Intrinsic value of Madison Square Garden - MSG

Previous Close

$262.66

  Intrinsic Value

$58.88

stock screener

  Rating & Target

str. sell

-78%

Previous close

$262.66

 
Intrinsic value

$58.88

 
Up/down potential

-78%

 
Rating

str. sell

We calculate the intrinsic value of MSG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  19.10
  17.69
  16.42
  15.28
  14.25
  13.33
  12.49
  11.74
  11.07
  10.46
  9.92
  9.42
  8.98
  8.58
  8.23
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
Revenue, $m
  1,570
  1,848
  2,152
  2,480
  2,834
  3,211
  3,613
  4,037
  4,484
  4,953
  5,444
  5,957
  6,492
  7,049
  7,629
  8,232
  8,859
  9,510
  10,187
  10,890
  11,621
  12,382
  13,173
  13,996
  14,853
  15,746
  16,677
  17,648
  18,660
  19,717
Variable operating expenses, $m
  1,572
  1,836
  2,124
  2,437
  2,772
  3,131
  3,512
  3,915
  4,340
  4,786
  5,172
  5,659
  6,168
  6,697
  7,248
  7,821
  8,416
  9,035
  9,678
  10,346
  11,041
  11,763
  12,514
  13,297
  14,111
  14,959
  15,844
  16,766
  17,728
  18,732
Fixed operating expenses, $m
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  69
  71
  73
  74
  76
  77
  79
  81
  83
  85
  86
  88
  90
  92
Total operating expenses, $m
  1,621
  1,886
  2,175
  2,489
  2,826
  3,186
  3,568
  3,972
  4,398
  4,846
  5,233
  5,721
  6,232
  6,762
  7,315
  7,889
  8,485
  9,106
  9,751
  10,420
  11,117
  11,840
  12,593
  13,378
  14,194
  15,044
  15,930
  16,854
  17,818
  18,824
Operating income, $m
  -51
  -38
  -24
  -9
  8
  25
  44
  64
  85
  107
  211
  235
  261
  287
  315
  343
  373
  404
  436
  470
  505
  541
  579
  619
  660
  702
  747
  794
  842
  893
EBITDA, $m
  135
  166
  201
  238
  278
  321
  367
  415
  466
  520
  576
  635
  696
  760
  826
  895
  967
  1,042
  1,120
  1,200
  1,284
  1,372
  1,463
  1,557
  1,656
  1,758
  1,865
  1,977
  2,094
  2,215
Interest expense (income), $m
  0
  8
  28
  49
  73
  99
  126
  156
  187
  220
  255
  292
  330
  370
  412
  455
  501
  548
  597
  647
  700
  755
  812
  872
  933
  998
  1,064
  1,134
  1,207
  1,283
  1,362
Earnings before tax, $m
  -59
  -66
  -74
  -82
  -91
  -101
  -112
  -123
  -135
  -148
  -81
  -95
  -109
  -125
  -141
  -157
  -174
  -192
  -211
  -230
  -250
  -271
  -292
  -315
  -338
  -362
  -387
  -413
  -440
  -468
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -59
  -66
  -74
  -82
  -91
  -101
  -112
  -123
  -135
  -148
  -81
  -95
  -109
  -125
  -141
  -157
  -174
  -192
  -211
  -230
  -250
  -271
  -292
  -315
  -338
  -362
  -387
  -413
  -440
  -468

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,811
  4,486
  5,222
  6,020
  6,878
  7,795
  8,768
  9,798
  10,883
  12,021
  13,213
  14,459
  15,757
  17,110
  18,517
  19,981
  21,502
  23,083
  24,725
  26,432
  28,207
  30,053
  31,973
  33,971
  36,052
  38,219
  40,478
  42,834
  45,292
  47,857
Adjusted assets (=assets-cash), $m
  3,811
  4,486
  5,222
  6,020
  6,878
  7,795
  8,768
  9,798
  10,883
  12,021
  13,213
  14,459
  15,757
  17,110
  18,517
  19,981
  21,502
  23,083
  24,725
  26,432
  28,207
  30,053
  31,973
  33,971
  36,052
  38,219
  40,478
  42,834
  45,292
  47,857
Revenue / Adjusted assets
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
Average production assets, $m
  1,759
  2,070
  2,410
  2,778
  3,174
  3,597
  4,046
  4,521
  5,022
  5,547
  6,097
  6,672
  7,271
  7,895
  8,545
  9,220
  9,922
  10,651
  11,409
  12,197
  13,016
  13,868
  14,753
  15,676
  16,636
  17,636
  18,678
  19,765
  20,899
  22,083
Working capital, $m
  -696
  -819
  -953
  -1,099
  -1,255
  -1,423
  -1,600
  -1,788
  -1,986
  -2,194
  -2,412
  -2,639
  -2,876
  -3,123
  -3,380
  -3,647
  -3,924
  -4,213
  -4,513
  -4,824
  -5,148
  -5,485
  -5,836
  -6,200
  -6,580
  -6,976
  -7,388
  -7,818
  -8,266
  -8,735
Total debt, $m
  352
  626
  926
  1,251
  1,600
  1,973
  2,370
  2,789
  3,230
  3,693
  4,179
  4,686
  5,214
  5,765
  6,337
  6,933
  7,552
  8,195
  8,864
  9,559
  10,281
  11,032
  11,814
  12,627
  13,474
  14,356
  15,275
  16,234
  17,235
  18,279
Total liabilities, $m
  1,551
  1,826
  2,125
  2,450
  2,799
  3,172
  3,569
  3,988
  4,429
  4,893
  5,378
  5,885
  6,413
  6,964
  7,537
  8,132
  8,751
  9,395
  10,063
  10,758
  11,480
  12,231
  13,013
  13,826
  14,673
  15,555
  16,475
  17,433
  18,434
  19,478
Total equity, $m
  2,260
  2,660
  3,097
  3,570
  4,079
  4,622
  5,200
  5,810
  6,453
  7,129
  7,836
  8,574
  9,344
  10,146
  10,981
  11,849
  12,751
  13,688
  14,662
  15,674
  16,727
  17,821
  18,960
  20,145
  21,379
  22,664
  24,004
  25,401
  26,858
  28,379
Total liabilities and equity, $m
  3,811
  4,486
  5,222
  6,020
  6,878
  7,794
  8,769
  9,798
  10,882
  12,022
  13,214
  14,459
  15,757
  17,110
  18,518
  19,981
  21,502
  23,083
  24,725
  26,432
  28,207
  30,052
  31,973
  33,971
  36,052
  38,219
  40,479
  42,834
  45,292
  47,857
Debt-to-equity ratio
  0.160
  0.240
  0.300
  0.350
  0.390
  0.430
  0.460
  0.480
  0.500
  0.520
  0.530
  0.550
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
  0.640
Adjusted equity ratio
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -59
  -66
  -74
  -82
  -91
  -101
  -112
  -123
  -135
  -148
  -81
  -95
  -109
  -125
  -141
  -157
  -174
  -192
  -211
  -230
  -250
  -271
  -292
  -315
  -338
  -362
  -387
  -413
  -440
  -468
Depreciation, amort., depletion, $m
  186
  204
  225
  247
  270
  296
  323
  351
  381
  413
  365
  400
  435
  473
  512
  552
  594
  638
  683
  730
  779
  830
  883
  939
  996
  1,056
  1,118
  1,184
  1,251
  1,322
Funds from operations, $m
  126
  138
  151
  165
  179
  195
  211
  228
  246
  265
  284
  305
  326
  348
  371
  395
  420
  445
  472
  500
  529
  559
  591
  624
  658
  694
  731
  770
  811
  854
Change in working capital, $m
  -112
  -123
  -134
  -146
  -157
  -167
  -178
  -188
  -198
  -208
  -218
  -227
  -237
  -247
  -257
  -267
  -278
  -289
  -300
  -312
  -324
  -337
  -350
  -365
  -380
  -396
  -412
  -430
  -449
  -468
Cash from operations, $m
  238
  261
  286
  310
  336
  362
  389
  416
  444
  473
  502
  532
  563
  595
  628
  662
  697
  734
  772
  812
  853
  896
  941
  989
  1,038
  1,090
  1,144
  1,200
  1,260
  1,322
Maintenance CAPEX, $m
  -88
  -105
  -124
  -144
  -166
  -190
  -215
  -242
  -271
  -301
  -332
  -365
  -400
  -435
  -473
  -512
  -552
  -594
  -638
  -683
  -730
  -779
  -830
  -883
  -939
  -996
  -1,056
  -1,118
  -1,184
  -1,251
New CAPEX, $m
  -283
  -311
  -340
  -368
  -396
  -423
  -449
  -475
  -500
  -525
  -550
  -575
  -599
  -624
  -649
  -675
  -702
  -729
  -758
  -788
  -819
  -852
  -886
  -922
  -960
  -1,000
  -1,042
  -1,087
  -1,134
  -1,184
Cash from investing activities, $m
  -371
  -416
  -464
  -512
  -562
  -613
  -664
  -717
  -771
  -826
  -882
  -940
  -999
  -1,059
  -1,122
  -1,187
  -1,254
  -1,323
  -1,396
  -1,471
  -1,549
  -1,631
  -1,716
  -1,805
  -1,899
  -1,996
  -2,098
  -2,205
  -2,318
  -2,435
Free cash flow, $m
  -133
  -155
  -178
  -202
  -226
  -251
  -276
  -301
  -327
  -353
  -380
  -408
  -436
  -465
  -494
  -525
  -557
  -590
  -624
  -659
  -696
  -735
  -775
  -817
  -861
  -907
  -955
  -1,005
  -1,058
  -1,113
Issuance/(repayment) of debt, $m
  247
  274
  300
  325
  349
  373
  396
  419
  441
  463
  485
  507
  529
  551
  573
  596
  619
  643
  669
  695
  722
  751
  781
  813
  847
  882
  919
  959
  1,000
  1,044
Issuance/(repurchase) of shares, $m
  421
  466
  510
  555
  600
  645
  689
  734
  778
  823
  788
  833
  880
  927
  975
  1,025
  1,076
  1,130
  1,185
  1,243
  1,303
  1,365
  1,431
  1,500
  1,572
  1,647
  1,727
  1,810
  1,898
  1,990
Cash from financing (excl. dividends), $m  
  668
  740
  810
  880
  949
  1,018
  1,085
  1,153
  1,219
  1,286
  1,273
  1,340
  1,409
  1,478
  1,548
  1,621
  1,695
  1,773
  1,854
  1,938
  2,025
  2,116
  2,212
  2,313
  2,419
  2,529
  2,646
  2,769
  2,898
  3,034
Total cash flow (excl. dividends), $m
  535
  585
  632
  678
  723
  767
  809
  851
  892
  933
  893
  932
  972
  1,013
  1,054
  1,096
  1,139
  1,183
  1,230
  1,278
  1,329
  1,382
  1,437
  1,496
  1,558
  1,623
  1,691
  1,764
  1,840
  1,921
Retained Cash Flow (-), $m
  -421
  -466
  -510
  -555
  -600
  -645
  -689
  -734
  -778
  -823
  -788
  -833
  -880
  -927
  -975
  -1,025
  -1,076
  -1,130
  -1,185
  -1,243
  -1,303
  -1,365
  -1,431
  -1,500
  -1,572
  -1,647
  -1,727
  -1,810
  -1,898
  -1,990
Prev. year cash balance distribution, $m
  510
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  623
  119
  121
  123
  123
  122
  120
  118
  114
  110
  105
  99
  93
  86
  78
  71
  62
  54
  45
  36
  26
  16
  7
  -4
  -14
  -25
  -35
  -46
  -58
  -69
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  598
  109
  106
  101
  95
  89
  81
  74
  66
  58
  50
  42
  35
  29
  23
  18
  14
  10
  7
  5
  3
  1
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
Current shareholders' claim on cash, %
  90.4
  82.3
  75.3
  69.4
  64.2
  59.7
  55.7
  52.2
  49.0
  46.2
  43.9
  41.8
  39.8
  38.0
  36.3
  34.8
  33.3
  32.0
  30.7
  29.5
  28.4
  27.3
  26.3
  25.3
  24.4
  23.5
  22.7
  21.9
  21.2
  20.4

The Madison Square Garden Company is a holding company, which is engaged in live experiences consisting of celebrated venues, sports teams, and entertainment productions. The Company operates in two segments, which include MSG Entertainment and MSG Sports. The MSG Sports segment includes the Company's professional sports franchises, which include the New York Knicks (the Knicks) of the National Basketball Association (the NBA), the New York Rangers (the Rangers) of the National Hockey League (the NHL), the New York Liberty (the Liberty) of the Women's National Basketball Association (the WNBA), the Hartford Wolf Pack of the American Hockey League (the AHL), which is the primary player development team for the Rangers, and the Westchester Knicks, an NBA Development League team. The MSG Entertainment segment includes the Company's live entertainment events. The Company presents or hosts live entertainment events, including concerts, family shows, performing arts and special events.

FINANCIAL RATIOS  of  Madison Square Garden (MSG)

Valuation Ratios
P/E Ratio -84.7
Price to Sales 4.7
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 28.5
Price to Free Cash Flow 35.7
Growth Rates
Sales Growth Rate 18.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -38.9%
Cap. Spend. - 3 Yr. Gr. Rate -32.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 4.4%
Total Debt to Equity 4.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -2%
Ret/ On Assets - 3 Yr. Avg. -2.2%
Return On Total Capital -2.9%
Ret/ On T. Cap. - 3 Yr. Avg. -3.4%
Return On Equity -2.9%
Return On Equity - 3 Yr. Avg. -3.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 34.7%
Gross Margin - 3 Yr. Avg. 33.6%
EBITDA Margin 2%
EBITDA Margin - 3 Yr. Avg. 3.6%
Operating Margin -4.6%
Oper. Margin - 3 Yr. Avg. -3.3%
Pre-Tax Margin -6.1%
Pre-Tax Margin - 3 Yr. Avg. -5.6%
Net Profit Margin -5.5%
Net Profit Margin - 3 Yr. Avg. -5.4%
Effective Tax Rate 4.9%
Eff/ Tax Rate - 3 Yr. Avg. 0.8%
Payout Ratio 0%

MSG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MSG stock intrinsic value calculation we used $1318.452 million for the last fiscal year's total revenue generated by Madison Square Garden. The default revenue input number comes from 0001 income statement of Madison Square Garden. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MSG stock valuation model: a) initial revenue growth rate of 19.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MSG is calculated based on our internal credit rating of Madison Square Garden, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Madison Square Garden.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MSG stock the variable cost ratio is equal to 101.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $48 million in the base year in the intrinsic value calculation for MSG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.9% for Madison Square Garden.

Corporate tax rate of 27% is the nominal tax rate for Madison Square Garden. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MSG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MSG are equal to 112%.

Life of production assets of 16.7 years is the average useful life of capital assets used in Madison Square Garden operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MSG is equal to -44.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2408.163 million for Madison Square Garden - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 19.137 million for Madison Square Garden is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Madison Square Garden at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ New York City's MTA chair resigns   [Nov-09-18 11:10AM  American City Business Journals]
▶ Hollywood Cash from Azoff, Ballmer Fuels Election Face-Off   [08:47AM  The Wall Street Journal]
▶ [$$] NYC Councilman Aims to Regulate Use of Face-Screening Technology   [Oct-14-18 08:33PM  The Wall Street Journal]
▶ Irving Azoff takes over MSG stake in joint venture   [01:34PM  American City Business Journals]
▶ MSG outlines plan to spin off Knicks, Rangers into separate company   [Oct-04-18 02:55PM  American City Business Journals]
▶ Employees can choose salaries but only if co-workers approve   [Sep-25-18 02:02PM  Yahoo Finance Video]
▶ Mario Gabelli's Gabelli Asset Fund 2nd Quarter Commentary   [Sep-14-18 03:00PM  GuruFocus.com]
▶ New York Life Insurance President Lists NYC Condo for $11.95 Million   [Sep-13-18 04:14PM  The Wall Street Journal]
▶ Dolan family sues Altice over News 12 layoffs   [Sep-05-18 09:45AM  American City Business Journals]
▶ Mario Gabelli Comments on Madison Square Garden Co.   [Aug-30-18 04:33PM  GuruFocus.com]
▶ Madison Square Garden Q4 Earnings Preview   [Aug-15-18 02:38PM  Benzinga]
▶ MSG takes the Pepsi challenge, breaks up with Coke   [11:47AM  American City Business Journals]
▶ Madison Square Garden Pops on Knicks Spinoff Interest   [Jun-29-18 01:45PM  Motley Fool]
▶ Hockey and basketball lead the blitz   [01:22PM  CNBC Videos]
▶ MSG chief wants to split company between sports and entertainment   [07:15AM  American City Business Journals]
▶ [$$] Madison Square Garden Owner to Explore Spinoff of Knicks, Rangers   [Jun-27-18 07:10PM  The Wall Street Journal]
▶ WWE muscles Sinclair's Ring of Honor out of Madison Square Garden   [Jun-20-18 03:00PM  American City Business Journals]
▶ Did WWE block a rival promotion from booking MSG?   [Jun-19-18 02:40PM  American City Business Journals]
▶ [$$] MTA Board Pressed Lhota on Potential Conflicts of Interest at Meeting   [Jun-06-18 08:38PM  The Wall Street Journal]
▶ High-tech, sphere-shaped arena coming to Las Vegas Strip   [May-19-18 01:30AM  Associated Press]
▶ BP, Boston Scientific, Madison Square Garden & Dillard's   [May-17-18 01:19PM  CNBC Videos]
▶ TV pioneer Kay Koplovitz on changing the cable industry   [May-16-18 02:55PM  CNBC Videos]
▶ Supreme Court paves way for states to legalize sports betting   [May-14-18 04:45PM  Yahoo Finance Video]
▶ Boston Calling Music Festival Announces Its Set Times   [May-10-18 01:02PM  GlobeNewswire]

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