Madison Square Garden Entertainment Corp has announced it has completed its spin-off from Madison Square Garden Sports Corp and gone public.
MSG Entertainment has begun trading on the NYSE under the symbol “MSGE" and has named veteran exec Mark FitzPatrick (pictured) as EVP and chief financial officer. As previously announced, Andrew Lustgarten will serve as president.
The move splits MSG's entertainment and sports interests into two separate entities.
“While the current environment presents significant challenges to our industry, we are confident in the future, and look forward to MSG Entertainment building on its reputation as a leader in live experiences,” said James L Dolan, executive chairman and CEO of MSG Entertainment. “We are also very pleased to welcome Mark, a talented corporate finance executive who brings extensive experience working with well-known companies. We believe he is the ideal executive to help guide MSG Entertainment as we continue to pursue excellence across our operations.”
In his role as CFO, FitzPatrick will work closely with the executive team and oversee all of MSG Entertainment’s financial and accounting matters, including forecasting, budgeting and financial planning and analysis, as well as the company’s treasury, investor relations, tax and risk management functions.
FitzPatrick had served as deputy chief financial oficer at WeWork since 2016 and, prior to that, spent 10 years at Time Warner Cable in a variety of senior finance roles.
Victoria Mink, EVP and chief financial officer, will continue in her role at MSG Sports (formerly The Madison Square Garden Company).
The spin-off has been structured to qualify as a tax-free distribution to MSG stockholders and MSG for US federal income tax purposes.
Last year, MSG applied for planning permission for its proposed next generation London venue, MSG Sphere.
