# EDGAR Filing Document

**Accession Number:** 0001795250
**File Stem:** 0001193125-23-040748
**Filing Date:** 2023-2
**Character Count:** 30022
**Document Hash:** 6fd2613b0820b2ffe485004e6b3ea523
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-040748.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001193125-23-040748

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20230216

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Madison Square Garden Entertainment Corp.
- **CENTRAL INDEX KEY:** 0001795250
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AMUSEMENT & RECREATION SERVICES [7900]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39245
- **FILM NUMBER:** 23637209

**BUSINESS ADDRESS:**
- **STREET 1:** TWO PENNSYLVANIA PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10121
- **BUSINESS PHONE:** (212) 465-6000

**MAIL ADDRESS:**
- **STREET 1:** TWO PENNSYLVANIA PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MSG ENTERTAINMENT SPINCO, INC.
- **DATE OF NAME CHANGE:** 20191126

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of The Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): February 16, 2023

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## MADISON SQUARE GARDEN ENTERTAINMENT CORP.

#### (Exact Name of Registrant as Specified in Charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-39245** | **84-3755666** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

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| | |
|:---|:---|
| **Two Pennsylvania Plaza, New York, NY** | **10121** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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#### Registrant's telephone number, including area code: (212) 465-6000

#### Not Applicable

#### (Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of Each Exchange**<br> **on Which Registered** |
| Class A Common Stock | MSGE | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure**  |

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On February 16, 2023, Madison Square Garden Entertainment Corp. (the "Company") issued a press release announcing that a publicly available registration statement on Form 10 has been filed with the U.S. Securities and Exchange Commission under the name MSGE Spinco, Inc. in connection with the proposed spin-off of its live entertainment business. The Company also issued an investor presentation containing information related to the new live entertainment company. The press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference in their entirety.

The information in this Item 7.01, including Exhibits 99.1 and 99.2, are furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filings.

#### Forward-Looking Statements
*This document may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 of the COVID-19 pandemic, the potential spin-off of the live entertainment business 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. The Company disclaims any obligation to update any forward-looking statements contained herein.* 

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(d) Exhibits

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 99.1 | [Press Release dated February 16, 2023.](d424259dex991.htm) |
| 99.2 | [Investor Presentation, dated February 16, 2023.](d424259dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| **MADISON SQUARE GARDEN ENTERTAINMENT CORP.** | **MADISON SQUARE GARDEN ENTERTAINMENT CORP.** |
| (Registrant) | (Registrant) |
| By: | /s/ David F. Byrnes |
| Name: | David F. Byrnes |
| Title: | Executive Vice President and |
|  | Chief Financial Officer |

---

Date: February 16, 2023

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g424259g0216040511644.jpg)

**MADISON SQUARE GARDEN ENTERTAINMENT CORP. PROVIDES UPDATE ON** 

**PROPOSED SPIN-OFF TRANSACTION**

**NEW YORK, NY** – February 16, 2023 – Madison Square Garden Entertainment Corp. (NYSE: MSGE) today announced that it is continuing to make progress on the proposed tax-free spin-off of its traditional live entertainment businesses.

The Company (to be renamed MSG Sphere Corp. following the spin-off) has filed a publicly available Form 10 Registration Statement with the U.S. Securities and Exchange Commission ("SEC") for the new live entertainment company, which would take on the name Madison Square Garden Entertainment Corp. ("MSG Entertainment"). The Company has also published an investor presentation, available at <u>investor.msgentertainment.com</u>, highlighting the new live entertainment company's assets and financial profile.

The proposed spin-off would create two distinct companies for shareholders – MSG Entertainment, a pure-play live entertainment company with a diverse collection of venues in New York and Chicago, the Company's entertainment and sports bookings business, as well as the *Christmas Spectacular Starring the Radio City Rockettes* production; and MSG Sphere Corp., which would be comprised of the Company's MSG Sphere, MSG Networks and Tao Group Hospitality businesses.

The Company also announced that James L. Dolan is expected to serve as Executive Chairman and Chief Executive Officer of MSG Entertainment, and remain the Executive Chairman and Chief Executive Officer of MSG Sphere Corp.

Completion of the transaction remains subject to various conditions, including effectiveness of the Form 10 Registration Statement, certain league and other approvals, receipt of a tax opinion from counsel and final Board approval. Securities of MSG Entertainment may not be sold, nor may offers to buy be accepted, prior to the time the Form 10 becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of MSG Entertainment in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The Form 10 Registration Statement is filed under the name MSGE Spinco, Inc. (to be renamed Madison Square Garden Entertainment Corp. following the spin-off).

**About Madison Square Garden Entertainment Corp.**

Madison Square Garden Entertainment Corp. is a leader in live entertainment. Madison Square Garden Entertainment Corp. 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. Madison Square Garden Entertainment Corp. is also building a new state-of-the-art venue in Las Vegas, MSG Sphere at The Venetian. In addition, Madison Square Garden Entertainment Corp. 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. Also under the Madison

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Square Garden Entertainment Corp. umbrella is Tao Group Hospitality, with entertainment dining and nightlife brands including: Tao, Hakkasan, Omnia, Marquee, Lavo, Beauty & Essex, and Cathédrale. More information is available at <u>www.msgentertainment.com</u>.

**Forward-Looking Statements**

This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 of the COVID-19 pandemic, the potential spin-off of the live entertainment business 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. The Company disclaims any obligation to update any forward-looking statements contained herein.

\# \# \#

**Contact**:

Ari Danes, CFA

Senior Vice President, Investor Relations, Financial Communications & Treasury

Madison Square Garden Entertainment Corp.

(212) 465-6072

Justin Blaber

Vice President, Financial Communications

Madison Square Garden Entertainment Corp.

(212) 465-6109

Grace Kaminer

Senior Director, Investor Relations & Treasury

Madison Square Garden Entertainment Corp.

(212) 631-5076

## Exhibit 99.2

![](g424259ex99_2p1g1.jpg)

Exhibit 99.2 FEBRUARY 2023

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![](g424259ex99_2p2g1.jpg)

SAFE HARBOUR MSGE Spinco, Inc. (to be renamed Madison Square Garden Entertainment Corp. in connection with the Distribution as defined in the Form 10) (the Company) has filed with the Securities and Exchange Commission a registration statement on Form 10. The Form 10 contains extensive disclosure about the Company and its business, including selected historical and pro forma financial information and risk factors that an investor should consider before deciding whether to invest in securities of the Company. This presentation may contain statements that constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, certain expectations, goals, projections, and benefits. Words or phrases "expects," "anticipates," "believes," "estimates," "may," "will," "should," "could," "potential," "continue," "intends," "plans," and similar words and terms used in the discussion of future operating and future financial performance identify forward looking statements. Investors are cautioned that any such forward looking statements are not guarantees of future performance or results and are subject to known and unknown risks, uncertainties and other factors. Actual results, developments or events may differ materially from those in the forward looking statements as a result of v arious factors, including, but not limited to, the performance of the Company and its business and operations, its financial condition, factors affecting the industries in which it operates, the impact of the COVID 19 pandemic and the factors described in the Form 10, including the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. Forward looking statements speak only as of the date they are made. The Company disclaims any obligation to update or revise any forward-looking statements contained herein, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or for any other reason, except to the extent required by law. Investors should not place undue reliance on such forward-looking statements and should not regard the inclusion of such statements as representations by the Company that its plans and objectives will be achieved or realized. Investors are further advised to consult any further disclosures by the Company in its subsequent filings with the Securities and Exchange Commission. 2

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![](g424259ex99_2p3g1.jpg)

NON-GAAP FINANCIAL MEASURES We define adjusted operating income (loss) ("AOI"), which is a non-GAAP financial measure, as operating income (loss) excluding (i) the impact of non- cash straight-line leasing revenue associated w ith the Arena License Agreements w ith Madison Square Garden Sports Corp. (MSG Sports), (ii) depreciation, amortization and impairments of property and equipment, goodwill and intangible assets, (iii) amortization for capitalized cloud computing arrangement costs, (iv) share-based compensation expense, (v) restructuring charges or credits, (v i) merger and acquisition-related costs, including litigation expenses, (vii) gains or losses on sales or dispositions of businesses and associated settlements, (viii) the impa ct of purchase accounting adjustments related to business acquisitions, and (ix) gains and losses related to the remeasurement of liabilities under Mad ison Square Garden Entertainment Corp. Executive Deferred Compensation Plan (w hich was established in November 2021). We believe that given the length of the Arena License Agreements and resulting magnitude of the difference in leasing revenue recognized and cash revenue received, the exc lusion of non-cash leasing revenue provides investors with a clearer picture of the Company's operating performance. Management believes that th is adjustment is beneficial for other incremental reasons as w ell. This adjustment provides senior management, investors and analysts w ith imp ortant information regarding a long-term related party agreement with M SG Sports. I n addition, this adjustment is included under the Company's debt covenant compliance calculation and is a component of the performance measures used to evaluate, and compensate senior management of t he Company. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger and acquisition -related costs, w hen applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an ev ent that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under M SG Entertainment's Executive Deferred Compensation Plan, w hich were includ ed for the first time in Fiscal Year 2022, provides investors with a clearer picture of the Company's operating performance given that, in accordance with GAAP, gains and losses related to the remeasurement of liabilities under M SG Entertainment's Executive Deferred Compensation Plan are recogni zed in Operating (income) loss whereas gains and losses related to the remeasurement of the assets under M SG Entertainment's Executive Deferre d Compensation Plan, w hich are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognize d in Other income (expense), net, w hich is not reflected in Operating income (loss). We believe AOI is an appropriate measure for evaluating the operating performance of the Company on a combined basis. AOI and similar measures w ith similar titles are common performance measures used by inv estors and analysts to analyze our performance. Internally, we use revenues and AOI as the most important indicators of our business performance, and evaluate management's effectiveness w ith specific reference to these indicators. AOI should be v iewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from oper ating activities, and other measures of performance and/or liquidity presented in accordance w ith U .S. generally accepted accounting principles ("GAAP"). Since AOI is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures w ith simila r titles used by other companies. For a reconciliation from Operating I ncome (U .S. GAAP Basis) to AOI please refer to the appendix w ithin this prese ntation. 3

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![](g424259ex99_2p4g1.jpg)

LEGENDARY ICONIC COMPELLING OPPORTUNITIES BRANDS VENUES 4

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![](g424259ex99_2p5g1.jpg)

TRANSACTION OVERVIEW ◼ 67% spin-off of live entertainment business to be named Madison Square Garden Entertainment Corp. (NYSE: MSGE) ◼ Current parent company to be renamed MSG Sphere Corp. (NYSE: SPHR) ◼ Separation creates more focused investment profiles as well as enhanced strategic and financial flexibility for both companies ◼ Spin-off expected to be completed by the end of March 2023 MSG Sphere Corp. 1 33% Retained Stake in the live entertainment company 1 M SG ENTERTAINMENT WILL BE REQU IRED BY APPLICABLE TAX RU LES TO DISPOSE OF THE RETAINED INTEREST WITHIN A FIXED PERIOD OF TIM E, WHICH MAY 5 OCCU R THROU GH A SERIES OF STEPS INCLUDING SALES, EXCHANGE OFFERS OR PRO RATA DISTRIBU TIONS

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![](g424259ex99_2p6g1.jpg)

KEY INVESTMENT HIGHLIGHTS ENDURING PROFITABLE WORLD-CLASS POPULARITY OF BUSINESS ENTERTAINMENT POISED FOR CHRISTMAS VENUES SPECTACULAR GROWTH SUBSTANTIAL POTENTIAL FOR PRESENCE IN RETURN OF CAPITAL NEW YORK MARKET OVER TIME 6

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![](g424259ex99_2p7g1.jpg)

OUR PORTFOLIO 7

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![](g424259ex99_2p8g1.jpg)

5 ICONIC VENUES OVER 900 LIVE EVENTS ACROSS NEW YORK AND CHICAGO PROJECTED IN FISCAL 2023 5+ MILLION GUESTS PROJECTED IN FISCAL 2023 35 YEAR DEALS 89 YEARS TO HOST HOME GAMES FOR OF THE CHRISTMAS SPECTACULAR NEW YORK KNICKS & RANGERS STARRING THE RADIO CITY ROCKETTES 8

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![](g424259ex99_2p9g1.jpg)

MADISON SQUARE GARDEN "The World's Most Famous Arena" 1 #1 grossing v enue of its size in the world ~21,000 seat capacity 1 BILLBOARD M AGAZ INE AS OF YEAR END 2022 9

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![](g424259ex99_2p10g1.jpg)

THE THEATER RADIO CITY MUSIC HALL 1 AT MADISON SQUARE GARDEN #3 grossing v enue of its size in the world Intimate env ironment in central New York City location New York City and national landmark ~5,600 seat capacity ~6,000 seat capacity 1 BILLBOARD M AGAZ INE AS OF YEAR END 2022 10

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![](g424259ex99_2p11g1.jpg)

BEACON THEATRE THE CHICAGO THEATRE 1 1 Top 10 grossing v enue of its size in the world #5 grossing v enue of its size in the world Iconic rock and roll landmark v enue Chicago landmark ~2,800 seat capacity ~3,600 seat capacity 1 BILLBOARD M AGAZ INE AS OF YEAR END 2022 11

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![](g424259ex99_2p12g1.jpg)

CHRISTMAS SPECTACULAR STARRING THE RADIO CITY ROCKETTES Own the Radio City Rockettes and Christmas Spectacular brands 1 Av eraging 1 million or more people annually 1 AVERAGE ANNU AL VISITATION FROM FISCAL YEAR 2011-2020 AND 2023. FISCAL YEAR 2021 CHRISTMAS SPECTACULAR WAS CANCELLED DU E TO IM PACT OF COVID-19 AND FISCAL YEAR 2021 PRODU CTION RU N ENDED EARLY DU E TO OM ICRON COVID -19 VARIANT 12

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![](g424259ex99_2p13g1.jpg)

VALUABLE REAL ESTATE HOLDINGS O U R V E N U E S VENUE MARKET SIZE NEW YORK CITY ~1.1M SQ. FT. BUILDING NEW YORK CITY PART OF THE GARDEN CHICAGO ~73K SQ. FT. BUILDING VENUE MARKET SIZE EXPIRATION 1 NEW YORK CITY ~577K SQ. FT. BUILDING 2038 2 NEW YORK CITY ~57K SQ. FT. BUILDING 2036 1 RADIO CITY M U SIC HALL'S LEASE EXPIRES IN 2038 WITH AN OPTION TO RENEW FOR AN ADDITIONAL TEN YEARS 13 2 BEACON THEATRE'S LEASE EXPIRES IN 2036 WITH AN OPTION TO RENEW FOR AN ADDITIONAL TEN YEARS LEASED OWNED

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![](g424259ex99_2p14g1.jpg)

OUR BUSINESS 14

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![](g424259ex99_2p15g1.jpg)

SUBSTANTIAL PRESENCE IN NEW YORK CITY METRO AREA T H E E N T E R T A I N M E N T A N D F I N A N C I A L C A P I T A L O F T H E W O R L D 23 MILLION+ 65 MILLION+ 1 POPULATION ANNUAL TOURISTS 2 PRE-PANDEMIC HOME TO GREATEST # RANKED #1 OF 210 4 3 OF FORTUNE 500 COMPANIES DESIGNATED MARKET AREAS 5 #1 CONCERT AND ENTERTAINMENT MARKET IN THE WORLD 1 U NITED STATES CENSUS BU REAU 2 2019 NEW YORK CITY TRAVEL & TOU RISM REPORT 3 FORTU NE 500 COM PANIES BY REGION REPORT 2022 4 TRACKED BY NIELSEN RESEARCH 5 15 2023 POLLSTAR CONCERT M ARKET RANKINGS (AS OF DECEM BER 2022)

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![](g424259ex99_2p16g1.jpg)

ESTABLISHED LEADER IN LIVE U N I Q U E A P P R O A C H D R I V E S B O O K I N G S U C C E S S OPPORTUNITIES UNMATCHED EXPERIENCES • Grow per-event revenue and • World-class facilities and operations profitability • Lev eraging innov ative technology • Drive repeat visitation ARTIST-FIRST APPROACH • Talent-friendly v enues and serv ice • Increase venue utilization • Exclusive recurring programming • Exploring new ev ent types ESTABLISHED RELATIONSHIPS • Deep and div erse industry connections • Improve revenue and engagement across assets • Promoter agnostic • Large and growing proprietary • Enable tailored offerings and cross-promotion customer database 16

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![](g424259ex99_2p17g1.jpg)

THE ENDURING POPULARITY OF THE CHRISTMAS SPECTACULAR 8 9 Y E A R S O F N E W Y O R K ' S C H E R I S H E D H O L I D A Y T R A D I T I O N PAID ATTENDANCE TOTAL REVENUE IN MILLIONS $ IN MILLIONS $132 $130 $128 1.1 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 $114 1.0 0.9 $109 $102 $101 $95 $93 $90 $84 $82 $56 0.4 1 1 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY22 FY23 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY22 FY23 1 1 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Number of Shows 204 212 215 209 210 205 204 197 200 210 199 0 101 181 1 FY 2020 PRODU CTION CANCELLED DU E TO THE IM PACT OF COVID -19 AND FY 2021 PRODU CTION RUN ENDED EARLY DU E TO OM ICRON COVID -19 VARIANT 17

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![](g424259ex99_2p18g1.jpg)

VALUABLE LONG-TERM ARENA LICENSE AGREEMENTS WITH MSG SPORTS M A D I S O N S Q U A R E G A R D E N S E R V E S A S H O M E T O M A R Q U E E S P O R T S F R A N C H I S E S A R E N A L I C E N S E F E E C A S H P A Y M E N T S $ I N M I L L I O N S FY55E $107M Knicks Rangers ORIGINAL NBA "ORIGINAL SIX T E A M N H L T E A M 3 5 Y E A R D E A L S S T A R T I N G I N F Y 2 0 2 1 FY23E $42M 88 PRE / REGULAR 3% ANNUAL 1 SEASON GAMES ESCALATORS ARENA LICENSE AGREEMENTS INCLUDE ADDITIONAL REVENUE AND PROFIT-SHARING BETWEEN THE COMPANY AND MSG SPORTS 1 FOR ARENA LICENSE FEES U NDER THE ARENA LICENSE AGREEM ENTS WITH M SG SPORTS 18 2 PAYM ENTS U NDER THE ARENA LICENSE AGREEM ENTS WERE M ATERIALLY IMPACTED IN FISCAL YEAR 2021 AS A RESU LT OF THE COVID -19 PANDEM IC

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![](g424259ex99_2p19g1.jpg)

STRONG MARKETING PARTNERSHIP TRACK RECORD S P O N S O R S H I P R E L A T I O N S H I P S D E L I V E R C O M P E L L I N G V A L U E INNOVATIVE MARKETING PARTNERSHIP OFFERINGS • Sought-after entertainment brands • Significant exposure in NYC • Cross-selling opportunities with MSG Sports VALUABLE MULTI-YEAR PARTNERSHIPS • Signature and Marquee partners represent majority of sponsorship revenue ATTRACTIVE GROWTH OPPORTUNITIES • Utilizing integrated approach to renew existing partners • Targeting emerging and underpenetrated v erticals • Selectively expanding reach through outdoor signage 19

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![](g424259ex99_2p20g1.jpg)

EXCEPTIONAL HOSPITALITY OFFERINGS D E L I V E R I N G F I R S T - C L A S S E X P E R I E N C E S 21 58 WIDE ARRAY OF PREMIUM PRODUCTS EVENT LEVEL LEXUS LEVEL SUITES SUITES • Ov er 100 premium hospitality offerings • Range of exclusive private spaces, first-class amenities and premier seating locations PRIME POSITIONING IN NEW YORK CITY • Primarily licensed to corporate customers 18 CAESARS • Multi-year agreements for v ast majority of suites SPORTSBOOK INFOSYS LEVEL SUITES LOUNGE • Partnership with MSG Sports offers access to premium liv e sporting ev ents POISED FOR GROWTH • Strength of product and content offerings bolsters ongoing renewal and new sales activity • Plan to explore enhancing and expanding offerings, THE SUITE creating new monetization opportunities HUB LOFT SIXTEEN 20

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![](g424259ex99_2p21g1.jpg)

FINANCIAL OVERVIEW 21

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![](g424259ex99_2p22g1.jpg)

FISCAL 2023 PROJECTED FINANCIALS P R O F I T A B L E B U S I N E S S W I T H D I V E R S I F I E D R E V E N U E M I X FY23 PROJECTED REVENUE MIX 1 FISCAL 2023 REVENUE SPONSORSHIP, 3 SIGNAGE, & SUITES $840M-$860M 28% 1 ADJUSTED OPERATING INCOME MSG SPORTS $145M-$155M 4 AGREEMENTS BOOKINGS 15% 2 BUSINESS 42% 1 OPERATING INCOME CHRISTMAS 5 SPECTACULAR $90M-$100M 15% NOTE: M REPRSENTS DOLLARS IN M ILLIONS 1 FINANCIAL PROJECTIONS FOR FY23 PRESENT THE COMPANY AS A STANDALONE, INDEPENDENT ENTITY AS OF JU LY 1, 2022, AND REFLECTS THE I M PACT OF THE ELIM INATION OF THE ADVERTIS ING S ALES REPRESENTATION AGREEMENT WITH M SG NETWORKS, THE ESTIMATED IMPACT OF POST -SPIN-OFF INTERCOMPANY AGREEEM ENTS WITH M SG SPHERE CORP. AND A PU BLIC COM PANY OVERHEAD STRU CTURE. PLEASE REFER TO SLIDE NU MBER 3 FOR OU R DISCUSSION ON NON -GAAP FINANCIAL M EASU RES AND THE APPENDIX FOR A RECONCILIATION FROM OPERATING INCOME (U .S. GAAP BASIS) TO 2 3 AOI INCLU DES TICKETING, VENU E LICENSE FEE, FOOD, BEVERAGE AND M ERCHANDISE REVENU ES FOR ALL EVENTS EXCLU DING THE CHRISTMAS SPECTACU LAR AND KNICKS AND RANGERS GAM ES INCLU DES 4 ALL SPONSORSHIP, SIGNAGE AND SU ITE LICENSE FEE REVENU E FOR ALL EVENTS INCLU DES ARENA LICENSE FEES, FOOD, BEVERAGE AND M ERCHANDISE REVENUES FROM THE ARENA LICENSE AGREEM ENTS 5 WITH M SG SPORTS EXCLUDES SPONSORSHIP REVENUE 22

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BALANCE SHEET SNAPSHOT P O T E N T I A L F O R R E T U R N O F C A P I T A L O V E R T I M E CAPITAL ALLOCATION PRIORITIES 3 TOTAL DEBT OUTSTANDING $675M • Near-term focus on deleveraging • Long-term will evaluate all options, 4 CASH AND CASH EQUIVALENTS $50M including return of capital NET DEBT $625M WELL POSITIONED FOR CASH GENERATION 1 • FY2023 Projected AOI $145M-$155M NET DEBT LEVERAGE 4.0x – 4.3x • Capital expenditure plans primarily 2 maintenance-related • Minimal cash taxpayer through FY2026 NOTE: M REPRSENTS DOLLARS IN M ILLIONS 1 FINANCIAL PROJECTIONS FOR FY23 PRESENT THE COMPANY AS A STANDALONE, INDEPENDENT ENTITY AS OF JU LY 1, 2022, AND REFLECTS THE I M PACT OF THE ELIM INATION OF THE ADVERTIS ING S ALES REPRESENTATION AGREEMENT WITH M SG NETWORKS, THE ESTIMATED IMPACT OF POST -SPIN-OFF INTERCOMPANY AGREEEM ENTS WITH M SG SPHERE CORP. AND A PU BLIC COM PANY OVERHEAD STRU CTURE. PLEASE REFER TO SLIDE NU MBER 3 FOR OU R DISCUSSION ON NON -GAAP FINANCIAL M EASU RES AND THE APPENDIX FOR A RECONCILIATION FROM OPERATING INCOME (U .S. GAAP BASIS) 2 3 TO AOI RENOVATI ONS OF THE GARDEN, BEACON THEATRE, AND RADIO CITY M U SIC HALL WERE COM PLETED IN 2013, 2009, AND 1999, RESPECTIVELY PROJECTED TOTAL DEBT OU TSTANDING AS OF 4 23 3/31/23 PROJECTED STARTING CASH AND CASH EQU IVALENTS AT THE TIM E OF THE SPIN -OFF

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APPENDIX 24

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APPENDIX F Y 2 0 2 3 R E C O N C I L I A T I O N O F O P E R A T I N G I N C O M E T O A D J U S T E D O P E R A T I N G I N C O M E PROJECTED FY2023 OPERATING INCOME (U.S.GAAP) $90M-$100M Non-cash portion of Arena License fees from MSGS $(27)M Share-based compensation $20M Depreciation and Amortization $55M Restructuring Charges $10M Gains, net on dispositions $(4)M Amortization for capitalized cloud computing costs $1M PROJECTED FY2023 ADJUSTED OPERATING INCOME $145M - $155M NOTE: M REPRSENTS DOLLARS IN M ILLIONS 25

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