The Company disclaims any obligation to update any forward-looking statements contained herein. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates, the impact and timing of the sale of Tao, and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. More information is available at Forward-Looking Statements Also under the MSG Entertainment umbrella is Tao Group Hospitality, with entertainment dining and nightlife brands including: Tao, Hakkasan, Omnia, Marquee, Lavo, Beauty & Essex, and Cathédrale. In addition, the Company features the original production, the Christmas Spectacular Starring the Radio City Rockettes, and delivers a wide range of live sports content and other programming through two regional sports and entertainment networks, MSG Network and MSG Sportsnet. MSG Entertainment is also building a new state-of-the-art venue in Las Vegas, Sphere at The Venetian. The Company presents or hosts a broad array of events in its diverse collection of venues: New York’s Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre and The Chicago Theatre. (MSG Entertainment) is a leader in live entertainment. Madison Square Garden Entertainment Corp. (1) See below for the definition of adjusted operating income included in the discussion of non-GAAP financial measures and a reconciliation of operating income to adjusted operating income.Ībout Madison Square Garden Entertainment Corp. LLC served as financial advisor and Hughes Hubbard & Reed LLP served as legal advisor.įor Mohari Hospitality, Moelis & Company LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor. Effective as of the closing of the sale, the Company will enter into multi-year agreements with Tao Group Hospitality for ongoing consulting, marketing, and support services at Madison Square Garden and Sphere in Las Vegas.įor Tao Group Hospitality, equity holders of which include MSG Entertainment, Goldman Sachs & Co. The closing of the transaction is not conditioned on the receipt of financing. (1)Ĭompletion of the sale is subject to customary closing conditions. In fiscal 2022, Tao Group Hospitality generated approximately $485 million in revenue, $37 million in operating income, and $67 million in adjusted operating income. Since MSG Entertainment acquired a majority interest in 2017, Tao Group Hospitality has transformed into a global powerhouse in entertainment dining and hospitality, with a portfolio of over 80 branded locations in over 20 markets across four continents. Today’s announcement follows a successful bidding process with multiple parties. Upon completion of the sale of its majority interest, MSG Entertainment expects to receive net cash proceeds of approximately $300 million. The transaction is expected to close in May. (NYSE: MSGE) (“MSG Entertainment” or “Company”) today announced that it has agreed to sell its 66.9% majority interest in Tao Group Hospitality to Mohari Hospitality, a global investment company focused on the luxury lifestyle and hospitality sectors, in a transaction that values Tao Group Hospitality at $550 million. NEW YORK-( BUSINESS WIRE)-Madison Square Garden Entertainment Corp.
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