Madison Square Garden Entertainment Corp has completed its spin-off from Madison Square Garden Sports Corp, formerly The Madison Square Garden Company.
Madison Square Garden Entertainment Corp began trading on the New York Stock Exchange yesterday (April 20) under the symbol MSGE.
The Madison Square Garden Company’s Board of Directors approved the spin-off of its entertainment businesses from its sports businesses at the end of March after filing a confidential initial Form 10 Registration Statement with the US Securities and Exchange Commission for the proposed spin-off in December 2019.
MSG Entertainment venues include New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; the Forum in Inglewood, CA and The Chicago Theatre.
The company is also currently constructing a venue, called MSG Sphere, in Las Vegas with the goal of opening in 2021 and plans to build a second MSG Sphere in London.
MSG Entertainment has also named Mark FitzPatrick (pictured) Executive Vice President and Chief Financial Officer of the new entertainment company, reporting to James Dolan. In addition, as previously announced, Andrew Lustgarten will serve as President of MSG Entertainment.
The spin-off distribution was completed at 11:59 pm on April 17, 2020 to stockholders of record of MSG as of the close of business on April 13, 2020, according to a press release.
Each MSG common stockholder received one share of MSG Entertainment Class A or Class B common stock for every share of MSG Class A or Class B common stock, respectively, held as of the record date.
“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.”
James L. Dolan, MSG Entertainment
In his role as CFO, FitzPatrick will work closely with the executive team to support the long-term direction and overall management of the Company.
He 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.
FitzPatrick most recently served as Deputy Chief Financial Officer at WeWork since 2016.
Prior to WeWork, Mr. FitzPatrick spent 10 years at Time Warner Cable, where he held a variety of senior finance roles.
His last role was Senior Vice President and Chief Financial Officer of Residential Services, where he oversaw all areas of finance for the company’s Residential, Media and Video operations.
During his tenure at Time Warner Cable, Mr. FitzPatrick served as a key member of the team that executed the company’s spin-off from Time Warner Inc. in 2009 and its sale to Charter Communications in 2016.
Before joining Time Warner Cable in 2006, Mr. FitzPatrick served as Vice President of Corporate Development at AOL, where he was responsible for coordinating AOL’s worldwide mergers and acquisitions activity.
Previously, he was a Vice President in Citigroup’s Investment Banking Division.
Victoria Mink, Executive Vice President and Chief Financial Officer, will continue in her role at MSG Sports (formerly The Madison Square Garden Company).
James L. Dolan, said: “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.
“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.”Music Business Worldwide