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MSGS & MSGE: Selloff Leaves Trophy Assets at Even More Attractive Levels
The ongoing Coronavirus outbreak has led to the suspension of the current NBA season and the broad implementation of curfews around the country on non-essential travel, resulting in the selloff in the major indices. The Madison Square Garden Co. (MSG) has decreased by -34.3% YTD compared to the S&P Total Market Cap Index return of -27.6% to date, making the upcoming Spinoff of the Entertainment business even more attractive at these lower levels.

  • Trophy Assets with Strong Brand Value in Play / Supply & Demand of Teams Leads to Premiums
  • History of Break-Ups & Value Creation in Dolan Family Companies (CVC, MSG, MSGN)
  • Net Cash on Entertainment Spinoff's Books / Funding Construction of MSG Sphere in Las Vegas
  • No Index Play / First Form 10 Filed March 6, 2020 / No Spin Date or Distribution Ratio Disclosed
  • Spinoff Expected Q2 2020 / MSG Increases Spinoff MP Weighting by +1% at the End of Today's (March 17) VWAP
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