Madison Square Garden Entertainment Corp.

MSG Entertainment Corp.

Overview

MSG Entertainment Corp. is a Nevada corporation (formerly Delaware) that operates as a holding company for MSG Entertainment Holdings, LLC and its subsidiaries. The company operates one reportable segment, with operations centered in the United States and a concentration in New York City. It is a leader in live entertainment, combining owned and leased venues, marquee content, and live bookings.

Core business activities

• Owns and operates a portfolio of venues and produces or hosts live events, including:
  • Madison Square Garden and the Infosys Theater at Madison Square Garden (the MSG Complex) — New York City
  • Radio City Music Hall — New York City
  • Beacon Theatre — New York City
  • The Chicago Theatre — Chicago
• Owns and produces the Christmas Spectacular Starring the Radio City Rockettes and holds rights to the Rockettes brand.
• Books and promotes concerts, family shows, special events, and a range of sporting events, including relationships tied to the Knicks and Rangers, and provides related premium hospitality.
• Licenses venues to third-party promoters and at times promotes or co-promotes shows. The company has long-term arena license agreements related to Knicks and Rangers home games at The Garden.

Venues and capacity

• The Garden: up to ~21,000 seats
• Infosys Theater at MSG: ~5,600 seats
• Radio City Music Hall: ~6,000 seats
• Beacon Theatre: ~2,800 seats
• The Chicago Theatre: ~3,600 seats
• Total described space: ~1,100,000 square feet across 11 levels (MSG Complex and related properties)

Productions and brands

• Christmas Spectacular Starring the Radio City Rockettes (rights acquired in 1997)
• Sphere Immersive Sound technology deployed at Radio City Music Hall and Beacon Theatre, and used at Sphere in Las Vegas
• Rockettes education and training programs, including the Rockettes Conservatory and Rockettes Preparatory

Customers and events

• Hosted approximately 6.4 million guests across about 960 events in Fiscal Year 2026
• All revenues and assets are attributed to or located in the United States, with the majority concentrated in New York City

Employees and labor

As of June 30, 2026:

• Approximately 1,060 full-time employees (union and non-union)
• Approximately 5,200 part-time employees (union and non-union)
• About 70% of the workforce is represented by unions
• Of union employees, roughly 27% have collective bargaining agreements (CBAs) expiring as of 6/30/2026; about 36% are subject to CBAs expiring by 6/30/2027 if not extended

Financial snapshot

• Total indebtedness as of 6/30/2026: $579 million
• National Properties Term Loan Facility: $609,375,000 (maturity 2030)
• National Properties Revolving Credit Facility: $150 million (revolver maturity 2030)
• Outstanding letters of credit: $18 million; revolving availability: $132 million
• The Christmas Spectacular accounted for about 18% of revenues in Fiscal Year 2026

Corporate structure and governance

• Controlled by the Dolan Family Group through a two-class stock structure: Class A (1 vote per share) and Class B (10 votes per share).
• As of 6/30/2026, the Dolan Family Group (including Excluded Trusts) held the majority of voting power (about 64.3% of Class B votes) and owned approximately 3.9% of outstanding Class A common stock.
• The Dolan Family Group also controls Sphere Entertainment, MSG Sports, and AMC Global Media.
• MSG Entertainment is a NYSE “controlled company” and has elected not to comply with certain independent director requirements, except for maintaining an independent compensation committee.
• A Stockholders Agreement governs voting of Class B shares. James L. Dolan and the Dolan Family Committee have specific voting rights and procedures that can affect key actions, including going-private or change-in-control matters.
• There are overlapping directors and officers among MSG Entertainment and affiliated companies, and procedures are in place to address potential conflicts of interest.

Operational considerations

• The Garden is located above Penn Station; redevelopment of Penn Station and Master Developer discussions could disrupt operations.
• The company leases several major venues and subleases portions of New York City space; lease terms and renewals are material to operations and costs.
• The business is exposed to seasonality, including demand tied to the Christmas Spectacular, and to broader economic, regulatory, and public health risks, as well as data privacy and cybersecurity concerns.

Summary

MSG Entertainment operates as a vertically integrated live-entertainment company with owned and leased venues, flagship productions, and a broad bookings operation for concerts, family shows, and sports events. Its operations are anchored in New York City and supported by long-standing relationships with the Knicks and Rangers at Madison Square Garden. The company maintains substantial debt facilities, a high level of union representation, and a governance structure controlled by the Dolan Family Group.