THE MADISON SQUARE GARDEN COMPANY BOARD APPROVES SPIN-OFF OF ENTERTAINMENT BUSINESSES FROM SPORTS BUSINESSES - Seite 2

The spin-off has been structured to qualify as a tax-free distribution to MSG stockholders and MSG for U.S. federal income tax purposes. MSG stockholders are urged to consult with their tax advisors with respect to the U.S. federal, state, local and foreign tax consequences of the spin-off.

Beginning on April 9, 2020, and continuing until the occurrence of the distribution, MSG expects that its common stock will trade in two markets on the NYSE: in the "regular way" market under the symbol "MSG" and under the current name, "The Madison Square Garden Company", and in the "ex-distribution" market under the symbol "MSGS WI" and under the new name "Madison Square Garden Sports Corp."

Any holders of MSG Class A common stock who sell shares regular way on or before April 17, 2020, will also be selling their right to receive Class A common stock of the newly formed MSG Entertainment. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling MSG Class A common stock on or before the distribution date. The CUSIP number for MSG Class A common stock will remain 55825T103. MSG's Class B common stock is not listed on a securities exchange.

The new MSG Entertainment Class A common stock is expected to begin trading on a "when-issued" basis on the NYSE under the symbol "MSGE WI" and under the name "Madison Square Garden Entertainment Corp." beginning on April 9, 2020. "When issued" trading of MSG Entertainment Class A common stock will continue until the distribution occurs. The CUSIP number for MSG Entertainment Class A stock will be 55826T102. MSG Entertainment’s Class B common stock will not be listed on a securities exchange. "Regular way" trading will begin on April 20, 2020, with MSG Entertainment Class A common stock trading under the symbol "MSGE" and MSG Sports Class A common stock trading under the symbol "MSGS".

The completion of the spin-off is subject to the effectiveness of the Form 10, as well as certain conditions, and approvals and consents, including final league approvals. J.P. Morgan Securities LLC and PJT Partners LP continue to serve as financial advisors and Sullivan & Cromwell LLP continues to serve as legal advisor.

As previously disclosed, it is expected that James Dolan will serve as Executive Chairman of MSG Sports and as Executive Chairman and Chief Executive Officer of MSG Entertainment.  Andrew Lustgarten is expected to serve as President and Chief Executive Officer of MSG Sports and as President of MSG Entertainment.