Madison Square Garden Entertainment began trading on the New York Stock Exchange April 20 as a separate, publicly traded company, having completed its spin-off from Madison Square Garden Co. on April 17, the company said.
Madison Square Garden Co., began the spin-off process nearly two years ago, pledging to split into two separate companies -- Madison Square Garden Entertainment, housing its sports arenas and concert venues; and Madison Square Garden Sports, including its professional sports teams. The spin-off was completed on April 17, with shareholders of record of Madison Square Garden Co. receiving one share each in the entertainment and sports companies for every MSG share they held.
Madison Square Garden Entertainment began trading on the New York Stock Exchange April 20 under the symbol “MSGE,” while Madison Square Garden Sports trades on the NYSE under the symbol “MSGS.” The entertainment stock was priced at $64.90 per share in early trading Monday, down 4.6% ($3.16 each). Madison Square Garden Sports shares were up nearly 2% ($2.84 each) to $172 per share in early trading Monday.
In addition, Madison Square Garden Entertainment said it has named Mark FitzPatrick – formerly deputy CFO at WeWork and a 10-year veteran of Time Warner Cable – as EVP and chief financial officer.
Victoria Mink, EVP and CFO of Madison Square Garden Co., will continue in her role at MSG Sports
“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,” MSG Entertainment executive chairman and CEO James Dolan said in a press release. “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.”
In his role as CFO, FitzPatrick will work closely with the executive team and 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.