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Madison Square Garden Company

From Wikipedia, the free encyclopedia

The Madison Square Garden Company
Public
Traded as NASDAQMSG
Industry Sports and entertainment
Founded 2010; 2015 (spin-off Madison Square Network)[1]
Founder James L. Dolan
Headquarters New York City, New York, U.S.
Key people
James L. Dolan
(Executive Chairman & CEO)
Andrew Lustgarten
(President)
Revenue Increase $1.120 billion (2016)
Increase $316.79 million (2016)
Total assets Increase $9.384 billion (2008)
Owner Dolan family[2]
Subsidiaries
Website Official website

The Madison Square Garden Company is an American sports and entertainment holding company based in New York City. The company was established in 2010 when Cablevision spun off the New York Knicks, New York Rangers, Madison Square Garden, MSG Network and other entertainment assets as an independent, publicly traded company.

Divisions

In addition to owning the Madison Square Garden arena in Manhattan, New York City, The Madison Square Garden Company is divided into two entities.

Madison Square Garden, L.P. used to operate the Hartford Civic Center (now the XL Center), an indoor arena in Hartford, Connecticut, and Rentschler Field (now the name of the playing surface at Pratt & Whitney Stadium), a stadium in East Hartford, under contract with the state of Connecticut until the 2007 season when it was replaced by Northland/Anschutz Entertainment Group.[4][5]

History and corporate ownership

From its inception in 1927, the Graham-Paige Motors Corporation was a big player in the automobile business but, by 1945, the impact of the Depression and World War II left the company all but out of the car business. In 1947, the Graham Paige decided to sell all of its automotive assets, change the corporate name to Graham Paige Corporation and to start investing in real estate. In 1959, one of those investments was to buy a 40% interest in the Madison Square Garden III. By 1962, Graham Paige had a controlling interest in the Madison Square Garden Corporation and decided to merge the assets of the two corporations into a new Madison Square Garden Corporation which then began planning to replace the aging arena. In 1977, Gulf and Western Industries bought the company. Gulf and Western shed its non-media and entertainment assets, became Paramount Communications (owner of Paramount Pictures) in 1989. In 1994, Viacom purchased majority ownership of Paramount Communications, but quickly sold MSG to Cablevision.

In February 2010, Cablevision spun off the MSG properties, including the sports franchises, into The Madison Square Garden Company.[6] On September 30, 2015, the MSG Networks division, which operates the company's media assets (including MSG Network) was spun off into a separate company, leaving MSG with its live entertainment and sports assets.[7][8]

On August 17, 2016, MSG acquired a 12% stake in digital media, broadcasting, and events company Townsquare Media from GE Capital.[9]

On July 31, 2017, MSG acquired a controlling stake in professional video gaming team Counter Logic Gaming.[10]

Controversies

West Side Stadium

Before the Madison Square Garden Company was formed, it's businesses were part of Cablevision. In 2005, it was proposed that a new West Side Stadium be built for the New York Jets. The stadium would have directly competed with the then-Cablevision owned Madison Square Garden. Cablevision ran TV ads rallying against the proposed stadium which ultimately resulted in the state of New York rejecting the proposal. The rejection of the proposal meant that Madison Square Garden would not have a nearby venue competing for concert revenue. [11]

Clippers Arena Proposal

In 2018, the Madison Square Garden Company was behind a lawsuit against the city of Inglewood in an attempt to stop the construction of a new basketball arena for the Los Angeles Clippers. The new arena would compete directly with The Forum which is owned by The Madison Square Garden Company. [12] Another lawsuit from a local community group was filed to block the construction of the venue in June 2018. Inglewood mayor James Butts suggested that the lawsuit was brought about by "business interests from out-of-state", suggesting that the Madison Square Garden Company were using this group to ensure that they don't have a competing arena near by. [13]

Officers

  • James L. Dolan - Executive Chairman and CEO
  • Andrew Lustgarten - President
  • Donna Coleman - Chief Financial Officer
  • Steve Mills - President, Basketball Operations - New York Knicks
  • Glen Sather - President, Hockey Operations - New York Rangers

References

  1. ^ "The Madison Square Garden Company Becomes New Public Sports And Entertainment Company" (Press release). The Madison Square Garden Company. October 1, 2015. Retrieved December 31, 2017. 
  2. ^ Lieberman, David (October 1, 2015). "Madison Square Garden Split Drives Dealmaking Speculation". Deadline.com. Retrieved December 31, 2017. 
  3. ^ Vincent, Roger (June 26, 2012). "Forum owners plan to revive venue with $50-million renovation: They intend to challenge Staples Center and other big arenas in the L.A. region by turning the faded Inglewood facility into a 'world-class' concert hall." Los Angeles Times. Retrieved 2012-06-26. 
  4. ^ "The Connecticut Development Authority Selects Facilities Manager for Hartford Civic Center" "Archived copy". Archived from the original on 2010-08-02. Retrieved 2009-11-20. 
  5. ^ Welcome to Rentschler Field
  6. ^ Riddell, Kelly (2010-02-10). "Cablevision Spins Off MSG to Focus on Cable Franchise". Bloomberg. Retrieved 18 January 2013. 
  7. ^ "Madison Square Garden Splits Off Sports and Entertainment Divisions, Wall Street Yawns". Billboard. Retrieved 18 August 2016. 
  8. ^ "Madison Square Garden Details Split". Wall Street Journal. Retrieved 18 August 2016. 
  9. ^ Cimilluca, Dana (2016-08-17). "Madison Square Garden Takes 12% Stake in Townsquare Media". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-08-17. 
  10. ^ "The Madison Square Garden Company x CLG - CLGaming.net". clgaming.net. Retrieved 2017-08-09. 
  11. ^ https://ny.curbed.com/2015/1/30/9997132/how-the-new-york-jets-very-nearly-got-a-west-side-stadium
  12. ^ https://www.billboard.com/articles/business/8301740/inglewood-mayor-butts-azoff-msg-entertainments-sham-lawsuit
  13. ^ https://la.curbed.com/2018/6/19/17480328/inglewood-lawsuit-clippers-arena-housing

External links

This page was last edited on 22 June 2018, at 19:16
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