Madison Square Garden Co logo

MSGS WI - Madison Square Garden Co News Story

$172.47 17.5  11.3%

Last Trade - 17/04/20

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £2.92bn
Enterprise Value £3.18bn
Revenue £278.5m
Position in Universe th / 7405

UPDATE 1-Madison Square Garden CEO to settle U.S. securities charges

Thu 6th December, 2018 6:28pm
(Adds details from FTC statement, background on company, share
price)
    WASHINGTON, Dec 6 (Reuters) - The chief executive of the
Madison Square Garden Co  MSG.N , owner of the New York Knicks
and New York Rangers sports teams, has agreed to pay nearly
$610,000 to resolve U.S. securities violations that he said
stemmed from a law firm error.
    James Dolan, who also serves as executive chairman, failed
"to report in a timely manner his acquisition of voting
securities," the Federal Trade Commission said in a statement on
Thursday, adding that it "was not Dolan's first ... filing
violation." 
    The FTC said Dolan did not notify the agency and the U.S.
Department of Justice in a timely manner when his securities
reached a certain dollar amount threshold and did not observe a
required waiting period.
    In a statement, the company said Dolan had relied on the law
firm Debevoise & Plimpton to handle the filings. The firm had
"inadvertently missed" the filing deadline for a second time,
triggering the fine, but agreed to pay the fine because of its 
mistake, the company added. 
    The settlement must be approved by a federal court in
Washington after a 60-day comment period, regulators said.    
    Madison Square Garden Co also owns its namesake venue in
Midtown Manhattan, the New York Liberty basketball team, Radio
City Music Hall and its Radio City Rockettes.
    Shares of the company were up less than 1 percent in early
afternoon trading. 

 (Reporting by Susan Heavey; editing by Mohammad Zargham and
Steve Orlofsky)
 ((+1-202-898-8300; Reuters Messaging:
susan.heavey.thomsonreuters.com@reuters.net))
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