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

Spin-Off Transaction Expected to be Completed in Mid-April

 Construction of MSG Sphere in Las Vegas to be Temporarily Suspended

NEW YORK, March 31, 2020 (GLOBE NEWSWIRE) -- The Madison Square Garden Company (NYSE: MSG) today announced that its board of directors has approved the spin-off of its entertainment businesses from its sports businesses, which is expected to be completed in mid-April. In addition, the Company provided an update on its MSG Sphere construction in Las Vegas.

Two Distinct Companies for Shareholders
Upon completion of the spin-off transaction, MSG will be a pure-play sports company and will change its name to Madison Square Garden Sports Corp. (MSG Sports), while the newly-formed entertainment company will be named Madison Square Garden Entertainment Corp. (MSG Entertainment).

The distribution will take place on April 17, 2020 to MSG stockholders of record as of the close of business on April 13, 2020. Each MSG common stockholder will receive 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.

James L. Dolan, MSG’s Executive Chairman and Chief Executive Officer, said: “While our industry is currently going through a difficult period, we are confident in the enduring strength and value of our businesses. Today’s approved spin-off is the result of many months of preparation, and we believe it will set the stage for long-term success for both MSG Sports and MSG Entertainment.”

No action or payment is required by MSG stockholders to receive shares of the new MSG Entertainment. Stockholders who hold MSG common stock as of the record date will receive a book-entry account statement reflecting their ownership of new MSG Entertainment common stock or their brokerage account will be credited with the new MSG Entertainment shares. An Information Statement containing details regarding the distribution of the new MSG Entertainment common stock and the new MSG Entertainment business and management following the spin-off will be mailed to MSG stockholders as of the record date prior to the distribution date.