The Madison Square Garden Company (MSG) has filed a registration statement with the US Securities and Exchange Commission (SEC) for the proposed spin-off of its entertainment business.
MSG announced yesterday (Tuesday) that it had filed the confidential initial Form 10 Statement. The company said the filing represents a “significant milestone” regarding the completion of the transaction, which it is hoped will come in the first quarter of 2020.
The proposed separation of the sports and entertainment businesses would be structured as a tax-free spin-off to all shareholders. Following the completion of the transaction, record holders of MSG common stock would maintain their current economic interest in the sports and entertainment businesses.
The spin-off, which would create two distinct companies, was announced last month. The Dolan family would maintain majority voting control of both companies through their ownership of Class B shares.
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Image: Anthony Quintano