The Madison Square Garden CompanyNASDAQ
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  • Oct. 1, 2015, 3:52 PM
    • The Madison Square Garden Co. has completed its spin-off from the new media-centric MSG Networks (NYSE:MSGN) and is trading under new shares at the ticker symbol MSG (NYSE:MSG).
    • Stockholders received one share of "new MSG" for each three that they held.
    • Now that the company is cleanly split into media concerns and the sports/entertainment business, analysts are speaking up in favor of the latter side. Jefferies' John Janedis says the new MSG is the same company but with "significant" balance sheet strength and a path to profitability through organic growth, now that it's clear of affiliate-fee worries.
    • "Without the scrutiny of sub losses/uncertainty surrounding the pay-TV ecosystem, the new MSG offers a unique play on the value of sports and Live Ent, as well as the optionality of the intrinsic value of MSG's underlying asset base," he says.
    • He's got MSG rated at Buy with a $185 target; shares are up 6.1% to $160.25, implying 15% upside. meanwhile, he's rating MSG Networks at Hold with a $20 target; those shares are down 10.7% to $17.86.
    • Stifel Nicolaus' Benjamin Mogil set a price target of $190 for MSG, implying 18.5% upside, based also on its "strong collection of assets with high IP value." He also has MSG Networks at Hold.
    • Previously: Madison Square Garden up 4.7% as Stifel Nicolaus upgrades (Sep. 30 2015)
    • Previously: Analysts: MSG Networks likely to be sold for focus on sports/entertainment (Sep. 17 2015)
    | Oct. 1, 2015, 3:52 PM
  • Sep. 30, 2015, 11:06 AM
    • "Old" Madison Square Garden (NYSE:MSG) is up 4.7% as Stifel Nicolaus' Benjamin Mogil upgrades it to Buy.
    • That's two weeks after the firm downgraded MSG to Hold -- but now, considering today's spinoff of the company into media and sports/entertainment portions.
    • Mogil has a price target of $190 based on a "strong collection of assets with high IP value, supported by an M&A war-chest with the backdrop of a sizable buyback cushion."
    • M&A is expected to focus on the Entertainment business, and Mogil doesn't expect the new MSG to be very active in repurchasing stock.
    • He's got a Hold rating on MSG Networks (NYSE:MSGN).
    • Previously: Analysts: MSG Networks likely to be sold for focus on sports/entertainment (Sep. 17 2015)
    • Previously: Stifel sees challenges ahead for MSG media spinoff (Sep. 16 2015)
    | Sep. 30, 2015, 11:06 AM
  • Apr. 2, 2015, 8:19 PM
    • Madison Square Garden's (NASDAQ:MSG) plans to divide into two companies -- one holding the live sports and entertainment business, the other the media business -- might provide an instant $4B acquisition target for media-industry buyers like Comcast (NASDAQ:CMCSA) or Twenty-First Century Fox (NASDAQ:FOXA).
    • Aside from the Garden itself and the company's sports franchises (including New York's Knicks, Rangers and Liberty), the company features two regional sports networks (MSG Network and MSG+) that occupy the country's top media market, and would be a complement to RSNs at Comcast or Fox.
    • The MSG networks command a bit of a premium per subscriber over other RSNs ($3.49 for MSG and $2.98 for MSG+, vs. average $2.66). Fox already has a stake in the YES Network (Yankees); Comcast has a stake in SNY (Mets) and should be a bidder if its Time Warner Cable acquisition goes through.
    • Previously: MSG spinning off sports/entertainment businesses (Mar. 27 2015)
    | Apr. 2, 2015, 8:19 PM | 1 Comment
  • Dec. 31, 2014, 8:42 AM
    • Streaming: Sony (NYSE:SNE), HBO (NYSE:TWX), CBS (NYSE:CBS), and Dish Networks (NASDAQ:DISH) are set to unveil streaming products in 2015. The theory of the companies that the skinny bundles will draw in more cord-cutters and cord-nevers than they will cannibalize current pay-TV subscribers will be put to the test. The rush of streaming options could help or hurt Netflix (NASDAQ:NFLX) depending upon which analysis an investor leans on.
    • Theater traffic rebound: Exhibitors (CNK, RGC, AMC, CKEC, IMAX) and movie studios (LGF, VIA, VIAB, DIS, FOXA, CMCSA, TWX) maintain that the decline in theater attendance in 2014 (-6%) was due to a slate of films light on blockbusters. A bounce is forecast for 2015 with high-profile films such as Avengers: The Age of Ultron, The Hunger Games: Mockingjay Part 2, Fifty Shades of Grey, Jurassic World, Spectre (James Bond), and Mission Impossible 5 all set to premiere - along with the reboot of the Star Wars franchise in December. Capex spending on theater upgrades could also help boost in-theater spending and average ticket price for exhibitors.
    • Mergers: If regulators allow the Comcast-Time Warner Cable (NYSE:TWC) and AT&T-DirecTV (NASDAQ:DTV) mergers to sail through it could clear a path for other media combinations, note analysts. Potential buyers include Alibaba (NYSE:BABA), Wanda Group, Softbank (OTCPK:SFTBY), and a TWX-rebuffed 21st Century Fox (NASDAQ:FOXA). Content producers which could be targets include Starz (NASDAQ:STRZA), Lions Gate (NYSE:LGF), DreamWorks Animation (NASDAQ:DWA), AMC Networks (NASDAQ:AMCX), and Scripps Networks (NYSE:SNI). A split-up Madison Square Garden (NASDAQ:MSG) could also be enticing.
    | Dec. 31, 2014, 8:42 AM | 4 Comments
  • Oct. 27, 2014, 7:11 PM
    • Madison Square Garden (NASDAQ:MSG) is exploring splitting into two companies, according to Bloomberg.
    • The division would see the sports and media businesses held by one firm and the real estate holdings in the other.
    • Nelson Peltz will also join the board, tip sources.
    • MSG +6.4% AH.
    | Oct. 27, 2014, 7:11 PM | 1 Comment
  • Mar. 23, 2014, 4:19 AM
    • Madison Square Garden Company (MSG) has agreed to acquire 50% of Tribeca Enterprises, an independent film company co-founded by Robert De Niro, for $45M.
    • New York based Tribeca is best known for its festivals but also runs international film events, a two-screen theater, a digital studio and a not particularly successful distribution division.
    • MSG won't get majority control but it expects to have opportunities over time to increase its stake.
    | Mar. 23, 2014, 4:19 AM
  • Dec. 19, 2013, 9:11 AM
    • Consolidation in the media industry will involve more than just deals between heavyweights such as Time Warner Cable, Charter Communication, Cox, and Comcast, according to analysis from MoffettNathanson.
    • Due to the negotiating leverage of broadcast networks and sports rights owners, the investment firm sees subscale content owners combining forces in the sector.
    • On watch: Discovery Communications (DISCA), Scripps Network Interactive (SNI), AMC Networks (AMCX), Starz (STRZA), Madison Square Garden (MSG).
    • Related ETFs: PBS
    | Dec. 19, 2013, 9:11 AM