr. FitzPatrick most recently served as Deputy Chief Financial Officer at WeWork since 2016. Prior to WeWork, Mr. FitzPatrick spent 10 years at Time Warner Cable, where he held a variety of senior finance roles. His last role was Senior Vice President and Chief Financial Officer of Residential Services, where he oversaw all areas of finance for the company’s Residential, Media and Video operations. During his tenure at Time Warner Cable, Mr. FitzPatrick served as a key member of the team that executed the company’s spin-off from Time Warner Inc. in 2009 and its sale to Charter Communications in 2016. Before joining Time Warner Cable in 2006, Mr. FitzPatrick served as Vice President of Corporate Development at AOL, where he was responsible for coordinating AOL’s worldwide mergers and acquisitions activity. Previously, he was a Vice President in Citigroup’s Investment Banking Division. Mr. FitzPatrick earned a Bachelor of Business Administration degree in finance with honors from the University of Notre Dame and a joint J.D./M.B.A with honors from Georgetown University.
Victoria Mink, Executive Vice President and Chief Financial Officer, will continue in her role at MSG Sports (formerly The Madison Square Garden Company).
About Madison Square Garden Entertainment Corp.
Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment experiences. The Company presents or hosts a broad array of events in its diverse collection of venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; the Forum in Inglewood, CA; and The Chicago Theatre. MSG Entertainment is also building a new state-of-the-art venue in Las Vegas, MSG Sphere at The Venetian, and has announced plans to build a second MSG Sphere in London, pending necessary approvals. In addition, the Company features the original production – the Christmas Spectacular Starring the Radio City Rockettes – and through Boston Calling Events, produces the Boston Calling Music Festival. Also under the MSG Entertainment umbrella is Tao Group Hospitality, with entertainment dining and nightlife brands including Tao, Marquee, Lavo, Avenue, Beauty & Essex and Cathédrale. More information is available at www.msgentertainment.com.
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industry in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.