Madison Square Garden Entertainment drops on secondary offering launch

Sphere Entertainment

21/06/2023 15:16

** Madison Square Garden Entertainment's  MSGE.N  shares
down 8.2% at $36.40 after co commences secondary offering
    ** MSGE late Tues said Sphere Entertainment Group  SPHR.N 
to sell 5.25 mln shares with BofA, Goldman and JP Morgan as jt
bookrunners
    ** In addition, co to repurchase approx $25 mln of shares
from SPHR, or roughly 690k MSGE shares based on current levels
    ** Following the transactions, SPHR expected to own ~25% of
MSGE's common stock
    ** Thomas Dolan, one of MSGE's directors, indicated to buy
~$10 mln of the offering, per the SEC filing
    ** On Apr 20, MSGE completed spin-off from SPHR to create a
separate public firm for its live entertainment businesses. MSGE
shares closed at $30.99 the next day
    ** SPHR's shares on Weds off 0.4% at $27.68, but up 33% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))