Madison Square Garden Entertainment has completed the spin-off of its traditional live entertainment businesses and will now be known as Sphere Entertainment, and the spun-out entity has been renamed MSG Entertainment. Both companies are now listed on the New York Stock Exchange.
As a result of the transaction, MSG Entertainment is a pure-play live entertainment company that owns and operates venues and arenas in New York and Chicago, including the Madison Square Garden Arena, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre. Sphere Entertainment continues to own the MSG Sphere at The Venetian in Las Vegas, MSG Networks and Tao Group Hospitality businesses.
S&C previously advised MSG companies on earlier spin-offs, including in 2010, 2015 and 2020. Most recently, in April 2020, S&C also guided The Madison Square Garden Company through the spin-off separating its MSG Sports and MSG Entertainment businesses.
The S&C team advising on the spin-off included Bob Downes, Lauren Boehmke, Danielle Abada and Gao Song. Jeannette Bander and Brittney Kidwell advised on executive compensation matters. Davis Wang, Anna Erickson and Alexei Owen advised on tax matters. Dan Loeser and Meng Yu advised on financing matters. Ral Turbeville, Danielle Schulweis and Bailie Mittman advised on real estate and related financing matters. Brian Frawley, Matt Schwartz, Chase Shelton and Conor Ferrall advised on litigation matters. Yvonne Quinn, Eric Queen and Brad Smith advised on HSR matters.