Fans arrive at Madison Square Garden before the game between the Golden State Warriors and the New York Knicks on February 23, 2021 in New York City.
John Smith | Corbis News | Getty Images
Madison Square Garden Entertainment announced Thursday that it is exploring a spin-off of its live entertainment business, including its iconic arena in New York City, and MSG Networks.
The spin-off would consist of the company’s venues — including Madison Square Garden, the Hulu Theater, Radio City Music Hall, the Beacon Theater and the Chicago Theater — as well as its entertainment and sporting events, the Radio City Rockettes and the “Christmas Spectacular.” . Production, the company said in a press release.
The new company would also control the Garden’s licensing deals with the New York Knicks and the New York Rangers, and its regional sports and entertainment networks.
It would leave MSG Entertainment with Tao Group Hospitality, which owns restaurants and nightclubs around the world, and the MSG Sphere business, which includes “multi-sensory” venues, the first of which is currently being built in Las Vegas.
Shares of Madison Square Garden Entertainment were up about 7% in extended trading on Thursday.