The company’s entertainment segment reported a loss of $2.39 a share, missing the consensus estimate of $1 a share by a considerable margin. Revenue came in at $217.8 billion, also well below expectations.
Less than a year ago, the company split into two businesses. Madison Square Garden Co refers to the company’s media business, which is in charge of concerts and other events in the storied New York City building.
The company’s sports segment suffered a 17% decline year-over-year, due in part to New York teams failing to reach the heights of previous seasons, lowering the company’s playoffs revenue. Additionally, its entertainment business fell by 10%.
MSG Networks Inc (NYSE:MSGN) refers to the company’s media segment, which includes the broadcasting of sporting events. Advertising revenue and strong relations with affiliate helped this business exceed quarterly earnings and revenue expectations.
This business owns and operates the sports franchises that play in the arena, including the New York Knicks, the New York Rangers, as well as a number of other live sporting events such as college basketball.
Madison Square Garden has a capacity of more than 18,000 and it is one of the most versatile stadiums in the country, allowing a variety of sporting events to exist there in addition to musical events, stand-up comedy shows and variety acts.
MSG shares fell 3.3% Friday. MSGN stock rose 1.3%.