Madison Square Garden Results Top Expectations
20 August 2015 - 11:00PM
Dow Jones News
Madison Square Garden Co.'s profit and revenue growth easily
topped Wall Street expectations in its June quarter, as the company
moves toward the separation of its media business from its sports
and entertainment businesses.
Shares of the company gained 2.8% to $78.57 a share in premarket
trading.
Madison Square Garden's media business includes MSG regional
sports-TV networks. Its sports business includes the New York
Knicks and Rangers, and its entertainment business organizes and
hosts live events in venues such as Manhattan's Radio City Music
Hall and Madison Square Garden.
In late March, the company filed a registration statement to
separate its sports and entertainment operations from its media
business. MSG itself was spun out of Cablevision Systems Corp. in
2010.
For the quarter ended June 30, Madison Square Garden reported a
profit of $45.7 million, or 60 cents a share, compared with $11.6
million, or 15 cents a share, a year earlier.
Revenue grew 4.4% to $387.9 million.
Analysts surveyed by Thomson Reuters recently forecast earnings
of 39 cents a share on revenue of $356 million.
Revenue in MSG's entertainment business jumped 65% in the
quarter to $93.2 million, helped by the first year of a
spring-themed show, an insurance recovery related to lost Radio
City Christmas Spectacular revenues in 2012 due to superstorm
Sandy.
The sports segment's revenue grew 3.1% to $161.6 million,
boosted by higher league distributions and professional sports
teams' sponsorship.
Revenue at MSG Media fell 13% to $153.2 million, reflecting the
sale of its Fuse network.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 20, 2015 08:45 ET (12:45 GMT)
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