Madison Square Garden Co. said Tuesday that it plans to transfer the listing of its Class A common stock to the New York Stock Exchange (NYSE) from the NASDAQ Global Market, beginning on July 27.
The stock will trade on the NYSE under its current symbol “MSG” and will continue to trade on the NASDAQ Exchange until the transfer is complete.
“We are pleased to be joining the NYSE’s lineup of world-class companies as we continue to pursue opportunities to generate value for our shareholders,” said MSG chief financial officer Dnna Coleman in a statement. “This includes our proposed spin-off of our sports and entertainment businesses from our media business, which we expect to complete in 2015.”
MSG plans to spin off its sports businesses –including the New York Knicks, the New York Rangers, the New York Liberty, Westchester Knicks (NBADL) and the Hartford Wolf Pack (AHL) – and its entertainment assets – including Madison Square Garden Arena, Radio City Music Hall, The Beacon Theater, The LA Forum and others – from its media assets MSG Networks and MSG-Plus. The spin is expected to be completed later this year.
“We look forward to a long-term relationship with The Madison Square Garden Company,” said NYSE president Tom Farley in a statement. “With a portfolio of legendary brands and a reputation for creating world-class experiences, MSG is a great addition to our community of leading companies and we welcome the opportunity to support MSG’s continued growth.”
