Madison Square Garden Entertainment Posts 4Q Loss

By Emon Reiser

Madison Square Garden Entertainment reported falling revenues and a loss in the quarter ended June 30 despite logging its first full year of live events since the onset of the Covid-19 pandemic.

The New York-based live entertainment company, recently separated from the company’s regional sports network, posted a fourth-quarter loss of $24.48 million, or a loss of 47 cents a share, compared with a loss of $73.76 million, or a loss of $1.38 a share, in the same period a year earlier.
Analysts surveyed by FactSet had expected a loss of 63 cents a share.
Sales fell to $147.94 million from $178.34 million. Analysts surveyed by FactSet were expecting sales of $140.5 million.
Advertising sales commissions decreased $3.9 million in the fourth quarter due to the termination of the company’s advertising sales representation agreement with MSG Networks, effective Dec. 31, 2022.
What’s more, revenues tied to the company’s arena license agreements with the New York Knicks and the New York Rangers decreased $15.5 million. The company said it was due to the timing of the NHL 2021-22 regular season in the prior year, resulting in the teams playing a combined eight fewer regular season games at the Madison Square Garden Arena. There were also two fewer playoff games.
Write to Emon Reiser at [email protected]
Corrections & Amplifications
This item was corrected at 11:04 a.m. ET to clarify that Madison Square Garden Entertainment separated from its regional sports network. An earlier version incorrectly said that the network was based in Las Vegas.