Madison Square Garden Entertainment drops on secondary stock offering

Sphere Entertainment

18/09/2023 14:58

** Shares of Madison Square Garden Entertainment Corp
 MSGE.N  fall 6.4% to $30.64 after co announces secondary
offering and share repurchase 
    ** Stock on track for biggest single-day percentage loss in
almost three months, if losses hold 
    ** Co announces public offering of 7.15 mln shares held by
Sphere Entertainment Group  SPHR.N 
    ** MSGE to repurchase shares worth $50 mln from the offering
as a part of an existing share buyback plan; to fund the
repurchase from borrowings 
    ** SPHR spun off from MSGE in April 2023
   

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))