MSG Sphere developer looks to expand with MSG Networks merger
Tuesday 30 de March 2021 / 07:11
2 minutos de lectura
(Las Vegas).- The company that is building the MSG Sphere at The Venetian, Madison Square Garden Entertainment Corp., is looking to expand with a merger with MSG Networks Inc., executives of the company announced Friday.
The merger would provide enhanced financial flexibility for growth in entertainment and media for the company building the $1.66 billion Sphere, a high-tech 17,000-seat entertainment venue east of The Venetian.
The deal would provide tax advantages that would generate liquidity that could be used for debt repayment and investment in new ventures.
Powerful platform
The deal won’t alter the Sphere’s completion date, scheduled sometime in 2023.
“The addition of MSG Networks to our portfolio would create a powerful platform … enabling us to capture substantially more of this emerging revenue opportunity, which we expect will generate significant incremental revenue in the years ahead,” said Andy Lustgarten, president of MSG Entertainment
MSG Networks was formed in 2015 after it was spun off the sports and entertainment division into a separate company. The new company became known as The Madison Square Garden Co.
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