The Madison Square Garden CompanyNASDAQ
Fri, Sep. 23, 2:48 PM
- Poring through SEC filings from Madison Square Garden (MSG -1%) and MSG Networks (MSGN +0.5%), FBN Securities sees a "Dolan shuffle" in intrafamily transactions that leave James Dolan in firm control of the companies' fates.
- The family as a whole retains the same financial and voting interests as before, FBN's Robert Routh says.
- But with James buying interests held by Patrick Dolan and related trusts, James gets two votes under the companies' stockholder agreements rather than one -- giving him the ability to block any transaction that would put the companies in someone else's hands.
- FBN holds an Outperform rating on MSG with a fair value of $225.41, implying 31.7% upside from today's price. The firm has a Sector Perform rating on MSGN with a fair value of $23.25, implying 25.9% upside.
- MSG filings; MSGN filings
Fri, Sep. 16, 6:10 PM
- In a filing, Madison Square Garden (MSG -1.5%) notes it's re-upped James Dolan with a new contract as executive chairman.
- Dolan gets an annual base salary of at least $1M, and his annual target bonus opportunity is at least 200% of that base.
- He's also eligible for long-term incentive programs with a aggregate target value of at least $7.5M.
- A severance payment of at least two times his annual base salary and target bonus applies in some situations. His annual compensation can go up to a maximum of $2M in base salary, 200% bonus opportunity and annual target long-term incentive value of $13.5M.
Fri, Aug. 19, 11:49 AM
- Madison Square Garden (NYSE:MSG) is off 5.1% now after it posted a wider loss in its fiscal Q4, driven by lower live sports revenues.
- The company -- which separated its media business out into MSG Networks last fall, leaving the sports and entertainment businesses -- lost $58.4M vs. a year-ago loss of $1.1M. It took $6.9M in reorganization charges.
- Revenue breakout: MSG Entertainment, $84M (down 10%); MSG Sports, $133.5M (down 17%); other, $0.2M (flat).
- In operating income, MSG Entertainment operated at a loss of $17.9M; MSG Sports at a gain of $12.8M, and "Other" a loss of $41M.
- Entertainment revenues fell mainly due to worse results in its production of New York Spectacular Starring the Radio City Rockettes. Sports dropped more steeply with lower playoff-related revenues, offset in part by higher media rights fees from now-split MSG Networks.
- Press Release
Fri, Aug. 19, 7:34 AM
Thu, Aug. 18, 5:30 PM
Wed, Aug. 17, 11:32 AM
- Madison Square Garden (MSG +0.4%) has taken a 12% stake in Townsquare Media (about $30M worth), part of an effort to collaborate on more live events.
- Townsquare runs a network of hundreds of radio stations and websites and puts on about 550 live events a year.
- MSG partner Irving Azoff helped the collaboration come to fruition after working "closely" with Townsquare over the past year.
- The two will try to draw on shared expertise in music and live events to pursue "bookings, sponsorship and marketing" opportunities while also getting MSG more into the festival business.
- MSG has also named Rich Claffey to the post of senior VP and general manager of Madison Square Garden, the arena. He was formerly the general manager of Radio City Music Hall and had extensive experience working at MSG.
Mon, Jul. 18, 9:04 AM
Fri, May 6, 7:39 AM
Thu, May 5, 5:30 PM
Tue, Feb. 9, 8:12 PM
- Madison Square Garden (MSG +3.4%) is still getting a vote of confidence from Albert Fried, whose Rich Tullo is maintaining a Market Perform rating though the stock has lost 9.8% of value in just the past month, and declined 16% in the past three.
- With the company's New York Knicks firing coach Derek Fisher, Tullo thinks despite turmoil the move is a long-term positive for the team (and MSG stock), “given most of the 2015/2016E tickets have been sold and the team still has a shot at the NBA playoffs.” The team is currently about 4.5 games out of playoff contention, with 28 to play.
- The worst-case scenario of Fisher's firing is a $12M one-time earnings hit, Tullo says. He's got a price target of $200 on the stock, implying 37% upside from today's close of $145.81.
Thu, Feb. 4, 7:45 AM
- Madison Square Garden (NYSE:MSG): FQ2 EPS of $1.74 beats by $0.51.
- Revenue of $410.84M (+3.5% Y/Y) misses by $3.02M.
Wed, Feb. 3, 5:30 PM
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Sat, Jan. 23, 12:17 PM
- Madison Square Garden (NYSE:MSG) is the owner of the greatest sports arena in the world, says Mario Gabelli (somebody get this man a ticket to The Palestra), but it's far more, with sports franchises like the Knicks Rangers, and Liberty, and properties like L.A.'s Forum and the Chicago Theatre.
- The current market cap is $3.8B, it has $1.5B of net cash, and has committed to buy back $500M of stock. The sports teams alone, says Gabelli, could be worth $1.7B.
- He takes note of the "construction renaissance" from West 34th Street south along the High Line, and discussions about the renovation of Penn Station (over which sits Madison Square Garden). The air rights over Madison Square Garden may be worth as much as $500M, figures Gabelli, and the company is looking at ways to monetize this.
- The combination of cash flows, asset values, and buybacks has Gabelli estimating the company is worth $200-$300 per share vs. yesterday's close of $151.
Dec. 29, 2015, 7:09 AM
- Dunkin' Brands (NASDAQ:DNKN) announces a new partnership with Madison Square Garden (NYSE:MSG).
- The agreement will give the Dunkin' Donuts brand significant exposure during all Knicks, Rangers, and Liberty games at Madison Square Garden arena and on digital channels.
- Dunkin' Donuts becomes the official coffee of the three New York sports teams as well.
Nov. 5, 2015, 6:45 AM
- Madison Square Garden (NYSE:MSG): FQ1 EPS of -$0.06 beats by $0.57.
- Revenue of $150.38M (+26.5% Y/Y) beats by $13.05M.
Nov. 4, 2015, 5:30 PM
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