Madison Square Garden Co. (MSG, Financial) (1.7%) (MSG – $294.19 – NYSE) is an integrated sports and entertainment company that owns the New York Knicks, the New York Rangers, the Radio City Christmas Spectacular, The Forum, and that iconic New York venue, Madison Square Garden. These evergreen content and venue assets benefit from sustainable barriers to entry and long term secular growth. MSG completed the separation of its associated regional sports networks in September 2015, leaving a reliable cash flow stream for MSG to reinvest and repurchase shares. The company reiterated its intent to separate into a Sports company (consisting of the teams) and an Entertainment company (consisting of MSG’s concert business, Christmas Spectacular, arenas and development assets including the Spheres in Las Vegas and London). Although delayed, we expect a transaction early in 2020.
From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund fourth-quarter 2019 shareholder commentary.
