The Madison Square Garden Company (MSG) - NYSE
  • 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.
    | Tue, Feb. 9, 8:12 PM
  • Oct. 2, 2015, 7:19 PM
    • Going contrarian against other analysts -- who think the live sports/entertainment side of Madison Square Garden is the appealing side of the MSG/MSGN split -- BTIG and Albert Fried have launched coverage of MSG Networks (NYSE:MSGN) at Buy.
    • Albert Fried's Rich Tullo set a $28 price target on MSG Networks, which gained 3.2% today to close at $19.34. Tullo's target implies 45% upside.
    • The media company has "exclusive content tent poles" and operating fundamentals should stay on "a strong glide path." Pessimism about the new stock just creates a buying opportunity, he suggests.
    • Yesterday, Jefferies' John Janedis pointed to the balance-sheet strength at MSG (which gained 7.5% today) and a better path to profitability, being free of affiliate-fee concerns -- which would be visited instead on MSG Networks.
    • Though seeing a headwind in rising expenses at MSG Networks, Tullo says the business looks solid and it faces "on balance revenue tailwinds in F2016E following a terrible NY Knicks Season which essentially saw the team shut down prior to the NBA All-Star Break.” Stronger Knicks ratings, and stable Rangers and Islanders hockey ratings, could drive growth next year.
    • Previously: MSG wraps split, and analysts like the sports/entertainment side (Oct. 01 2015)
    | Oct. 2, 2015, 7:19 PM
  • 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
  • Oct. 1, 2015, 12:40 PM
    | Oct. 1, 2015, 12:40 PM | 1 Comment
  • 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
  • Sep. 17, 2015, 9:00 PM
    • MSG Networks (NYSE:MSGN) -- the upcoming media result of the spin-off at Madison Square Garden (MSG +2.2%) -- began trading on a when-issued basis today at the NYSE, as did the "new MSG."
    • On Sept. 30, each MSG common stockholder will get one share of "new MSG" for every three of the current MSG they own. Class A stockholders will receive class A, and likewise with class B.
    • Analysts at BTIG have set a price target of $240 for "new MSG" and of $30 for MSG Networks -- the latter based on a multiple of 15 times estimated 2016 free cash flow/share of $2.03. And BTIG's Brandon Ross has said that it gets more valuable when you consider a likely takeout by hungry competing regional sports net holders: Comcast (NASDAQ:CMCSA) or Fox (FOX, FOXA).
    • In an update, Ross says he very much believes the Dolans want to sell the media company to eventually buy into new MSG, and focus there.
    • An exit from the cable side seems to fit not only James Dolan's personality but also the fresh news that the family's selling Cablevision to France's Altice.
    • For its part, MSG has two underappreciated opportunities to raise value, Ross says: increasing nights filled in venues (though venues may need some investment), and increasing per caps.
    • Previously: MSG names leadership for media spin-off (Sep. 11 2015)
    • Previously: MSG split may mean key M&A for Comcast, Fox (Apr. 02 2015)
    | Sep. 17, 2015, 9:00 PM
  • Aug. 5, 2015, 1:25 PM
    | Aug. 5, 2015, 1:25 PM
  • Mar. 27, 2015, 5:38 PM
    | Mar. 27, 2015, 5:38 PM
  • Mar. 27, 2015, 4:20 PM
    • Three months after stating it's exploring such a move, Madison Square Garden (NASDAQ:MSG) has announced it's spinning off its sports and entertainment businesses into a separate, publicly-traded, company.
    • The spinoff will include the Knicks, the Rangers, Madison Square Garden itself, Radio City Music hall, several other theaters, live productions such as Radio City Christmas Spectacular, entertainment JVs, and MSG's interest in Fuse Media. It's expected to be completed in 2015.
    • MSG +2.8% AH to $83.00, making new 52-week highs in the process.
    | Mar. 27, 2015, 4:20 PM | 2 Comments
  • Feb. 6, 2015, 9:06 AM
    • Cablevision (NYSE:CVC) has naned company president Brian Sweeney its new CFO -- replacing Gregg Seibert, who will stay with the company as vice chairman.
    • Seibert, for his part, is also taking on vice chairmanships with Madison Square Garden (NASDAQ:MSG) and AMC Networks (NASDAQ:AMCX).
    • Sweeney will assume responsibility for Cablevision's Lightpath business as well as direct oversight of local media properties.
    • Sweeney began his Cablevision career in 1993 at its programming division Rainbow Media (now AMC Networks).
    • MSG is up 3.4% premarket off its earnings.
    | Feb. 6, 2015, 9:06 AM
  • Feb. 6, 2015, 8:56 AM
    • Madison Square Garden (NASDAQ:MSG+3.3% premarket after Q4 earnings and revenues beat expectations, despite the miserable season suffered by the NBA's New York Knicks.
    • MSG's Q4 sports segment revenue grew 10% Y/Y to $202.5M, and entertainment business revenue surged 19% to $194M; revenue at MSG Media, which includes MSG Networks, fell 8% to $166M, reflecting the Fuse network sale.
    • Guggenheim Partners, which rates MSG a Buy with an $85 price target, raises its 2015 cash flow estimate for MSG to $406M from $391M, primarily due to the amount saved in NBA luxury tax; the Knicks, a team notorious for having to pay the tax, have saved ~$25M in luxury taxes this season.
    • Q4 operating cash flow rose 18% Y/Y to $149M.
    | Feb. 6, 2015, 8:56 AM
  • Dec. 18, 2014, 5:39 PM
    • Top gainers, as of 5:15 p.m.: RHT +11.4%. PIR +6.5%. CTAS +5.7%. MSG +4.6%. ABEV +4.2%.
    • Top losers, as of 5:15 p.m.: TNK -7.4%. OME -4.5%. AUQ -3.7%. AGI -3.4%. NG -2.7%.
    | Dec. 18, 2014, 5:39 PM
  • Dec. 18, 2014, 4:34 PM
    • Madison Square Garden (NASDAQ:MSG) indicates in a new SEC filing that it will consider splitting its media business from the sports and entertainment assets as it considers how to structure a spin-off.
    • SEC Form 8-K
    • MSG +0.6% after-hours.
    | Dec. 18, 2014, 4:34 PM
  • Oct. 31, 2014, 8:01 AM
    • Madison Square Garden (NASDAQ:MSG) reports revenue in its MSG Media segment fell 14% Y/Y to $142.7M in FQ1 on lower affiliate fee sales.
    • Revenue for MSG Entertainment +128% to $65.2M on a boost from hosting more high-profile events.
    • MSG Sports saw a 40% gain in sales to $53.5M.
    • The company approved a new buyback allowance of $500M.
    • What to watch: Expect analysts to press execs with Madison Square Garden during the upcoming conference call on reports the company plans to split into two.
    • Earnings call webcast
    • MSG +3.3% premarket
    | Oct. 31, 2014, 8:01 AM
  • Oct. 31, 2014, 7:37 AM
    • Madison Square Garden (NASDAQ:MSG): FQ1 EPS of $1.38 may not be comparable to consensus of $0.32.
    • Revenue of $241.74M (+12.1% Y/Y) beats by $17.52M.
    • Shares +3.27% PM.
    | Oct. 31, 2014, 7:37 AM
  • Oct. 28, 2014, 9:13 AM
    | Oct. 28, 2014, 9:13 AM
Company Description
The Madison Square Garden Co. engages in live sports and entertainment business. The company operates through two reportable segments: MSG Entertainment and MSG Sports. The MSG Sports segment owns and operates the following professional sports franchises: the Knicks of the NBA, the Rangers of... More
Sector: Services
Industry: Entertainment - Diversified
Country: United States