Madison Square Garden Entertainment (MSGE) has completed its spin-off from Sphere Entertainment (SPHR) and will begin trading today on the NYSE under the ticker symbol "MSGE." Each of Sphere Entertainment’s stockholders received a distribution of one share of the new MSG Entertainment Class A or Class B common stock for every share of Sphere Entertainment Class A or Class B common stock, respectively, held as of the record date, representing approximately 67% of the outstanding shares of the new MSG Entertainment. Sphere Entertainment owns the remaining approximately 33% of MSG Entertainment’s outstanding shares. The spin-off has been structured to qualify as a tax-free distribution for U.S. federal income tax purposes.
Published first on TheFly
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