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Spinoff Report
MSG: Stay Invested Ahead of March 2020 Spinoff

Last week’s earnings will be the last earnings release that Madison Square Garden Co. (MSG) will report as a combined entity as it is expected that the Spinoff of MSG Entertainment will take place by the end of March 2020, leaving MSG Sports as the RemainCo. While there is still no Form-10 out yet, it is likely the prospectus will be out either this week or next, to which we will be updating our Full Analysis. 

  • Stay Invested in MSG Ahead of Its March 2020 Spinoff
  • Cost Increased for ‘‘The Sphere’’ / Sports (ex-Spin) Cash Transfer to Provide Support
  • Legalization of Sports Betting Possibility / Additional Tao Group Stake Purchase are Positives
  • Target Price Unchanged / Fundamental Value & Takeover Play Scenarios
  • Form 10 Out Shortly / MSG Remains a Model Portfolio Holding
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