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 spinoff from its live entertainment business, including its iconic New York arena and MSG Networks.
The spin-off would include the company’s performance venues – including Madison Square Garden, Hulu Theatre, Radio City Music Hall, Beacon Theater and Chicago Theater – as well as its entertainment and sports bookings, the Radio City Rockettes and the “Christmas Spectacular” production, the company said in a statement.
The new company would also control the Garden’s licensing agreements with the New York Knicks and New York Rangers, as well as its regional sports and entertainment networks.
That would leave MSG Entertainment with Tao Group Hospitality, which owns restaurants and nightclubs around the world, and the MSG Sphere venture, which encompasses “multi-sensory” performance venues, the first of which is currently under construction in Las Vegas. .
Shares of Madison Square Garden Entertainment rose about 7% in extended trading Thursday.