Mario Gabelli Comments on Madison Square Garden Co.

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Feb 15, 2019

Madison Square Garden Co. (NYSE:MSG) (5.3%) (MSG – $267.70 – 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 announced that it would spin-off of its teams in the middle of 2019, which we think could further surface value, especially as MSG expands its venue portfolio.

From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund fourth-quarter 2018 shareholder letter.