1 unchanged sentence
Evaluation of Disclosure Controls and Procedures
−Removed: Our management, with the participation of our Executive Chairman and Chief Executive Officer and our Executive Vice President and Chief Financial Officer evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act.
+Added: Our management, with the participation of our Executive Chairman and Chief Executive Officer and our Executive Vice President and Chief Financial Officer evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act.
Based on that evaluation, our Executive Chairman and Chief Executive Officer and our Executive Vice President and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of June 30, 2025.
30 unchanged sentences
Schedule supporting consolidated and combined financial statements:
−Removed: Schedule II — Valuation and Qualifying Accounts
Schedules other than that listed above have been omitted, since they are either not applicable, not required or the information is included elsewhere herein.
8 unchanged sentences
001-41627) filed on March 30 , 2023).
−Removed: Second Amended and Restated Certificate of Incorporation of Madison Square Garden Entertainment Corp.
−Removed: (formerly MSGE Spinco, Inc.), dated April 20, 2023 (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on April 24, 2023).
−Removed: Amended By-Laws of Madison Square Garden Entertainment Corp.
−Removed: (formerly MSGE Spinco, Inc.), dated April 20, 2023 (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K filed on April 24, 2023).
+Added: Plan of Conversion of Madison Square Garden Entertainment Corp.
+Added: (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on June 10, 2025).
+Added: Articles of Incorporation of Madison Square Garden Entertainment Corp., dated June 9, 2025 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on June 10, 2025).
+Added: Bylaws of Madison Square Garden Entertainment Corp., dated June 9, 2025 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on June 10, 2025).
Registration Rights Agreement, dated March 31, 2023, by and among Madison Square Garden Entertainment Corp.
(formerly MSGE Spinco, Inc.) and The Charles F.
−Removed: Dolan Children Trusts (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed on April 24, 2023).
+Added: Dolan Children Trusts (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on April 24, 2023).
Registration Rights Agreement, dated March 31, 2023, by and among Madison Square Garden Entertainment Corp.
−Removed: (formerly MSGE Spinco, Inc.) and The Dolan Family Affiliates (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K filed on April 24, 2023).
−Removed: Description of Capital Stock (incorporated by reference to Exhibit 4.4 to the Company ’ s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 filed on August 18, 2023) .
−Removed: Transition Services Agreement, dated as of March 29, 2023, between Sphere Entertainment Co.
−Removed: (formerly Madison Square Garden Entertainment Corp.) and Madison Square Garden Entertainment Corp.
−Removed: (formerly MSGE Spinco, Inc.) (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form 10 (file No.
−Removed: 001-41627) filed on March 30 , 2023).
+Added: (formerly MSGE Spinco, Inc.) and The Dolan Family Affiliates (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on April 24, 2023).
+Added: Description of Capital Stock.
Tax Disaffiliation Agreement, dated as of March 29, 2023, between Sphere Entertainment Co.
7 unchanged sentences
2023 Employee Stock Plan (incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form S-8 filed on April 19, 2023).
+Added: 2023 Employee Stock Plan (incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form S-8 filed on April 19, 2023).
2023 Stock Plan for Non-Employee Directors (incorporated by reference to Exhibit 4.4 to the Company’s Registration Statement on Form S-8 filed on April 19, 2023).
Form of Indemnification Agreement between Madison Square Garden Entertainment Corp.
−Removed: (formerly MSGE Spinco, Inc.) and its Directors and Officers (incorporated by reference to Exhibit 10.7 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
+Added: and its Directors and Officers (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 10, 2025).
Form of Madison Square Garden Entertainment Corp.
49 unchanged sentences
Flight Crew Services Agreement, dated May 6, 2019, between DFO and MSG Entertainment Group, LLC (formerly MSG Sports & Entertainment, LLC) (for the Challenger) (incorporated by reference to Exhibit 10.31 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
−Removed: Dry Lease Agreement, dated December 17, 2018, between Sterling2K LLC and MSG Entertainment Group, LLC (formerly MSG Sports & Entertainment, LLC) (for the DFO G550) (incorporated by reference to Exhibit 10.32 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
−Removed: Amendment No.
−Removed: 1 to Dry Lease Agreement, dated as of December 20, 2021, between Sterling2K LLC and MSG Entertainment Group, LLC (for the DFO G550) (incorporated by reference to Exhibit 10.33 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
−Removed: Amendment No.
−Removed: 2 to Dry Lease Agreement, dated December 17, 2018, between Sterling2K LLC and MSG Entertainment Group, LLC (formerly MSG Sports & Entertainment, LLC) (for the DFO G550), effective as of November 4, 2022 (incorporated by reference to Exhibit 10.34 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
Dry Lease Agreement, dated May 6, 2019, between Brighid Air, LLC and MSG Entertainment Group, LLC (formerly MSG Sports & Entertainment, LLC) (for the Challenger) (incorporated by reference to Exhibit 10.35 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
1 unchanged sentence
1 to Dry Lease Agreement, dated as of May 6, 2019, between Brighid Air, LLC and MSG Entertainment Group, LLC (formerly MSG Sports & Entertainment, LLC) (for the Challenger), effective as of August 18, 2022 (incorporated by reference to Exhibit 10.36 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
−Removed: Time Sharing Agreement, dated as of December 20, 2021, between MSG Entertainment Group, LLC and Charles F.
−Removed: Dolan (for the New G550) (incorporated by reference to Exhibit 10.37 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
Time Sharing Agreement, dated as of December 20, 2021, between Patrick F.
Dolan and MSG Entertainment Group, LLC (for the Challenger) (incorporated by reference to Exhibit 10.38 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
−Removed: Form of Time Sharing Agreement between MSG Entertainment Holdings, LLC and Sphere Entertainment Group, LLC (formerly MSG Entertainment Group, LLC) (for the G550) (incorporated by reference to Exhibit 10.39 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
−Removed: Form of Time Sharing Agreement between MSG Entertainment Holdings, LLC and Sphere Entertainment Group, LLC (formerly MSG Entertainment Group, LLC) (for the Challenger) (incorporated by reference to Exhibit 10.40 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
Credit Agreement, dated as of June 30, 2022, among MSG National Properties, LLC, MSG Entertainment Group, LLC and certain subsidiaries of MSG National Properties, LLC, as guarantors, the lenders and L/C issuers party thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.41 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
13 unchanged sentences
and Laura Franco (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on February 7, 2024).
−Removed: Employment Agreement, dated December 20, 2021, between Madison Square Garden Entertainment Corp.
−Removed: Byrnes, as assigned to MSGE Spinco, Inc.
−Removed: (incorporated by reference to Exhibit 10.51 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
−Removed: Employment Agreement, dated October 26, 2021, between Madison Square Garden Entertainment Corp.
−Removed: and Jamal Haughton, as assigned to MSGE Spinco, Inc.
−Removed: (incorporated by reference to Exhibit 10.50 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
+Added: Employment Agreement, dated as of April 7, 2025 , between Madison Square Garden Entertainment Corp.
+Added: and David Collins (incorporated by reference to Exhibit 10.
+Added: 1 to the Company’s Current Report on Form 8-K filed on April 9, 2025 ).
+Added: Employment Agreement, dated as of July 24, 202 4 , between Madison Square Garden Entertainment Corp.
+Added: and Layth Taki (incorporated by reference to Exhibit 10.
+Added: 1 to the Company’s Current Report on Form 8-K filed on July 25, 2024 ).
Employment Agreement, effective April 1, 2023, between Madison Square Garden Entertainment Corp.
and Philip D’Ambrosio (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 2, 2023).
−Removed: Employment Agreement, dated March 23, 2022, between Madison Square Garden Entertainment Corp.
−Removed: and Courtney Zeppetella, as assigned to MSGE Spinco, Inc.
−Removed: (incorporated by reference to Exhibit 10.52 to the Company’s Registration Statement on Form 10 filed on March 30, 2023).
Release, dated April 18, 2023, between Sphere Entertainment Co.
7 unchanged sentences
3 to Credit Agreement, dated as of September 15, 2023, among MSG National Properties, LLC, the guarantors party thereto, the lender party thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 21, 2023).
−Removed: Insider Trading Policy
+Added: Amendment No.
+Added: 4 to Credit Agreement, dated as of June 27, 2025, among MSG National Properties, LLC, the guarantors party thereto, the lender party thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 30, 2025).
+Added: Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the Company’s Annual Report on Form 10-K filed on August 16, 2024).
Subsidiaries of the Registrant.
5 unchanged sentences
Certification by the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
−Removed: Clawback Policy
+Added: Clawback Policy (incorporated by reference to Exhibit 97.1 to the Company’s Annual Report on Form 10-K filed on August 16, 2024).
The following materials from Madison Square Garden Entertainment Corp.
Annual Report on Form 10-K for the fiscal year ended June 30, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL):
−Removed: (i) consolidated balance sheets, (ii) consolidated and combined statements of operations, (iii) consolidated and combined statements of comprehensive income (loss), (iv) consolidated and combined statements of cash flows, (v) consolidated and combined statements of equity (deficit), and (vi) notes to consolidated and combined financial statements.
+Added: (i) consolidated balance sheets, (ii) consolidated and combined statements of operations, (iii) consolidated and combined statements of comprehensive income, (iv) consolidated and combined statements of cash flows, (v) consolidated and combined statements of deficit, and (vi) notes to consolidated and combined financial statements.
The cover page from the Company’s Annual Report on Form 10-K for the year ended June 30, 2025 formatted in Inline XBRL and contained in Exhibit 101.
7 unchanged sentences
The Company has elected not to provide summary information.
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: VALUATION AND QUALIFYING ACCOUNTS
−Removed: (in thousands)
−Removed: (Additions) / Deductions
−Removed: of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at
−Removed: Year Ended June 30, 2024
−Removed: Allowance for doubtful accounts / credit losses $ ( 472 ) $ ( 579 ) $ — $ 469 $ ( 582 )
−Removed: Deferred tax valuation allowance ( 95,352 ) 108,506 ( 13,154 ) (a)
−Removed: $ ( 95,824 ) $ 107,927 $ ( 13,154 ) $ 469 $ ( 582 )
−Removed: Year Ended June 30, 2023
−Removed: Allowance for doubtful accounts / credit losses $ ( 3,710 ) $ ( 81 ) $ — $ 3,319 $ ( 472 )
−Removed: Deferred tax valuation allowance ( 151,043 ) 34,147 21,544 (b)
−Removed: $ ( 154,753 ) $ 34,066 $ 21,544 $ 3,319 $ ( 95,824 )
−Removed: Year Ended June 30, 2022
−Removed: Allowance for doubtful accounts / credit losses $ ( 4,167 ) $ ( 166 ) $ — $ 623 $ ( 3,710 )
−Removed: Deferred tax valuation allowance ( 119,135 ) ( 31,679 ) ( 229 ) — ( 151,043 )
−Removed: $ ( 123,302 ) $ ( 31,845 ) $ ( 229 ) $ 623 $ ( 154,753 )
−Removed: _________________
−Removed: (a) During Fiscal Year 2024, $ 13,513 was recorded to other deferred taxes with an equal and offsetting entry to the valuation allowance.
−Removed: (b) Prior to the MSGE Distribution, the Company’s collection for ticket sales, sponsorships and suite rentals in advance were recorded as deferred revenue and were recognized as revenues when earned for both accounting and tax purposes.
−Removed: The tax recognition on most of this deferred revenue was accelerated to the date of the MSGE Distribution and is the responsibility of Sphere Entertainment.
−Removed: The Company will not reimburse Sphere Entertainment for such taxes.
−Removed: At the time of the MSGE Distribution, the Company recorded a deferred tax asset and a corresponding valuation allowance of $ 71,395 with regard to the deferred revenue acceleration for income tax purposes.
−Removed: Additionally, the Company’s historical consolidated and combined financial statements for periods prior to the MSGE Distribution reflect net operating losses (“NOLs”) and tax credits calculated on a separate return basis.
−Removed: These NOL carryforwards were calculated as if the Company operated as a separate standalone entity.
−Removed: Due to the MSGE Distribution, the NOLs and tax credits did not carry over to the Company in the amount of $ 106,272 and was recorded to deferred tax liability with an equal and offsetting entry to the valuation allowance.
−Removed: Additionally, $ 13,333 was recorded related to other deferred taxes with an equal and offsetting entry to the valuation allowance.
Pursuant to the requirements of the Section 13 or 15(d) the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 13 th day of August 2025.
Madison Square Garden Entertainment Corp.
−Removed: /s/ MICHAEL J.
−Removed: Executive Vice President and Chief Financial Officer (Principal Financial Officer and Interim Principal Accounting Officer)
+Added: Executive Vice President and Chief Financial Officer
POWER OF ATTORNEY
−Removed: KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Michael J.
−Removed: Grau, Laura Franco and Mark C.
+Added: KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints David J.
+Added: Collins, Laura Franco and Mark C.
Cresitello, and each of them, as such person’s true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for such person in such person’s name, place and stead, in any and all capacities, to sign this report, and file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary to be done as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be done by virtue hereof.
3 unchanged sentences
(Principal Executive Officer) and Director August 13, 2025
−Removed: /s/ MICHAEL J.
−Removed: GRAU Executive Vice President and
−Removed: Chief Financial Officer (Principal Financial Officer and Interim Principal Accounting Officer) August 16, 2024
+Added: COLLINS Executive Vice President and
+Added: Chief Financial Officer (Principal Financial Officer) August 13, 2025
+Added: /s/ LAYTH TAKI Senior Vice President, Controller and
+Added: Principal Accounting Officer August 13, 2025
/s/ MARTIN BANDIER Director August 13, 2025
1 unchanged sentence
COLEMAN Director August 13, 2025
−Removed: /s/ CHARLES F.
−Removed: DOLAN Director August 16, 2024
/s/ CHARLES P.
DOLAN Director August 13, 2025
−Removed: Name Title Date
/s/ MARIANNE DOLAN WEBER Director August 13, 2025
9 unchanged sentences
SWEENEY Director August 13, 2025
+Added: /s/ CLAIRE D.
+Added: SWEENEY Director August 13, 2025
INDEX TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
2 unchanged sentences
Consolidated and Combined Statements of Operations for the fiscal years ended June 30, 2025, 2024 and 2023
−Removed: Consolidated and Combined Statements of Comprehensive Income (Loss) for the fiscal years ended June 30, 202 4 , 202 3 , and 202 2
+Added: Consolidated and Combined Statements of Comprehensive Income for the fiscal years ended June 30, 2025, 2024, and 2023
Consolidated and Combined Statements of Cash Flows for the fiscal years ended June 30, 2025, 2024 and 2023
−Removed: Consolidated and Combined Statements of Equity (Deficit) for the fiscal years ended June 30, 202 4 , 202 3 and 202 2
+Added: Consolidated and Combined Statements of Deficit for the fiscal years ended June 30, 2025, 2024 and 2023
Notes to the Consolidated and Combined Financial Statements
3 unchanged sentences
We have audited the accompanying consolidated balance sheets of Madison Square Garden Entertainment Corp.
−Removed: and subsidiaries (the "Company") as of June 30, 2024 and 2023, the related consolidated and combined statements of operations, comprehensive income (loss), cash flows, and equity (deficit), for each of the three years in the period ended June 30, 2024, and the related notes and financial statement Schedule II listed in the Index at Item 15 (collectively referred to as the "financial statements").
+Added: and subsidiaries (the "Company") as of June 30, 2025 and 2024, the related consolidated and combined statements of operations, comprehensive income, cash flows, and deficit, for each of the three years in the period ended June 30, 2025, and the related notes (collectively referred to as the "financial statements").
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.
31 unchanged sentences
• Compared the Company’s reconciliation of applicable accounts to related parties’ records of transactions and balances;
−Removed: • For new or amended revenue arrangements among related parties, evaluated the reasonableness of management’s allocation of the transaction price to each performance obligation identified in the arrangement;
• Received confirmations from related parties and compared responses to the Company’s records;
37 unchanged sentences
(in thousands, except per share data)
+Added: As of June 30,
Current Assets:
23 unchanged sentences
Operating lease liabilities, non-current 566,484 427,014
−Removed: Deferred tax liabilities, net — 23,518
Other non-current liabilities 45,477 43,787
6 unchanged sentences
( 180,204 ) ( 140,512 )
−Removed: Retained earnings (deficit) 115,603 ( 28,697 )
+Added: Retained earnings 153,034 115,603
Accumulated other comprehensive loss ( 31,503 ) ( 32,262 )
16 unchanged sentences
Arena license fees and other leasing revenue 79,934 73,276 71,678
−Removed: Total revenues 959,265 851,496 653,490
−Removed: Direct operating expenses (a)
+Added: Total revenues (a)
+Added: 942,734 959,265 851,496
+Added: Direct operating expenses:
Entertainment offerings, arena license fees, and other leasing direct operating expenses
2 unchanged sentences
( 91,387 ) ( 93,334 ) ( 79,628 )
−Removed: Total direct operating expenses ( 568,836 ) ( 499,929 ) ( 417,301 )
+Added: Total direct operating expenses (a)
+Added: ( 535,643 ) ( 568,836 ) ( 499,929 )
Selling, general and administrative expenses (a)
1 unchanged sentence
Depreciation and amortization ( 57,768 ) ( 53,876 ) ( 60,463 )
+Added: Impairment of long-lived assets ( 11,202 ) — —
Gains, net on dispositions — — 4,361
Restructuring charges ( 1,055 ) ( 17,649 ) ( 10,241 )
−Removed: Operating income (loss) 111,941 105,008 ( 5,648 )
+Added: Operating income 122,092 111,941 105,008
Interest income (a)
3 unchanged sentences
Other (expense) income, net ( 2,221 ) ( 4,672 ) 17,389
−Removed: Income (loss) from operations before income taxes 52,291 77,772 ( 136,270 )
−Removed: Income tax benefit (expense) 92,009 ( 1,728 ) 70
−Removed: Net income (loss) 144,300 76,044 ( 136,200 )
+Added: Income from operations before income taxes 65,561 52,291 77,772
+Added: Income tax (expense) benefit ( 28,130 ) 92,009 ( 1,728 )
+Added: Net income 37,431 144,300 76,044
Net loss attributable to nonredeemable noncontrolling interest — — ( 553 )
−Removed: Net income (loss) attributable to MSG Entertainment’s stockholders $ 144,300 $ 76,597 $ ( 133,336 )
−Removed: Earnings (loss) per share attributable to MSG Entertainment’s stockholders:
+Added: Net income attributable to MSG Entertainment’s stockholders $ 37,431 $ 144,300 $ 76,597
+Added: Earnings per share attributable to MSG Entertainment’s stockholders:
Basic $ 0.78 $ 2.99 $ 1.48
8 unchanged sentences
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
+Added: CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
1 unchanged sentence
2025 2024 2023
−Removed: Net income (loss) $ 144,300 $ 76,044 $ ( 136,200 )
−Removed: Other comprehensive (income) loss, before income taxes:
−Removed: Pension plans and postretirement plans:
−Removed: Net unamortized gain (loss) arising during the period 315 ( 1,496 ) ( 2,805 )
−Removed: Amortization of net actuarial loss included in net periodic benefit cost 1,809 520 1,420
−Removed: Settlement loss 7 5 —
+Added: Net income $ 37,431 $ 144,300 $ 76,044
Other comprehensive income (loss), before income taxes:
+Added: Pension plans and other postretirement plans adjustments
+Added: 1,159 2,131 ( 971 )
Income tax (expense) benefit related to items of other comprehensive income ( 400 ) ( 372 ) 176
Other comprehensive income (loss), net of income taxes 759 1,759 ( 795 )
−Removed: Comprehensive income (loss) 146,059 75,249 ( 137,342 )
+Added: Comprehensive income 38,190 146,059 75,249
Comprehensive loss attributable to nonredeemable noncontrolling interests — — ( 553 )
−Removed: Comprehensive income (loss) attributable to MSG Entertainment’s stockholders $ 146,059 $ 75,802 $ ( 134,478 )
+Added: Comprehensive income attributable to MSG Entertainment’s stockholders $ 38,190 $ 146,059 $ 75,802
See accompanying notes to the consolidated and combined financial statements.
5 unchanged sentences
OPERATING ACTIVITIES:
−Removed: Net income (loss) $ 144,300 $ 76,044 $ ( 136,200 )
−Removed: Adjustments to reconcile net income (loss) to net cash provided by operating activities:
+Added: Net income $ 37,431 $ 144,300 $ 76,044
+Added: Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 57,768 53,876 60,463
+Added: Impairment of long-lived assets 11,202 — —
Share-based compensation expense 27,694 31,168 31,813
Amortization of deferred financing costs 3,342 3,351 3,221
−Removed: Deferred income tax (benefit) expense ( 92,197 ) 720 225
+Added: Deferred income tax expense (benefit) 14,840 ( 92,197 ) 720
Related party paid in kind interest — ( 512 ) ( 3,189 )
−Removed: Net unrealized and realized loss (gain) on equity investments with readily determinable fair value
+Added: Net unrealized and realized (gain) loss on equity investments with readily determinable fair values
( 127 ) 1,242 ( 16,050 )
5 unchanged sentences
Prepaid expenses and other current and non-current assets ( 42,826 ) ( 44,195 ) ( 31,363 )
−Removed: Accounts payable, accrued and other current and non-current liabilities ( 55,730 ) ( 696 ) 87,556
+Added: Accounts payable ( 14,492 ) 10,105 4,758
+Added: Accrued and other current and non-current liabilities ( 32,645 ) ( 65,835 ) ( 5,454 )
Deferred revenue 20,448 ( 10,274 ) 24,254
3 unchanged sentences
Capital expenditures $ ( 22,222 ) $ ( 24,181 ) $ ( 15,188 )
−Removed: Proceeds from sale (purchase) of investments 28,465 24,289 ( 350 )
+Added: Proceeds from sale of investments 55 28,465 24,289
Proceeds from dispositions, net — — 27,904
−Removed: Proceeds from loan receivable — — 68,367
Loan to related parties — ( 65,000 ) ( 6,700 )
3 unchanged sentences
Proceeds from issuance of loans $ 609,375 $ — $ 304
−Removed: Principal repayments on long-term debt ( 106,350 ) ( 20,126 ) ( 646,750 )
−Removed: Repayments on related party loan ( 304 ) — —
Proceeds from revolving credit facilities 55,000 73,000 —
−Removed: Stock repurchases ( 50,874 ) ( 25,000 ) —
−Removed: Debt extinguishment costs — — ( 12,838 )
+Added: Principal repayments on long-term debt ( 680,626 ) ( 106,350 ) ( 20,126 )
+Added: Repurchases of Class A common stock ( 39,692 ) ( 50,874 ) ( 25,000 )
Taxes paid in lieu of shares issued for equity-based compensation ( 16,277 ) ( 14,534 ) —
Payments for debt financing costs ( 9,348 ) ( 633 ) —
+Added: Repayments on related party loan — ( 304 ) —
Net transfers to Sphere Entertainment and its subsidiaries — — ( 99,395 )
−Removed: — ( 99,395 ) ( 399,739 )
+Added: Other financing activities ( 53 ) — —
Net cash used in financing activities $ ( 81,621 ) $ ( 99,695 ) $ ( 144,217 )
−Removed: Net (decrease) increase in cash, cash equivalents and restricted cash
−Removed: ( 50,800 ) 21,782 ( 255,496 )
+Added: Net increase (decrease) in cash, cash equivalents and restricted cash 9,983 ( 50,800 ) 21,782
Cash, cash equivalents and restricted cash, beginning of period
4 unchanged sentences
Capital expenditures incurred but not yet paid or paid by landlord $ 23,693 $ 34,765 $ 761
−Removed: $ 34,765 $ 761 $ 1,585
−Removed: Related party loan payable assigned to the Company $ — $ 53,656 $ —
+Added: Non-cash financing activities $ ( 148 ) $ — $ —
Non-cash stock repurchases in lieu of payment of loan due from related party
$ — $ 65,512 $ 5,350
+Added: Related party loan payable assigned to the Company $ — $ — $ 53,656
See accompanying notes to the consolidated and combined financial statements.
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY (DEFICIT)
+Added: CONSOLIDATED AND COMBINED STATEMENTS OF DEFICIT
(in thousands)
4 unchanged sentences
Accumulated Other Comprehensive Loss Total Madison Square Garden Entertainment Corp.
−Removed: Stockholders’ Equity (Deficit) Non-redeemable
+Added: Stockholders’ Deficit Non-redeemable
Noncontrolling
−Removed: Interests Total Equity (Deficit)
−Removed: Balance as of June 30, 2021 $ — $ 529,500 $ — $ — $ — $ ( 33,598 ) $ 495,902 $ 2,750 $ 498,652
−Removed: Net loss — ( 133,336 ) — — — — ( 133,336 ) ( 2,864 ) ( 136,200 )
−Removed: Other comprehensive loss — — — — — ( 1,142 ) ( 1,142 ) — ( 1,142 )
−Removed: Comprehensive loss — — — — — — ( 134,478 ) ( 2,864 ) ( 137,342 )
−Removed: Net decrease in Sphere Entertainment Co.
−Removed: Investment — ( 362,899 ) — — — — ( 362,899 ) — ( 362,899 )
+Added: Interests Total Deficit
Balance as of June 30, 2022 $ — $ 33,265 $ — $ — $ — $ ( 34,740 ) $ ( 1,475 ) $ ( 114 ) $ ( 1,589 )
1 unchanged sentence
Other comprehensive loss — — — — — ( 795 ) ( 795 ) — ( 795 )
−Removed: Comprehensive income (loss) — — — — — — 75,802 ( 553 ) 75,249
Share-based compensation — — 5,981 — — — 5,981 — 5,981
8 unchanged sentences
Other comprehensive income — — — — — 1,759 1,759 — 1,759
−Removed: Comprehensive income — — — — — — 146,059 — 146,059
Share-based compensation — — 31,168 — — — 31,168 — 31,168
2 unchanged sentences
Balance as of June 30, 2024 $ 525 $ — $ 33,481 $ ( 140,512 ) $ 115,603 $ ( 32,262 ) $ ( 23,165 ) $ — $ ( 23,165 )
+Added: Net income — — — — 37,431 — 37,431 — 37,431
+Added: Other comprehensive income — — — — — 759 759 — 759
+Added: Share-based compensation — — 27,694 — — — 27,694 — 27,694
+Added: Tax withholding associated with shares issued for share-based compensation 5 — ( 16,282 ) — — — ( 16,277 ) — ( 16,277 )
+Added: Stock repurchases, inclusive of tax — — ( 50 ) ( 39,692 ) — — ( 39,742 ) — ( 39,742 )
+Added: Balance as of June 30, 2025 $ 530 $ — $ 44,843 $ ( 180,204 ) $ 153,034 $ ( 31,503 ) $ ( 13,300 ) $ — $ ( 13,300 )
See accompanying notes to the consolidated and combined financial statements.
1 unchanged sentence
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: All amounts included in the following Notes to Consolidated and Combined Financial Statements are presented in thousands, except as otherwise noted.
+Added: All amounts included in the following Notes to Consolidated and Combined Financial Statements are presented in thousands, except per share data or as otherwise noted.
Description of Business and Basis of Presentation
8 unchanged sentences
The Company also owns and produces the original production, the Christmas Spectacular Starring the Radio City Rockettes (the “ Christmas Spectacular ”).
−Removed: The Company also has an entertainment and sports bookings business, which showcases a broad array of compelling concerts, family shows and special events, as well as a diverse mix of sporting events, for millions of guests annually.
+Added: In addition, the Company has an entertainment and sports bookings business, which showcases a broad array of compelling concerts, family shows and special events, as well as a diverse mix of sporting events, for millions of guests annually.
The Company conducts a significant portion of its operations at venues that it either owns or operates under long-term leases.
12 unchanged sentences
In these consolidated and combined financial statements, the fiscal years ended June 30, 2025, 2024 and 2023 are referred to as “Fiscal Year 2025”, “Fiscal Year 2024”, and “Fiscal Year 2023”, respectively, and the fiscal year ending June 30, 2026 is referred to as “Fiscal Year 2026”.
−Removed: The Company’s financial statements as of and for the period ended June 30, 2024 are presented on a consolidated basis.
−Removed: Subsequent to the MSGE Distribution, the Company’s financial statements as of June 30, 2023 and for the period from April 21, 2023 to June 30, 2023 included in the year ended June 30, 2023 are presented on a consolidated basis, as the Company became a standalone public company on April 21, 2023.
−Removed: The Company’s combined financial statements for the year ended June 30, 2022, as well as the financial information from July 1, 2022 through April 20, 2023 that is included in the results of operations for the year ended June 30, 2023 were prepared on a standalone basis derived from the consolidated financial statements and accounting records of Sphere
+Added: The Company’s financial statements as of and for the periods ended June 30, 2025 and June 30, 2024 are presented on a consolidated basis.
+Added: Subsequent to the MSGE Distribution, the Company’s financial statements as of June 30, 2023 and for the period from April 21, 2023 to June 30, 2023 included in the year ended June 30, 2023 are presented on a consolidated basis, as the Company became a
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: Entertainment.
+Added: standalone public company on April 21, 2023.
+Added: The Company’s financial information from July 1, 2022 through April 20, 2023 that is included in the results of operations for the year ended June 30, 2023 was prepared on a standalone basis derived from the consolidated financial statements and accounting records of Sphere Entertainment.
These financial statements reflect the combined historical results of operations, financial position and cash flows of the Company in accordance with U.S.
6 unchanged sentences
The assets and liabilities in the combined financial statements have been reflected on a historical cost basis, as immediately prior to the MSGE Distribution all of the assets and liabilities presented were wholly owned by Sphere Entertainment and were transferred to the Company at a carry-over basis.
−Removed: The financial information from July 1, 2022 through April 20, 2023 that is included in the results of operations for the year ended June 30, 2023 and the combined statement of operations for the year ended June 30, 2022 include allocations for certain support functions that were provided on a centralized basis and not historically recorded at the business unit level by Sphere Entertainment, such as expenses related to executive management, finance, legal, human resources, government affairs, information technology, and venue operations, among others.
+Added: The financial information from July 1, 2022 through April 20, 2023 that is included in the results of operations for the year ended June 30, 2023 includes allocations for certain support functions that were provided on a centralized basis and not historically recorded at the business unit level by Sphere Entertainment, such as expenses related to executive management, finance, legal, human resources, government affairs, information technology, and venue operations, among others.
As part of the MSGE Distribution, certain corporate and operational support functions were transferred to the Company and therefore, charges were reflected in order to burden all business units comprising Sphere Entertainment’s historical operations.
These expenses have been allocated to Sphere Entertainment on the basis of direct usage when identifiable, with the remainder allocated on a pro rata basis of combined assets, headcount or other measures of the Company or Sphere Entertainment, which are recorded as a reduction of either Direct operating expenses or Selling, general and administrative expense.
−Removed: After the MSGE Distribution, the Company has been providing certain of these services to Sphere Entertainment through a transition services agreement (“TSA”), since certain employees providing support functions were transferred to the Company as part of the MSGE Distribution.
−Removed: Management believes the assumptions underlying the combined financial statements, including the assumptions regarding allocating general corporate expenses, are reasonable.
+Added: After the MSGE Distribution, the Company has been providing certain of these services to Sphere Entertainment through a services agreement, since certain employees providing support functions were transferred to the Company as part of the MSGE Distribution.
+Added: Management believes the assumptions underlying the consolidated and combined financial statements, including the assumptions regarding allocating general corporate expenses, are reasonable.
Nevertheless, the combined financial statements may not include all of the actual expenses that would have been incurred by the Company and may not reflect its combined results of operations, financial position and cash flows had it been a standalone company during the periods presented.
3 unchanged sentences
As of the MSGE Distribution Date, Sphere Entertainment’s net investment in the Company was contributed to Sphere Entertainment’s stockholders through the distribution of approximately 67 % of the common stock of the Company.
−Removed: The par value of the Company’s stock was recorded as a component of common stock, with the remaining balance recorded as retained deficit in the consolidated balance sheet on the MSGE Distribution Date.
+Added: The par value of the Company’s stock was recorded as a component of common stock, with the remaining balance recorded as retained deficit in the consolidated balance sheets on the MSGE Distribution Date.
Reclassifications
For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation in accordance with GAAP.
−Removed: The accompanying consolidated and combined financial statements for the Fiscal Years ended 2024, 2023 and 2022 have been revised to change the presentation of our revenue and direct operating expenses from an aggregated to a disaggregated basis.
Summary of Significant Accounting Policies
6 unchanged sentences
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: Sphere Entertainment’s investment in the combined financial statements, as they are considered to be effectively settled upon effectiveness of the MSGE Distribution and were not historically settled in cash.
+Added: Sphere Entertainment’s investment in the combined financial statements, as they were considered to be effectively settled upon effectiveness of the MSGE Distribution and were not historically settled in cash.
Certain other historical intercompany transactions between Sphere Entertainment and the Company have been classified as related party, rather than intercompany, in the combined financial statements as they were historically settled in cash.
32 unchanged sentences
• Event-related marketing and advertising costs
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Product revenue, presented as “Food, beverage, and merchandise revenues”, includes:
5 unchanged sentences
(together with its subsidiaries, as applicable, “MSG Sports”) at The Garden
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Lease revenue, presented as “Arena license fees and other leasing revenue”, includes:
18 unchanged sentences
The performance obligations included in each sponsorship agreement vary and may include advertising and other benefits such as, but not limited to, signage at The Garden and the Company’s other venues, digital advertising, event or property-specific advertising, as well as non-advertising benefits such as suite licenses and event tickets.
+Added: Further, these arrangements may require the Company to purchase the customers’ goods or services.
To the extent the Company’s multi-year arrangements provide for performance obligations that are consistent over the multi-year contractual term, such performance obligations generally meet the definition of a series as provided for under the accounting guidance.
−Removed: If performance obligations are concluded to meet the definition of a series, the contractual fees for all years during the contract term are aggregated and the related revenue is recognized proportionately as the underlying performance obligations are satisfied.
+Added: If performance obligations are concluded to meet the definition of a series, the contractual fees for all years during the contract term are aggregated and the related revenue is recognized proportionately as the underlying performance obligation is satisfied.
The timing of revenue recognition for each performance obligation is dependent upon the facts and circumstances surrounding the Company’s satisfaction of its respective performance obligation.
The Company allocates the transaction price for such arrangements to each performance obligation within the arrangement based on the estimated relative standalone selling price of the performance obligation.
−Removed: The Company’s process for determining its estimated standalone selling prices involves management’s judgment and considers multiple factors including company specific and market specific factors that may vary depending upon the unique facts and circumstances related to each performance obligation.
+Added: The Company’s process for determining its estimated standalone selling prices involves management’s judgment and
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: considers multiple factors including company specific and market specific factors that may vary depending upon the unique facts and circumstances related to each performance obligation.
Key factors considered by the Company in developing an estimated standalone selling price for its performance obligations include, but are not limited to, prices charged for similar performance obligations, the Company’s ongoing pricing strategy and policies, and consideration of pricing of similar performance obligations sold in other arrangements with multiple performance obligations.
6 unchanged sentences
The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer.
−Removed: When the Company concludes that it
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis.
+Added: When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis.
When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service.
1 unchanged sentence
Amounts collected in advance of the Company’s satisfaction of its contractual performance obligations are recorded as a contract liability within deferred revenue, and are recognized as the Company satisfies the related performance obligations.
−Removed: Amounts collected in advance of events for which the Company is not the promoter or co-promoter do not represent contract liabilities and are recorded within accrued and other current liabilities on the accompanying consolidated and combined balance sheets.
+Added: Amounts collected in advance of events for which the Company is not the promoter or co-promoter do not represent contract liabilities and are recorded within Accounts payable, accrued and other current liabilities on the accompanying consolidated balance sheets.
Amounts recognized as revenue for which the Company has a right to consideration for goods or services transferred to customers and for which the Company does not have an unconditional right to bill as of the reporting date are recorded as contract assets.
2 unchanged sentences
The Company defers certain costs of productions such as creative design, scenery, wardrobes, rehearsal and other related costs for the Company’s proprietary shows.
−Removed: Deferred production costs are amortized on a straight-line basis over the course of a production’s performance period using the expected life of a show’s assets and are recorded as a component of Entertainment offerings, arena license fees, and other leasing direct operating expenses on the Company’s consolidated and combined statement of operations.
+Added: Deferred production costs are amortized on a straight-line basis over the course of a production’s performance period using the expected life of a show’s assets and are recorded as a component of Entertainment offerings, arena license fees, and other leasing direct operating expenses on the Company’s consolidated and combined statements of operations.
Deferred production costs are subject to recoverability assessments whenever there is an indication of potential impairment.
Revenue Sharing Expenses
−Removed: Revenue sharing expenses are determined based on contractual agreements between the Company and MSG Sports, primarily related to suite licenses, certain internal signage and in-venue food and beverage sales and are recorded as a component of Entertainment offerings, arena license fees, and other leasing direct operating expenses on the Company’s consolidated and combined statement of operations.
+Added: Revenue sharing expenses are determined based on contractual agreements between the Company and MSG Sports, primarily related to suite licenses, certain internal signage and in-venue food and beverage sales and are recorded as a component of Entertainment offerings, arena license fees, and other leasing direct operating expenses on the Company’s consolidated and combined statements of operations.
Advertising Expenses
7 unchanged sentences
Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Prior to the MSGE Distribution and for periods presented prior to April 21, 2023, income tax expense has been recorded as if the Company filed tax returns on a standalone basis separate from Sphere Entertainment.
9 unchanged sentences
For purposes of the consolidated and combined financial statements, an allocation to Sphere Entertainment of share-based compensation expense related to corporate employees was recorded.
−Removed: In addition, Share-based compensation expense attributed to the Company’s direct employees was recorded in the combined financial statements.
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: In addition, Share-based compensation expense attributed to the Company’s direct employees was recorded in the consolidated and combined financial statements.
Share-based compensation expense related to directors and corporate executives of Sphere Entertainment has been allocated on a proportional basis, which management has deemed to be reasonable.
3 unchanged sentences
Earnings (Loss) Per Share
−Removed: For the periods after the MSGE Distribution Date, basic earnings per share (“EPS”) attributable to the Company’s common stockholders is based upon net income (loss) attributable to the Company’s common stockholders divided by the weighted-average number of shares of common stock outstanding during the period.
+Added: For the periods after the MSGE Distribution Date, basic earnings per share (“EPS”) attributable to the Company’s common stockholders is based upon net income attributable to the Company’s common stockholders divided by the weighted-average number of shares of common stock outstanding during the period.
Diluted EPS reflects the effect of the assumed vesting of restricted stock units and exercise of stock options only in the periods in which such effect would have been dilutive.
3 unchanged sentences
On the MSGE Distribution Date, 51,768 shares of common stock of the Company, inclusive of 17,021 shares of Class A common stock related to the MSGE Retained Interest, were outstanding.
−Removed: This share amount was utilized for the calculation of basic earnings (loss) per share for Fiscal Year 2022 because the Company was not a standalone public company prior to the MSGE Distribution.
−Removed: In addition, for Fiscal Year 2022 the computation of diluted earnings per share equals the basic earnings (loss) per share calculation since there was no stock trading information available to compute dilutive effect of shares issuable under share-based compensation plans needed under the treasury method in accordance with ASC Topic 260, Earnings Per Share (“ASC Topic 260”) .
Cash and Cash Equivalents
1 unchanged sentence
The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or is at fair value.
−Removed: Checks outstanding in excess of related book balances are included in accounts payable in the accompanying consolidated and combined balance sheets.
+Added: Checks outstanding in excess of related book balances are included in accounts payable in the accompanying consolidated balance sheets.
The Company presents the change in these book cash overdrafts as cash flows from operating activities.
Restricted Cash
−Removed: The Company’s restricted cash includes cash deposited in escrow accounts related to general liability insurance obligations.The carrying amount of restricted cash approximates fair value due to the short-term maturity of these instruments.
−Removed: Short-Term Investments
−Removed: Short-term investments include investments that (i) have original maturities of greater than three months and (ii) the Company has the ability to convert into cash within one year.
+Added: The Company’s restricted cash includes cash deposited in escrow accounts related to general liability insurance obligations.
+Added: The carrying amount of restricted cash approximates fair value due to the short-term maturity of these instruments.
Accounts Receivable
1 unchanged sentence
The Company maintains an allowance for credit losses to reserve for potentially uncollectible receivables.
−Removed: The allowance for credit losses is estimated based on the Company’s consideration of credit risk and analysis of receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and other factors.
−Removed: The Company recognized an allowance of $ 582 and $ 472 for Fiscal Years 2024 and 2023, respectively.
−Removed: For the Company’s equity investments with readily determinable fair values, changes in the fair value of those investments are measured quarterly and are recorded within Other income (expense), net in the accompanying consolidated and combined statements of operations.
+Added: The allowance for credit losses is estimated based on the Company’s consideration of credit risk and analysis of receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: experience and other factors.
+Added: The Company recognized an allowance of $ 546 and $ 582 for Fiscal Years 2025 and 2024, respectively.
+Added: For the Company’s equity investments with readily determinable fair values, changes in the fair value of those investments are measured quarterly and are recorded within Other income (expense), net in the accompanying consolidated and combined statements of operations.
The Company’s investments accounted for using the equity method of accounting are carried at cost, plus or minus the Company’s share of net earnings or losses of the investment, subject to certain other adjustments.
33 unchanged sentences
Costs that the Company incurs to complete a business combination such as investment banking, legal, and other professional fees are not considered part of consideration and the Company charges these costs to selling, general and administrative expense as they are incurred.
−Removed: In addition, the Company recognizes measurement-period adjustments in the period in which the amount is determined, including the effect on earnings of any amounts the Company would have recorded in previous periods if the accounting had been completed at the acquisition date.
+Added: In addition, the Company recognizes measurement-period adjustments in the period in which the amount is determined, including the effect on
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: earnings of any amounts the Company would have recorded in previous periods if the accounting had been completed at the acquisition date.
Goodwill and identifiable intangible assets that have indefinite useful lives are not amortized.
2 unchanged sentences
These estimates and assumptions could have a significant impact on whether an impairment charge is recognized and the magnitude of any such charge.
−Removed: Fair value estimates are made based on relevant information at a specific point in time, and are subjective in nature and involve
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: significant uncertainties and judgments.
+Added: Fair value estimates are made based on relevant information at a specific point in time, are subjective in nature, and involve significant uncertainties and judgments.
If these estimates or assumptions change materially, the Company may be required to record impairment charges related to its long-lived and/or indefinite-lived assets.
22 unchanged sentences
The Company determines lease classification as either operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation reflected in the consolidated and combined statements of operations and statements of cash flows over the lease term.
−Removed: For leases with a term exceeding 12 months, a lease liability is recorded on the Company’s consolidated and combined balance sheets at lease commencement reflecting the present value of the fixed minimum payment obligations over the lease term.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: For leases with a term exceeding 12 months, a lease liability is recorded on the Company’s consolidated balance sheets at lease commencement reflecting the present value of the fixed minimum payment obligations over the lease term.
A corresponding ROU asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with execution of the lease and reduced by any lease incentives received.
1 unchanged sentence
The Company includes fixed payment obligations related to non-lease components in the measurement of ROU assets and lease liabilities, as the Company has elected to account for lease and non-lease components together as a single lease component.
−Removed: ROU assets associated with finance leases are presented separate from ROU assets associated with operating leases and are included within Property and equipment, net on the Company’s consolidated and combined balance sheets.
−Removed: For purposes of measuring the present value of the Company’s fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in the underlying leasing arrangements are typically not
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: readily determinable.
+Added: ROU assets associated with finance leases are presented separate from ROU assets associated with operating leases and are included within Property and equipment, net on the Company’s consolidated balance sheets.
+Added: For purposes of measuring the present value of the Company’s fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in the underlying leasing arrangements are typically not readily determinable.
The Company’s incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term and economic environment surrounding the associated lease.
1 unchanged sentence
For finance leases, the initial ROU asset is depreciated on a straight-line basis over the lease term, along with recognition of interest expense associated with accretion of the lease liability, which is ultimately reduced by the related fixed payments.
−Removed: For leases with a term of 12 months or less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized on the consolidated and combined balance sheets.
−Removed: Variable lease costs for both operating and finance leases, if any, are recognized as incurred and such costs are excluded from lease balances recorded on the consolidated and combined balance sheets.
+Added: For leases with a term of 12 months or less, any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized in the consolidated balance sheets.
+Added: Variable lease costs for both operating and finance leases, if any, are recognized as incurred and such costs are excluded from lease balances recorded in the consolidated balance sheets.
Contingencies
3 unchanged sentences
After the MSGE Distribution, Sphere Entertainment transferred the sponsorship of certain funded defined benefit plans to the Company, The Company accounts for the defined benefit Pension Plans under the guidance of ASC Topic 715, Compensation — Retirement Benefits (“ASC Topic 715”).
−Removed: Accordingly, for the defined benefit Pension Plans liabilities, the consolidated and combined financial statements reflected the full impact of such plans on both the consolidated and combined statements of operations and the consolidated and combined balance sheets and the Company recorded an asset or liability to recognize the funded status of the defined benefit Pension Plans (other than multiemployer plans), as well as a liability only for any required contributions to the defined benefit Pension Plans that were accrued and unpaid at the balance sheet date.
+Added: Accordingly, for the defined benefit Pension Plans liabilities, the consolidated and combined financial statements reflected the full impact of such plans on both the consolidated and combined statements of operations and the consolidated balance sheets and the Company recorded an asset or liability to recognize the funded status of the defined benefit Pension Plans (other than multiemployer plans), as well as a liability only for any required contributions to the defined benefit Pension Plans that were accrued and unpaid at the balance sheet date.
The related pension expenses attributed to the Company were based primarily on pension-eligible compensation of active participants.
−Removed: Actuarial gains and losses that have not yet been recognized through the consolidated and combined statements of operations are recorded in accumulated other comprehensive income (loss) until they are amortized as a component of net periodic benefit cost through other comprehensive income (loss).
+Added: Actuarial gains and losses that have not yet been recognized through the consolidated and combined statements of operations are recorded in accumulated other comprehensive income until they are amortized as a component of net periodic benefit cost through other comprehensive income.
After the MSGE Distribution Date, the Company has both funded and unfunded defined benefit plans, as well as a contributory other postretirement benefit plan, covering certain full-time employees and retirees.
The expense recognized by the Company is determined using certain assumptions, including the expected long-term rate of return and discount rates, among others.
−Removed: The Company recognizes the funded status of its defined benefit pension and other postretirement plans (other than multiemployer plans) as an asset or liability in the consolidated and combined balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income (loss).
+Added: The Company recognizes the funded status of its defined benefit pension and other postretirement plans (other than multiemployer plans) as an asset or liability in the consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Fair Value Measurements
12 unchanged sentences
The Company’s emphasis is primarily on safety of principal and liquidity, and secondarily on maximizing the yield on its investments.
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: Recently Issued Accounting Pronouncements
+Added: Recently Issued and Adopted Accounting Pronouncements
Recently Issued Accounting Pronouncements
−Removed: In November 2023 , the FASB issued Accounting Standards Update (“ASU”) No.
−Removed: 2023-07, Improvement to Reportable Segment Disclosures .
−Removed: This ASU aims to improve segment disclosures through enhanced disclosures about significant segment expenses.
−Removed: The standard requires disclosure of significant expense categories and amounts for such expenses, including those segment expenses that are regularly provided to the chief operating decision maker, easily computable from information that is regularly provided, or significant expenses that are expressed in a form other than actual amounts.
−Removed: This standard will be effective for the Company in Fiscal Year 2025 and is required to be applied retrospectively to all prior periods presented in the financial statements.
−Removed: The Company is currently evaluating the impact of the additional disclosure requirements on the Company’s consolidated and combined financial statements.
−Removed: In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , a final standard on improvements to income tax disclosures which applies to all entities subject to income taxes.
+Added: In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures , a final standard on improvements to income tax disclosures which applies to all entities subject to income taxes.
The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid.
The standard is intended to benefit investors by providing more detailed income tax disclosures that would be helpful to understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, assess income tax information that affects cash flow forecasts and capital allocation decisions, and identify potential opportunities to increase future cash flows.
−Removed: This standard will be effective for the Company in Fiscal Year 2026 and should be applied prospectively.
−Removed: The Company is currently evaluating the impact of the additional disclosure requirements on the Company’s consolidated and combined financial statements.
−Removed: The Company did not have any dispositions during Fiscal Year 2024.
+Added: This standard will be effective for the Company in Fiscal Year 2026 and will be applied prospectively.
+Added: The impact upon adoption will be on the Company’s income tax disclosures only, with no impact to the Company’s consolidated financial statements.
+Added: In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , as amended by ASU 2025-01, which was issued in January 2025, requiring disclosu re, in the notes to financial statements, of specified information about certain costs and ex penses at each interim and annual reporting period.
+Added: This will be effective for the Company for annual periods beginning with Fiscal Year ending June 30, 2028, and interim reporting periods beginning in Fiscal Year Ending June 30, 2029.
+Added: Early adoption of ASU 2024-03 is permitted.
+Added: This amended ASU may be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to all prior periods presented in the financial statements.
+Added: The Company is currently evaluating the impact of adopting this standard on the Company’s financial statement disclosures.
+Added: In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets.
+Added: This ASU provides all entities with a practical expedient that allows for the assumption that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating credit losses for such assets.
+Added: This standard will be effective for the Company in the first quarter of Fiscal Year 2027 and early adoption is permitted.
+Added: The Company is currently evaluating the potential impact of applying the allowable practical expedient on its estimates of credit losses for accounts receivable and contract assets.
+Added: Recently Adopted Accounting Pronouncements
+Added: In November 2023 , the FASB issued ASU No.
+Added: 2023-07, Improvement to Reportable Segment Disclosures .
+Added: This ASU aims to improve segment disclosures through enhanced disclosures about significant segment expenses.
+Added: The standard requires disclosure of significant expense categories and amounts for such expenses, including those segment expenses that are regularly provided to the CODM, easily computable from information that is regularly provided, or significant expenses that are expressed in a form other than actual amounts.
+Added: This standard is effective for the Company as of Fiscal Year 2025 and has been applied retrospectively to all prior periods as presented in Note 17.
+Added: Segment Information.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: The Company did not have any dispositions during Fiscal Years 2025 and 2024.
+Added: Below is a summary of the dispositions that occurred during Fiscal Year 2023.
Disposition of Our Interest in Boston Calling Events
14 unchanged sentences
Revenues from entertainment offerings
−Removed: The Company’s performance obligations with respect to revenues from entertainment offerings are generally satisfied at the point in time or as the related event occurs or as the underlying benefits are delivered over the term of the respective agreements.
+Added: The Company’s performance obligations with respect to revenues from entertainment offerings are generally satisfied at the point in time the related event occurs or as the underlying benefits are delivered over the term of the respective agreements.
Revenues from entertainment offerings include revenue from the license of The Garden’s suites for the Company’s or MSG Sports’ events.
Suite license arrangements are generally multi-year fixed-fee arrangements that include annual fee increases.
−Removed: Payment terms for suite license arrangements can vary by contract, but payments are generally due in installments prior to each license year.
+Added: Payment terms for suite license arrangements can vary by contract, but payments are generally due in installments prior to provisions of access to the suite.
The Company’s performance obligation under such arrangements is to provide the licensee with access to the suite when events occur at The Garden.
The Company accounts for the performance obligation under these types of arrangements as a series and, as a result, the related suite license fees for all years during the license term are aggregated and revenue is recognized proportionately over the license period as the Company satisfies the related performance obligation.
−Removed: Progress toward satisfaction of the Company’s annual suite license
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: performance obligation is measured as access to the suite that is provided to the licensee for each event throughout the contractual term of the license.
+Added: Progress toward satisfaction of the Company’s suite license performance obligation is measured as access to the suite is provided to the licensee for each event throughout the contractual term of the license.
Food, beverage, and merchandise revenues
6 unchanged sentences
The non-lease components are accounted for in accordance with ASC Topic 606, as further discussed below.
−Removed: During Fiscal Years 2024, 2023 and 2022, the Company recognized $ 68,068 , $ 68,068 and $ 68,072 , respectively, of revenues under the Arena License Agreements.
+Added: During each of Fiscal Year 2025, 2024 and 2023, the Company recognized $ 68,068 of revenues under the Arena License Agreements.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Principal vs.
2 unchanged sentences
MSG Sports is entitled to a 67.5 % share of the Company’s suite license revenue pursuant to the terms of the Arena License Agreements, which is recognized in the consolidated and combined statements of operations as a component of Direct operating expenses.
−Removed: For sponsorship agreements entered into by the Company or by MSG Sports that contain performance obligations satisfied solely by the Company, revenue is generally recorded on a gross basis as the Company is the principal with respect to such performance obligations and controls the related goods or services before transfer to the customer.
+Added: For sponsorship agreements entered into by the Company or by MSG Sports that contain performance obligations satisfied solely by the Company, revenue is recorded on a gross basis as the Company is the principal with respect to such performance obligations and controls the related goods or services before transfer to the customer.
In accordance with the Arena License Agreements, MSG Sports is entitled to a share of the revenue generated from certain signage performance obligations where the Company is the principal.
The Company records this signage revenue on a gross basis and MSG Sports’ share of such revenue as a component of Direct operating expenses within the consolidated and combined statements of operations.
−Removed: For Fiscal Years 2024, 2023 and 2022, the Company recorded revenue-sharing expense of $ 137,053 , $ 119,017 and $ 92,086 , respectively, for MSG Sports’ share of the Company’s revenues from (i) suite licenses, (ii) certain signage and sponsorships, and (iii) food and beverage based upon the provisions of the underlying contractual arrangements, and on the basis of direct usage when specifically identified or allocated proportionally for all prior periods.
+Added: For Fiscal Years 2025, 2024 and 2023, the Company recorded revenue-sharing expense of $ 147,008 , $ 137,053 and $ 119,017 , respectively, for MSG Sports’ share of the Company’s revenues from (i) suite licenses, (ii) certain signage and sponsorships, and (iii) food and beverage based upon the provisions of the underlying contractual arrangements, and on the basis of direct usage when specifically identified or allocated proportionally.
In Fiscal Year 2020, the Company entered into advertising sales representation agreements with certain subsidiaries of MSG Sports.
4 unchanged sentences
The Company is not the principal in such arrangements as it does not control the related goods or services prior to transfer to the customer.
−Removed: As an agent under these arrangements, the Company recognizes the advertising commission revenue on a net basis in the Revenues from entertainment offerings line on the consolidated and combined statement of operations.
+Added: As an agent under these arrangements, the Company recognizes the advertising commission revenue on a net basis in the Revenues from entertainment offerings line in the consolidated and combined statements of operations.
The Company was also party to an advertising sales representation agreement (the “Networks Advertising Sales Representation Agreement”) with MSGN Holdings, L.P.
1 unchanged sentence
Related Party Transactions for more information regarding the advertising sales representation agreements with subsidiaries of MSG Sports and Sphere Entertainment.
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Disaggregation of Revenue
−Removed: The following table disaggregates the Company’s revenue by major source based upon the timing of transfer of goods or services to the customer for Fiscal Years 2024, 2023 and 2022:
+Added: The following table disaggregates the Company’s consolidated and combined revenues by type of goods or services in accordance with the required entity-wide disclosure requirements of ASC Subtopic 280-10-50-38 to 40 and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5 for Fiscal Years 2025, 2024 and 2023.
+Added: The footnotes to the table provide additional disclosure with respect to the timing of transfer of goods or services to the customer for each category.
Year Ended June 30,
2025 2024 2023
−Removed: Event-related offerings (a)
−Removed: $ 625,364 $ 532,308 $ 372,552
−Removed: Sponsorship, signage and suite licenses (b)
−Removed: 228,851 209,831 166,221
−Removed: 31,774 37,679 43,307
−Removed: Total revenues from contracts with customers 885,989 779,818 582,080
−Removed: Arena license fees and other leasing revenue 73,276 71,678 71,410
−Removed: Total revenues $ 959,265 $ 851,496 $ 653,490
+Added: Ticketing and venue license fee revenues (a)
$ 453,242 $ 463,272 $ 396,375
−Removed: (a) Event-related entertainment offerings revenues are recognized at a point in time.
−Removed: (b) See Note 2.
−Removed: Summary of Significant Accounting Policies, Revenue Recognition for further details on the pattern of recognition of sponsorship, signage, and suite license revenues.
−Removed: (c) Primarily consists of (i) revenues from sponsorship sales and representation agreements with MSG Sports, and (ii) advertising commission revenues recognized from MSG Networks prior to December 31, 2022.
−Removed: In addition to the disaggregation of the Company’s revenue by major source based upon the timing of transfer of goods or services to the customer disclosed above, the following table disaggregates the Company’s consolidated and combined revenues by type of goods or services in accordance with the required entity-wide disclosure requirements of ASC Subtopic 280-10-50-38 to 40 and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5 for Fiscal Years 2024, 2023 and 2022.
−Removed: Year Ended June 30,
+Added: Sponsorship and signage, suite license, and advertising commission revenues ( b)
252,665 254,079 243,079
−Removed: Ticketing and venue license fee revenues (a)
6,387 6,546 4,431
−Removed: Sponsorship and signage, suite, and advertising commission revenues ( b)
+Added: Total revenues from entertainment offerings 712,294 723,897 643,885
+Added: Food, beverage, and merchandise revenues (d)
150,506 162,092 135,933
−Removed: Food, beverage, and merchandise revenues 162,092 135,933 98,740
−Removed: Other 6,546 4,431 985
Total revenues from contracts with customers
+Added: 862,800 885,989 779,818
Arena license fees and other leasing revenue 79,934 73,276 71,678
1 unchanged sentence
_________________
−Removed: (a) Amounts include ticket sales, including other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) the presentation of the Christmas Spectacular, and (iii) live entertainment and other sporting events.
−Removed: (b) Amounts include (i) revenues from sponsorship sales and representation agreements with MSG Sports and (ii) advertising commission revenues recognized from MSG Networks until the termination of this agreement as of December 31, 2022.
+Added: (a) Amounts include ticket sales, including single night suite rentals and.other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) the presentation of the Christmas Spectacular and (iii) other live entertainment and sporting events.
+Added: Revenues from entertainment offerings are generally recognized at a point in time.
+Added: (b) Sponsorship and signage, suite license, and advertising commission revenues are generally recognized over time.
+Added: (c) Other primarily consists of venue tours which are generally recognized at a point in time.
+Added: (d) Food, beverage, and merchandise revenues are generally recognized at a point in time.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Contract Balances
9 unchanged sentences
________________
−Removed: (a) As of June 30, 2024, 2023, and 2022, the Company’s receivables from contracts with customers above included $ 2,432 , $ 5,397 and $ 4,163 , respectively, related to various related parties.
+Added: (a) Receivables from contracts with customers, net, which are reported in Accounts receivable, net and Related party receivables, current in the Company’s accompanying consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers.
+Added: As of June 30, 2025, 2024 and 2023, the Company’s receivables from contracts with customers above included $ 3,649 , $ 2,432 and $ 5,397 , respectively, related to various related parties.
Related Party Transactions for further details on these related party arrangements.
−Removed: (b) Contract assets primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date.
+Added: (b) Contract assets, current, which are reported in Prepaid expenses and other current assets in the Company’s accompanying consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date.
+Added: Contract assets primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date.
Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.
−Removed: (c) Revenue recognized for Fiscal Year 2024 relating to the deferred revenue balance as of June 30, 2023 was $ 191,397 .
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: (c) Deferred revenue primarily relates to the Company’s receipt of consideration from customers in advance of the Company’s transfer of goods or services to the customers.
+Added: Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer.
+Added: Revenue recognized for Fiscal Year 2025 relating to the deferred revenue balance as of June 30, 2024 was $ 186,696 .
Transaction Price Allocated to the Remaining Performance Obligations
10 unchanged sentences
Total $ 558,190
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Restructuring Charges
During Fiscal Year 2025, the Company recorded restructuring charges related to termination benefits for certain corporate executives and employees.
−Removed: As a result, the Company recognized restructuring charges of $ 17,649 , inclusive of $ 6,788 of share-based compensation expenses, shown in accounts payable, accrued and other current liabilities and additional paid-in-capital on the consolidated balance sheet.
+Added: As a result, the Company recognized restructuring charges of $ 1,055 , recognized in Accounts payable, accrued and other current liabilities in the consolidated balance sheets.
+Added: During Fiscal Year 2024, the Company recorded restructuring charges related to termination benefits for certain corporate executives and employees.
+Added: As a result, the Company recognized restructuring charges of $ 17,649 , inclusive of $ 6,788 of share-based compensation expenses, recognized in Accounts payable, accrued and other current liabilities and Additional paid-in capital in the consolidated balance sheets.
For Fiscal Year 2023, the Company recognized restructuring charges related to termination benefits for certain corporate executives and employees of $ 10,241 , net of contributory credits from the Company to Sphere Entertainment.
−Removed: Restructuring charges are inclusive of $ 2,293 of share-based compensation expenses, shown in accounts payable, accrued and other current liabilities and additional paid-in-capital on the consolidated balance sheet.
−Removed: For Fiscal Year 2022, the Company recorded restructuring charges of $ 5,171 , net of contributory credits from the Company to Sphere Entertainment for the Company’s corporate employees.
−Removed: Restructuring charges are inclusive of $ 1,612 of share-based compensation expenses, recorded in accounts payable, accrued and other current liabilities and additional paid-in-capital on the consolidated balance sheet.
+Added: Restructuring charges are inclusive of $ 2,293 of share-based compensation expenses.
Restructuring Liability
June 30, 2024 $ 7,140
−Removed: Restructuring charges (excluding share-based compensation expense)
+Added: Restructuring charges 1,055
+Added: Payments ( 7,947 )
June 30, 2025 $ 248
Computation of Earnings per-Share
−Removed: On the MSGE Distribution Date, 51,768 shares of common stock of the Company, inclusive of 17,021 shares of Class A common stock related to the MSGE Retained Interest.
−Removed: This share amount is being utilized for the calculation of basic earnings (loss) per share for Fiscal Year 2022 because the Company was not a standalone public company prior to the MSGE Distribution.
−Removed: In addition, for Fiscal Year 2022 the computation of diluted earnings per share equals the basic earnings (loss) per share calculation since there was no stock trading information available to compute dilutive effect of shares issuable under share-based compensation plans needed under the treasury method in accordance with ASC Topic 260 and since common stock equivalents were antidilutive due to losses from operations .
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
The following table presents a reconciliation of weighted-average shares used in the calculations of basic and diluted earnings (loss) per share attributable to the Company’s stockholders.
3 unchanged sentences
Weighted-average shares for basic EPS 48,031 48,275 51,819
−Removed: Dilutive effect of shares issuable under share-based compensation plans (a)
+Added: Dilutive effect of shares issuable under share-based compensation plans 299 314 459
Weighted-average shares for diluted EPS 48,330 48,589 52,278
−Removed: Weighted-average anti-dilutive shares (a)
−Removed: _________________
−Removed: (a) For Fiscal Year 2022, all restricted stock units and stock options were excluded from the above table because there was no stock trading information available to compute dilutive effect of shares issuable under share-based compensation plans under the treasury method in accordance with ASC Topic 260 .
+Added: Weighted-average anti-dilutive shares 300 551 740
As of June 30, 2025 , the Company held an investment in Townsquare Media, Inc.
(“Townsquare”), and as of June 30, 2023, also held an investment in DraftKings Inc.
−Removed: (“DraftKings”), which was subsequently sold during the first quarter of Fiscal Year 2024:
+Added: (“DraftKings”), which was sold during the first quarter of Fiscal Year 2024:
• Townsquare is a media, entertainment and digital marketing solutions company that is listed on the New York Stock Exchange (the “NYSE”) under the symbol “TSQ.”
−Removed: • DraftKings is a fantasy sports contest and sports gambling provider that is listed on the Nasdaq Stock Market (“NASDAQ”) under the symbol “DKNG.”
+Added: • DraftKings is a fantasy sports contest and sports gambling provider that is listed on the Nasdaq Stock Market under the symbol “DKNG.”
As of June 30, 2025, the Company also held other equity investments held in trust under the Company’s Executive Deferred Compensation Plan.
2 unchanged sentences
On March 1, 2024, the Company converted all shares of Class C common stock of Townsquare into an equal number of shares of Class A common stock of Townsquare, subject to restrictions set forth in Townsquare’s certificate of incorporation.
−Removed: The fair value of the Company’s investments in Class A common stock of Townsquare and Class A common stock of DraftKings is determined based on quoted market prices in active markets on the NYSE and NASDAQ, respectively, which are classified within Level I of the fair value hierarchy.
−Removed: The carrying fair value of these investments, which is reported under Other non-current assets in the accompanying consolidated and combined balance sheets as of June 30, 2024 and 2023, is as follows:
+Added: The fair value of the Company’s equity investments with readily determinable fair values is determined based on quoted market prices in active markets, which are classified within Level I of the fair value hierarchy.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: The carrying fair value of these investments, which is reported under Other non-current assets in the accompanying consolidated balance sheets as of June 30, 2025 and 2024, is as follows:
As of June 30,
−Removed: Ownership Percentage as of June 30, 2024
Equity investments with readily determinable fair values:
Townsquare Class A common stock $ 1,002 $ 1,438
−Removed: Townsquare Class C common stock — 13,399
−Removed: DraftKings Class A common stock — 11,297
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan 5,238 4,226
−Removed: Equity method investments:
−Removed: Crown Properties Collection (a)
−Removed: Equity investments without readily determinable fair values 596 475
+Added: Equity method investments and equity investments without readily determinable fair values (a)
Total investments $ 7,088 $ 6,320
1 unchanged sentence
(a) In March 2024, the Company paid $ 51 for an 8.3 % investment in Oak View Group’s Crown Properties Collection, LLC ("CPC").
−Removed: The investment in CPC is accounted for as an equity method investment, with MSGE's share of CPC results recorded on a three‐month lag.
−Removed: The impact of recording results on a three-month lag is not material.
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: The following table summarizes the realized and unrealized gain (loss) on equity investments with readily determinable fair value, which is reported in Other income (expenses), net in the accompanying consolidated and combined statements of operations:
+Added: On June 2, 2025, CPC repurchased the Company’s equity interest in CPC, see Note 16.
+Added: Related Party Transactions for further information.
+Added: The following table summarizes the realized and unrealized gain (loss) on equity investments with readily determinable fair values, which is reported in Other (expense) income, net in the accompanying consolidated and combined statements of operations:
Years ended June 30,
1 unchanged sentence
Unrealized (loss) gain — Townsquare $ ( 386 ) $ ( 1,591 ) $ 7,644
−Removed: Unrealized gain (loss) — DraftKings
−Removed: — 8,406 ( 35,213 )
+Added: Unrealized gain — DraftKings — — 8,406
Unrealized gain — Executive Deferred Compensation Plan 508 495 $ 225
−Removed: Total Unrealized (loss) gain
−Removed: $ ( 1,096 ) $ 16,275 $ ( 49,842 )
−Removed: Gain (loss) from shares sold — DraftKings
−Removed: 1,548 2,608 —
−Removed: (Loss) gain from shares sold — Townsquare
−Removed: ( 1,694 ) 975 —
−Removed: Total realized and unrealized (loss) gain $ ( 1,242 ) $ 19,858 $ ( 49,842 )
+Added: Total Unrealized gain (loss) $ 122 $ ( 1,096 ) $ 16,275
+Added: Gain from shares sold — DraftKings — 1,548 2,608
+Added: Gain (loss) from shares sold — Townsquare 5 ( 1,694 ) 975
+Added: Total realized and unrealized gain (loss) $ 127 $ ( 1,242 ) $ 19,858
Supplemental information on realized gain (loss):
15 unchanged sentences
Depreciation and amortization expense on property and equipment was $ 57,768 , $ 53,876 and $ 59,709 for Fiscal Years 2025, 2024 and 2023, respectively.
−Removed: The following table summarizes the ROU assets and lease liabilities recorded on the Company’s consolidated and combined balance sheets as of June 30, 2024 and 2023:
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: The following table summarizes the ROU assets and lease liabilities recorded on the Company’s consolidated balance sheets as of June 30, 2025 and 2024:
As of June 30,
4 unchanged sentences
Total lease liabilities $ 601,584 $ 454,750
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
The following table summarizes the activity related to lease costs recorded within the Company’s consolidated and combined statements of operations for Fiscal Years 2025, 2024 and 2023:
6 unchanged sentences
Variable lease cost Direct operating expenses
+Added: 1,840 716 346
Variable lease cost Selling, general and administrative expenses — — 39
4 unchanged sentences
Upon obtaining possession of the space, the Company recognized an additional lease obligation of $ 206,410 and a ROU lease asset of $ 198,294 , net of tenant improvement incentives received on the possession date.
+Added: In February 2025, the Company recognized a right-of-use lease asset of $ 116,963 and an additional lease obligation of $ 115,335 as the Company took possession of additional space in its New York corporate office.
+Added: Subsequently, the Company recognized an impairment loss of $ 11,202 on the Company’s right-of-use lease assets and related lease costs due to the Company’s decision to stop utilizing one of the floors in its New York office, which was reported in Impairment of long-lived assets in the accompanying consolidated and combined statements of operations for the fiscal year ended June 30, 2025.
While lease payments under the new lease agreement will be recognized as a lease expense on a straight-line basis over the lease term, the Company will begin paying full rent starting in the second half of Fiscal Year 2026 due to certain tenant incentives included in the arrangement.
5 unchanged sentences
Lease assets obtained in exchange for new lease obligations $ 116,957 $ 198,294 $ 478
−Removed: For Fiscal Year 2024, the Company received $ 33,905 of tenant incentives from a landlord for capital expenditures on behalf of the Company.
−Removed: There were no tenant incentives received in Fiscal Years 2023 and 2022.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Maturities of operating lease liabilities as of June 30, 2025 were as follows:
14 unchanged sentences
As of June 30, 2025, the Company’s existing operating leases, which are recorded on the accompanying consolidated and combined financial statements, had remaining lease terms ranging from 0.6 years to 20.6 years.
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Lessor Arrangements
10 unchanged sentences
Total Arena license fees and other leasing revenue $ 79,934 $ 73,276 $ 71,678
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: The maturities of operating lease cash flows to be received on an undiscounted basis for the Arena license fees and other leasing revenues were as follows:
+Added: As of June 30, 2025
+Added: Fiscal year ending June 30, 2026 $ 46,955
+Added: Fiscal year ending June 30, 2027 50,135
+Added: Fiscal year ending June 30, 2028 51,564
+Added: Fiscal year ending June 30, 2029 53,024
+Added: Fiscal year ending June 30, 2030 54,511
+Added: Thereafter 1,975,925
+Added: Total future minimum receipts $ 2,232,114
Goodwill and Intangible Assets
7 unchanged sentences
On August 31, 2024 and 2023, the Company performed its annual impairment tests of Goodwill and Indefinite-lived intangible assets and determined that there were no impairments of Goodwill or Indefinite-lived intangible assets identified as of the impairment test date.
−Removed: No amortization expense was recognized in Fiscal Year 2024 for definite lived intangible assets as a result of the disposition of the related assets in connection with the BCE Disposition on December 2, 2022.
−Removed: The Company recorded amortization expense on definite lived intangible assets of $ 754 , and $ 5,838 for Fiscal Years 2023, and 2022, respectively, which is recognized in Depreciation and amortization in the consolidated and combined statements of operations.
+Added: No amortization expense was recognized in Fiscal Year 2025 or 2024 for intangible assets.
+Added: The Company recorded amortization expense on definite lived intangible assets of $ 754 for Fiscal Year 2023, which was recognized in Depreciation and amortization in the consolidated and combined statements of operations.
Commitments and Contingencies
6 unchanged sentences
These commitments are presented exclusive of the imputed interest used to reflect the payment’s present value.
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Credit Facilities for more information regarding the principal repayments required under the National Properties Facilities.
2 unchanged sentences
Pursuant to the DDTL Facility, MSG Entertainment Holdings committed to lend up to $ 65,000 in delayed draw term loans to Sphere Entertainment on an unsecured basis until October
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
On July 14, 2023, Sphere Entertainment drew down the full amount of $ 65,000 under the DDTL Facility.
15 unchanged sentences
National Properties Revolving Credit Facility — — — — ( 503 ) ( 503 )
−Removed: Other debt — — — 304 — 304
Long-term debt, net of deferred financing costs
1 unchanged sentence
National Properties Facilities
−Removed: MSG National Properties, LLC (“MSG National Properties”), MSG Entertainment Holdings and certain subsidiaries of MSG National Properties are party to a credit agreement dated June 30, 2022 with JP Morgan Chase Bank, N.A., as administrative agent and the lenders and letter of credit issuers party thereto (as amended, the “National Properties Credit Agreement”), providing for a five-year , $ 650,000 senior secured term loan facility (the “National Properties Term Loan Facility”) and a five-year , $ 150,000 revolving credit facility (the “National Properties Revolving Credit Facility” and, together with the National Properties Term Loan Facility, the “National Properties Facilities”).
+Added: On June 27, 2025, MSG National Properties, LLC (“MSG National Properties”), MSG Entertainment Holdings and certain subsidiaries of MSG National Properties entered into Amendment No.
+Added: 4 (“Amendment No.
+Added: 4”) to the credit agreement dated June 30, 2022 (as amended, supplemented and otherwise modified prior to June 27, 2025, the “Prior National Properties Credit Agreement” and, as amended by Amendment No.
+Added: 4, the “National Properties Credit Agreement”) with JP Morgan Chase Bank, N.A., as administrative agent, and the lenders and letter of credit issuers party thereto, pursuant to which, among other things, (i) the term loan facility under the Prior National Properties Credit Agreement (the “Prior National Properties Term Loan Facility”) was refinanced in its entirety with a five-year , $ 609,375 senior secured term loan facility (the “National Properties Term Loan Facility”) and (ii) the revolving credit facility under the Prior National Properties Credit Agreement (the “Prior National Properties Revolving Credit Facility” and, together with the Prior National Properties Term Loan Facility, the “Prior National Properties Facilities”) was refinanced in its entirety with a five-year , $ 150,000 revolving credit facility (the “National Properties Revolving Credit Facility” and, together with the National Properties Term Loan Facility, the “National Properties Facilities”).
Up to $ 25,000 of the National Properties Revolving Credit Facility is available for the issuance of letters of credit.
As of June 30, 2025, outstanding letters of credit were $ 15,964 and the remaining balance available under the National Properties Revolving Credit Facility was $ 134,036 .
−Removed: The proceeds of the National Properties Facilities were used on the closing date to repay in full the obligations outstanding under MSG National Properties’ prior term loan facility (the “Prior National Properties Loan Facility”) and to pay fees and expenses in connection with the National Properties Facilities and the refinancing of the Prior National Properties Loan Facility.
+Added: The proceeds of the National Properties Facilities were used on the closing date to repay in full the obligations outstanding under the Prior National Properties Term Loan Facility and to pay fees and expenses in connection with the National Properties Facilities and the refinancing of the Prior National Properties Facilities.
Proceeds of the National Properties Revolving Credit Facility may be used to fund working capital needs, for general corporate purposes of MSG National Properties and its subsidiaries and to make distributions to MSG Entertainment Holdings.
2 unchanged sentences
Interest Rates.
−Removed: Borrowings under the current National Properties Facilities bear interest at a floating rate, which at the option of MSG National Properties may be either (a) a base rate plus an applicable margin ranging from 1.50 % to 2.50 % per annum, determined based on the total leverage ratio of MSG National Properties and its restricted subsidiaries, or (b) adjusted Term SOFR (i.e., Term SOFR plus 0.10 %) plus an applicable margin ranging from 2.50 % to 3.50 % per annum, determined based on the total leverage ratio of MSG National Properties and its restricted subsidiaries.
+Added: Borrowings under the National Properties Facilities bear interest at a floating rate, which at the option of MSG National Properties may be either (a) Term SOFR plus an applicable margin ranging from 1.75 % to 2.50 % per annum, determined based on the total leverage ratio of MSG National Properties and its restricted subsidiaries, or (b) a base rate plus an applicable margin ranging from 0.75 % to 1.50 % per annum, determined based on the total leverage ratio of MSG National Properties and its restricted subsidiaries.
The National Properties Credit Agreement requires MSG National Properties to pay a commitment fee ranging from 0.20 % to 0.30 % in respect of the daily unused commitments under the National Properties Revolving Credit Facility.
4 unchanged sentences
The National Properties Facilities will mature on June 27, 2030.
−Removed: The principal obligations under the National Properties Term Loan Facility are to be repaid in quarterly installments beginning with the fiscal quarter ended March 31, 2023, in an aggregate amount equal to 2.50 % per annum ( 0.625 % per quarter), stepping up to 5.0 % per annum ( 1.25 % per quarter) in the fiscal quarter ending September 30, 2025, with the balance due at the maturity of the facility.
+Added: The principal obligations under the National Properties Term Loan Facility are to be repaid in quarterly installments beginning with the fiscal quarter ending September 30, 2025, in an aggregate amount equal to 5.00 % per annum ( 1.25 % per quarter), with the balance due at the maturity of the facility.
The principal obligations under the National Properties Revolving Credit Facility are due at the maturity of the facility.
Under certain circumstances, MSG National Properties is required to make mandatory prepayments on loans outstanding, including prepayments in an amount equal to the net cash proceeds of certain sales of assets or casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights), subject to certain exceptions.
−Removed: The National Properties Credit Agreement includes financial covenants requiring MSG National Properties and its restricted subsidiaries to maintain a specified minimum liquidity level, a specified minimum debt service coverage ratio and specified maximum total leverage ratio.
−Removed: The minimum liquidity level is set at $ 50,000 , and is tested based on the level of average daily liquidity, consisting of cash and cash equivalents and available revolving commitments, over the last month of each quarter over the life of the National Properties Facilities.
−Removed: The debt service coverage ratio covenant began testing in the fiscal quarter ended December 31, 2022, and is set at a ratio of 2 :1 before stepping up to 2.5 :1 in the fiscal quarter ending September 30, 2024.
−Removed: The leverage ratio covenant began testing in the fiscal quarter ended June 30, 2023.
−Removed: It is tested based on the ratio of MSG National Properties and its restricted subsidiaries’ consolidated total indebtedness to adjusted operating income, with an initial maximum ratio of 6 :1, which stepped down to 5.5 :1 in the fiscal quarter ended June 30, 2024 and steps down to 4.5 :1 in the fiscal quarter ending June 30, 2026.
+Added: The National Properties Credit Agreement includes financial covenants requiring MSG National Properties and its restricted subsidiaries to maintain a specified minimum debt service coverage ratio and specified maximum total leverage ratio.
+Added: The debt service coverage ratio covenant is set at a ratio of 2.50 :1.
+Added: The leverage ratio covenant is tested based on the ratio of MSG National Properties and its restricted subsidiaries’ consolidated total indebtedness to adjusted operating income, with a maximum ratio of 3.50 :1.
As of June 30, 2025, MSG National Properties and its restricted subsidiaries were in compliance with the covenants of the National Properties Credit Agreement.
14 unchanged sentences
All obligations under the National Properties Facilities, including the guarantees of those obligations, are secured by certain of the assets of MSG National Properties and the Subsidiary Guarantors (collectively, “Collateral”) including, but not limited to, a pledge of some or all of the equity interests held directly or indirectly by MSG National Properties in each Subsidiary Guarantor.
−Removed: The Collateral does not include, among other things, any interests in The Garden or the leasehold interests in Radio City Music Hall and the Beacon Theatre.
+Added: The Collateral does not include, among other things, any interests in The Garden or The Chicago Theatre or the leasehold interests in Radio City Music Hall or the Beacon Theatre.
Accounting Treatment.
The Company evaluated the terms of the National Properties Term Loan Facility and the Prior National Properties Term Loan Facility and concluded such facilities to be substantially different for accounting purposes.
−Removed: As a result, the Company recorded a loss on extinguishment of $ 35,629 in connection with the above financing transactions for Fiscal Year 2022.
+Added: As a result, the Company recorded a loss on extinguishment of $ 6,132 , related to the write-off of deferred financing costs, in connection with the above financing transactions for Fiscal Year 2025.
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
6 unchanged sentences
Fiscal year ending June 30, 2028 30,469
+Added: Fiscal year ending June 30, 2029 30,469
+Added: Fiscal year ending June 30, 2030 487,499
Interest payments and loan principal repayments made by the Company under the National Properties Credit Agreement were as follows:
7 unchanged sentences
National Properties Facilities $ 609,375 $ 600,234 $ 625,625 $ 622,497
−Removed: Other debt — — 304 304
−Removed: Total Long-term debt $ 625,625 $ 622,497 $ 659,279 $ 655,813
_________________
21 unchanged sentences
For purposes of the combined financial statements, it was determined that these plans’ assets and liabilities were attributable to the Company.
−Removed: Therefore, the combined financial statements for periods prior to the MSGE Distribution reflect the full impact of the Pension Plans and Postretirement Plan on both the combined statements of operations and combined balance sheets.
+Added: Therefore, the combined financial statements for the period prior to the MSGE Distribution reflects the full impact of the Pension Plans and Postretirement Plan in the consolidated and combined statements of operations.
As discussed above, the Pension Plans and Postretirement Plan were transferred to the Company.
−Removed: The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company’s consolidated and combined balance sheets as of June 30, 2024 and 2023, associated with the Pension Plans and Postretirement Plan based upon actuarial valuations as of those measurement dates.
+Added: The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company’s consolidated balance sheets as of June 30, 2025 and 2024, associated with the Pension Plans and Postretirement Plan based upon actuarial valuations as of those measurement dates.
Pension Plans Postretirement Plan
5 unchanged sentences
Interest cost 6,425 6,673 105 120
−Removed: Actuarial (gain) loss (a)
+Added: Actuarial loss (gain) (a)
2,412 ( 2,859 ) ( 48 ) ( 85 )
1 unchanged sentence
Plan settlements paid ( 10 ) ( 103 ) — —
−Removed: Other — ( 144 ) — —
Benefit obligation at end of period 128,608 126,605 1,988 2,262
8 unchanged sentences
_____________________
−Removed: (a) In Fiscal Year 2024, the actuarial gains on the benefit obligations were primarily due to an increase in discount rate partially offset by an increase in the interest crediting rates.
+Added: (a) In Fiscal Year 2025, the actuarial losses on the benefit obligations were primarily due to unfavorable demographic experience and a decrease in the discount rate, as well as an increase in the interest crediting rate.
In Fiscal Year 2024, the actuarial gains on the benefit obligations were primarily due to an increase in discount rate partially offset by an increase in the interest crediting rates.
−Removed: Amounts recognized in the consolidated and combined balance sheets as of June 30, 2024 and 2023 consist of:
+Added: Amounts recognized in the consolidated balance sheets as of June 30, 2025 and 2024 consist of:
Pension Plans Postretirement Plan
13 unchanged sentences
Service cost is recognized in Direct operating expenses and Selling, general and administrative expenses.
−Removed: All other components of net periodic benefit cost are reported in Other income (expense), net.
+Added: All other components of net periodic benefit cost are reported in Other (expense) income, net in the consolidated and combined statements of operations.
Pension Plans Postretirement Plan
10 unchanged sentences
The discount rates used for the projected benefit obligation and interest cost were 5.07 % and 3.43 %, as of June 30, 2025, respectively, 5.47 % and 4.13 % as of June 30, 2024, respectively, and 5.44 % and 5.41 % as of June 30, 2023, respectively.
−Removed: Additionally, settlement charges of $ 7 , $ 5 and $ 0 were recognized in Other income (expense), net for Fiscal Years 2024, 2023 and 2022, respectively.
−Removed: Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for Fiscal Years 2024, 2023 and 2022 were as follows:
+Added: Additionally, settlement charges of $ 1 , $ 7 and $ 5 were recognized in Other (expense) income, net for Fiscal Years 2025, 2024 and 2023, respectively, in the consolidated and combined statements of operations.
+Added: Other pre-tax changes in plan assets and benefit obligations recognized in Other comprehensive income for Fiscal Years 2025, 2024 and 2023 were as follows:
Pension Plans Postretirement Plan
1 unchanged sentence
2025 2024 2023 2025 2024 2023
−Removed: Actuarial (loss) gain, net $ ( 1,742 ) $ ( 1,800 ) $ ( 3,306 ) $ ( 23 ) $ 304 $ 501
−Removed: Recognized actuarial (gain) loss ( 288 ) 520 1,386 ( 85 ) — 34
+Added: Net unamortized (loss) gain arising during the period
+Added: $ ( 628 ) $ 263 $ ( 1,800 ) $ 48 $ 52 $ 304
+Added: Amounts reclassified from accumulated other comprehensive loss
+Added: 1,720 1,786 520 18 23 —
Settlement loss recognized 1 7 5 — — —
Total recognized in other comprehensive income (loss) $ 1,093 $ 2,056 $ ( 1,275 ) $ 66 $ 75 $ 304
−Removed: Funded Status
−Removed: The accumulated benefit obligation for the Pension Plans aggregated t o $ 126,605 and $ 130,725 at June 30, 2024 and 2023, respectively.
−Removed: As of June 30, 2024 and 2023, each of the Pension Plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets.
Pension Plans and Postretirement Plan Assumptions
Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of June 30, 2025 and 2024 were as follows:
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Pension Plans Postretirement Plan
6 unchanged sentences
Year that the rate reaches the ultimate trend rate n/a n/a 2035 2032
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for Fiscal Years 2025, 2024 and 2023 were as follows:
24 unchanged sentences
_____________________
−Removed: (a) The Company’s target allocation for the Cash Balance Plan assets is 85 % fixed income securities and 15 % equity as of June 30, 2024 and the Company’s target allocation for the Union Plan assets is 100 % fixed income securities.
+Added: (a) The Company’s target allocation as of June 30, 2025 is 85 % fixed income securities and 15 % equity for the Cash Balance Plan assets, and 100 % fixed income securities for the Union Plan assets.
Investment allocation decisions have been made by (i) Sphere Entertainment’s Investment & Benefits Committee prior to the MSGE Distribution and (ii) the Company’s Investment & Benefits Committee after the MSGE Distribution.
8 unchanged sentences
Fair Value Hierarchy As of June 30,
−Removed: Treasury securities (a)
−Removed: I $ 2,313 $ 3,673
Money market fund (a)
I $ 3,363 $ 4,345
+Added: Treasury securities and U.S.
Gov't Agency Obligations (b)
+Added: II 3,279 2,598
Mutual fund - equity (c)
4 unchanged sentences
_____________________
−Removed: Treasury Securities and the money market fund are classified within Level I of the fair value hierarchy as they are valued using observable inputs that reflect quoted prices for identical assets in active markets.
+Added: (a) The money market fund is classified within Level I of the fair value hierarchy as they are valued using observable inputs that reflect quoted prices for identical assets in active markets.
+Added: Treasury securities and U.S.
Government Agency Obligations are classified within Level II of the fair value hierarchy as they are valued daily using institutional bond quotes based on evaluations based on various market and industry inputs.
17 unchanged sentences
The 401(k) Plan is a multiple employer plan.
−Removed: For Fiscal Years 2024, 2023 and 2022 , expenses related to the Savings Plans, excluding expenses related to MSG Sports employees and for Fiscal Years 2024 excluded expenses related to Sphere Entertainment employees , that are included in the accompanying consolidated and combined statements of operations wer e $ 7,981 , $ 5,187 and $ 4,284 , res pectively.
+Added: For Fiscal Years 2025, 2024 and 2023 , expenses related to the Savings Plans for MSGE employees wer e $ 8,557 , $ 7,981 and $ 5,187 , res pectively, recognized in Direct operating expenses and Selling, general and administrative expenses in the accompanying consolidated and combined statements of operations.
In addition, MSG Entertainment sponsors The Madison Square Garden 401(k) Union Plan (the “Union Savings Plan”).
The Union Savings Plan is a multiple employer plan.
−Removed: For Fiscal Years 2024, 2023 and 2022 , expenses related to the Union Savings Plan included in the accompanying consolidated and combined statements of operations were $ 701 , $ 428 and $ 394 , res pectively.
+Added: For Fiscal Years 2025, 2024 and 2023 , expenses related to the Union Savings Plan were $ 1,181 , $ 701 and $ 428 , res pectively, recognized in Direct operating expenses in the accompanying consolidated and combined statements of operations.
Multiemployer Plans
The Company contributes to a number of multiemployer defined benefit pension plans, multiemployer defined contribution pension plans, and multiemployer health and welfare plans that provide benefits to retired union-represented employees under the terms of collective bargaining agreements (“CBAs”).
−Removed: Multiemployer Defined Benefit Pension Plans
−Removed: The multiemployer defined benefit pension plans to which the Company contributes generally provide for retirement and death benefits for eligible union-represented employees based on specific eligibility/participant requirements, vesting periods and benefit
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: Multiemployer Defined Benefit Pension Plans
+Added: The multiemployer defined benefit pension plans to which the Company contributes generally provide for retirement and death benefits for eligible union-represented employees based on specific eligibility/participant requirements, vesting periods and benefit formulas.
The risks to the Company of participating in these multiemployer defined benefit pension plans are different from single-employer defined benefit pension plans in the following aspects:
28 unchanged sentences
Treasurers and Ticket Sellers Local 751 Pension Fund True August 31, 2024, 2023, and 2022
−Removed: Pension Fund of Wardrobe Attendants Union Local 764 True December 31, 2022
+Added: Pension Fund of Wardrobe Attendants Union Local 764 True December 31, 2023 and 2022
Multiemployer Defined Contribution Pension Plans
5 unchanged sentences
Following the MSGE Distribution accounts attributable to the Sphere Entertainment’s current employees as of the Distribution Date were transferred to a deferred compensation plan established by Sphere Entertainment in connection with the MSGE Distribution.
−Removed: Amounts deferred and invested by employees under the Deferred Compensation Plan are placed in an irrevocable trust established by the Company and all assets of the trust are subject to the creditors of the Company in the event of insolvency.
−Removed: In accordance with ASC
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: Topic 710, Compensation – General (“ASC Topic 710”), the assets of the trust are consolidated with the accounts of the Company and are recognized in the Company’s consolidated balance sheet.
+Added: Amounts deferred and invested by employees under the Deferred Compensation Plan are placed in an irrevocable trust established by the Company and all assets of the trust are subject to the creditors of the Company in the event of insolvency.
+Added: In accordance with ASC Topic 710, Compensation – General (“ASC Topic 710”), the assets of the trust are consolidated with the accounts of the Company and are recognized in the Company’s consolidated balance sheets.
In accordance with ASC Topic 710, the Company remeasures the deferred compensation liability, with a charge (or credit) to compensation cost in the Company’s consolidated and combined statements of operations, to reflect changes in the fair value of the assets owed to the participants of the Deferred Compensation Plan.
1 unchanged sentence
The Company recorded compensation expense/(compensation cost credits) of $ 508 and $ 495 , for the years ended June 30, 2025 and 2024, respectively, within Selling, general and administrative expenses to reflect the remeasurement of the Deferred Compensation Plan liability.
−Removed: In addition, the Company recorded gains/(losses) of $ 495 and $ 225 , for the year ended June 30, 2024 and 2023, respectively, within Other income (expense), net to reflect the remeasurement of the fair value of assets under the Deferred Compensation Plan.
+Added: In addition, the Company recorded gains/(losses) of $ 508 and $ 495 , for the years ended June 30, 2025 and 2024, respectively, within Other income (expense), net to reflect the remeasurement of the fair value of assets under the Deferred Compensation Plan.
The investments made from employee contributions and investments sold for employee distributions of trust assets are classified as operating activities in the Company’s consolidated and combined statements of cash flows.
4 unchanged sentences
Share-based Compensation
−Removed: Prior to the MSGE Distribution Date, certain employees of the Company participated in the share-based compensation plans of Sphere Entertainment (“Sphere Entertainment Employee Stock Plans”).
+Added: Prior to the MSGE Distribution Date, certain employees of the Company participated in the share-based compensation plans of Sphere Entertainment.
The plans provide for discretionary grants of incentive stock options and non-qualified stock options, restricted shares, restricted stock units, performance stock units, stock appreciation rights and other share-based awards.
18 unchanged sentences
Prior to the MSGE Distribution, certain employees and the non-employee directors of Sphere Entertainment (some of whom are now employees or non-employee directors of the Company) participated in Sphere Entertainment equity award programs (the “Sphere Entertainment Stock Plans”).
−Removed: In connection with the MSGE Distribution, each option to purchase Sphere Entertainment’s Class A common stock became two options:
+Added: In connection with the MSGE Distribution:
+Added: • Each option to purchase Sphere Entertainment’s Class A common stock became two options:
one option to acquire Sphere Entertainment Class A common stock and one option to acquire the Company’s Class A common stock granted under the Employee Stock Plan.
The exercise price of the option was allocated between the existing Sphere Entertainment options and new Company options based upon the weighted average price of each of the Sphere Entertainment Class A common stock and the Company’s Class A Common Stock over the ten trading days immediately following the Distribution.
−Removed: In connection with the MSGE Distribution, each holder of a Sphere Entertainment RSU received one MSG Entertainment RSU in respect of every one Sphere Entertainment RSU owned on the record date and continues to be entitled to a share of Sphere Entertainment Class A common stock (or cash or other property) for each Sphere Entertainment RSU in accordance with the Sphere Entertainment award agreement.
−Removed: Additionally, each holder of a Sphere Entertainment employee PSU received one Company PSU (at target performance) in respect of every one Sphere Entertainment PSU (at target performance) owned on the Record Date and continues to be entitled to a share of Sphere Entertainment Class A common stock (or cash or other property) for each Sphere Entertainment PSU in accordance with the Sphere Entertainment award agreement.
−Removed: Further, in connection with the MSGE Distribution, each holder of a Sphere Entertainment director RSU received one share of the Company’s Class A common stock in respect of every one Sphere Entertainment RSU owned on the Record Date and continues to be entitled to a share of Sphere Entertainment Class A common stock (or cash or other property) in accordance with the Sphere Entertainment award agreement.
+Added: • Each holder of a Sphere Entertainment RSU received one MSG Entertainment RSU in respect of every one Sphere Entertainment RSU owned on the Record Date and continues to be entitled to a share of Sphere Entertainment Class A common stock (or cash or other property) for each Sphere Entertainment RSU in accordance with the Sphere Entertainment award agreement.
+Added: • Each holder of a Sphere Entertainment employee PSU received one Company PSU (at target performance) in respect of every one Sphere Entertainment PSU (at target performance) owned on the Record Date and continues to be entitled to a share of Sphere Entertainment Class A common stock (or cash or other property) for each Sphere Entertainment PSU in accordance with the Sphere Entertainment award agreement.
+Added: • Each holder of a Sphere Entertainment director RSU received one share of the Company’s Class A common stock in respect of every one Sphere Entertainment RSU owned on the Record Date and continues to be entitled to a share of Sphere Entertainment Class A common stock (or cash or other property) in accordance with the Sphere Entertainment award agreement.
Share-based Compensation Expense
9 unchanged sentences
_____________________
−Removed: (a) For Fiscal Years 2024, 2023 and 2022 share-based compensation excludes costs of $ 6,788 , $ 2,293 , and $ 1,612 , respectively, that have been reclassified to Restructuring charges in the consolidated and combined statements of operations, as detailed in Note 5, Restructuring Charges .
+Added: (a) For Fiscal Years 2024 and 2023 share-based compensation excludes costs of $ 6,788 , and $ 2,293 , respectively, that have been reclassified to Restructuring charges in the consolidated and combined statements of operations, as detailed in Note 5.
+Added: Restructuring Charges .
RSU and PSU Award Activity
3 unchanged sentences
Unvested award balance as of June 30, 2024
+Added: 815 1,182 $ 32.18
Granted 553 406 $ 40.57
3 unchanged sentences
733 1,060 $ 34.75
−Removed: (a) The fair value of RSUs and PSUs that vested and were distributed during Fiscal Year 2024 was $ 33,504 .
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: _____________________
+Added: (a) The weighted-average grant-date fair value for unvested awards granted prior to the MSGE Distribution Date reflects 1:2 conversion ratio adjustment associated with the MSGE Distribution as described above.
+Added: (b) The fair value of RSUs and PSUs that vested and were distributed during Fiscal Year 2025 was $ 39,319 .
Upon delivery, RSUs granted by the Company were net share-settled to cover the required statutory tax withholding obligations.
2 unchanged sentences
The cost is expected to be recognized over a weighted-average period of approximately 1.9 years.
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Stock Options Award Activity
2 unchanged sentences
The following table summarizes activity related to the Company’s stock options during Fiscal Year 2025:
−Removed: Number of Time Vesting Options Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value
+Added: Number of Time Vesting Options Weighted-Average Exercise Price Per Share (a)
+Added: Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value
Balance as of June 30, 2024
1 unchanged sentence
Balance as of June 30, 2025
−Removed: Exercisable on June 30, 2024 540 $ 55.93 2.06 $ —
−Removed: Stock Repurchase Program
−Removed: On March 29, 2023, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $ 250,000 of the Company’s Class A Common Stock (the “Stock Repurchase Program”).
−Removed: Pursuant to the Stock Repurchase Program, shares of Class A Common Stock may be purchased from time to time in open market or private transactions, block trades or such other manner as the Company may determine in accordance with applicable insider trading and other securities laws and regulations.
−Removed: The timing and amount of purchases will depend on market conditions and other factors.
−Removed: For Fiscal Year 2024, the Company repurchased 3,525 shares of Class A Common Stock for $ 115,512 .
−Removed: As of June 30, 2024, the Company had approximately $ 110,000 remaining available for repurchases under the Stock Repurchase Program.
−Removed: Accumulated Other Comprehensive Loss
−Removed: The following table details the components of accumulated other comprehensive loss:
394 $ 51.61 1.58 $ 503
−Removed: Balance at beginning of period $ ( 34,021 ) $ ( 34,740 ) $ ( 33,598 )
−Removed: Other comprehensive loss:
−Removed: Amounts reclassified from accumulated other comprehensive loss (a)
+Added: Exercisable on June 30, 2025
394 $ 51.61 1.58 $ 503
−Removed: Income tax (expense) benefit ( 372 ) 176 243
−Removed: Other comprehensive loss, total 1,759 ( 795 ) ( 1,142 )
−Removed: Adjustment related to the transfer of pension plans and postretirement plan liabilities as a result of the MSGE Distribution — 1,514 —
−Removed: Balance at end of period $ ( 32,262 ) $ ( 34,021 ) $ ( 34,740 )
_____________________
−Removed: (a) Amounts reclassified from accumulated other comprehensive loss represent curtailments, settlement losses recognized, the amortization of net actuarial gain (loss) and net unrecognized prior service credit included in net periodic benefit cost, which is reflected under Other income (expense), net in the accompanying consolidated and combined statements of operations (see Note 13.
−Removed: Pension Plans and Other Postretirement Benefit Plans).
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: Income tax benefit (expense) is comprised of the following components:
+Added: (a) The weighted-average grant-date fair value for awards granted prior to the MSGE Distribution Date reflects a conversion ratio adjustment associated with the MSGE Distribution as described above.
+Added: Income tax (expense) benefit is comprised of the following components:
Year Ended June 30,
2025 2024 2023
−Removed: Current (expense) benefit:
+Added: Current expense:
Federal $ ( 2,327 ) $ ( 97 ) $ ( 1,008 )
1 unchanged sentence
( 14,296 ) ( 188 ) ( 1,008 )
−Removed: Deferred benefit (expense):
+Added: Deferred (expense) benefit:
Federal ( 10,861 ) 47,607 6,198
1 unchanged sentence
( 13,834 ) 92,197 ( 720 )
−Removed: Income tax benefit (expense) $ 92,009 $ ( 1,728 ) $ 70
−Removed: The income tax benefit (expense) differs from the amount derived by applying the statutory federal rate to pre-tax income (loss) principally due to the effect of the following items:
+Added: Income tax (expense) benefit $ ( 28,130 ) $ 92,009 $ ( 1,728 )
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: The income tax (expense) benefit differs from the amount derived by applying the statutory federal rate to pre-tax income (loss) principally due to the effect of the following items:
Year Ended June 30,
2025 2024 2023
−Removed: Federal tax (expense) benefit at statutory federal rate $ ( 10,981 ) $ ( 16,332 ) $ 28,617
−Removed: State income taxes, net of federal benefit ( 9,039 ) ( 13,033 ) 12,141
+Added: Federal tax expense at statutory federal rate $ ( 13,768 ) $ ( 10,981 ) $ ( 16,332 )
+Added: State income taxes, net of federal tax expense ( 11,686 ) ( 9,039 ) ( 13,033 )
Change in valuation allowance — 108,506 34,147
1 unchanged sentence
Federal tax credits
−Removed: Capital loss carryover — 3,960 —
−Removed: Nondeductible transaction costs — ( 206 ) —
−Removed: GAAP income of consolidated partnership attributable to non-controlling interest — ( 116 ) ( 601 )
+Added: 1,172 1,139 —
Change in the estimated applicable tax rate used to determine deferred taxes 233 280 ( 557 )
2 unchanged sentences
Excess tax benefit related to share-based payment awards 12 412 ( 5,457 )
+Added: Capital loss carryover — — 3,960
+Added: Nondeductible transaction costs — — ( 206 )
+Added: GAAP income of consolidated partnership attributable to non-controlling interest — — ( 116 )
Other, net ( 18 ) 3 ( 7 )
−Removed: Income tax benefit (expense) $ 92,009 $ ( 1,728 ) $ 70
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: Income tax (expense) benefit $ ( 28,130 ) $ 92,009 $ ( 1,728 )
The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and liabilities at June 30, 2025 and 2024 were as follows:
10 unchanged sentences
Other, net 9,930 9,248
−Removed: Total gross deferred tax assets $ 145,881 $ 145,366
−Removed: Less valuation allowance — ( 95,352 )
−Removed: Net deferred tax assets $ 145,881 $ 50,014
+Added: Total deferred tax assets $ 141,249 $ 145,881
Deferred tax liabilities:
1 unchanged sentence
Prepaid expenses ( 6,460 ) ( 5,746 )
−Removed: Investments — ( 5,530 )
Straight-line rent ( 40,322 ) ( 31,806 )
Total deferred tax liabilities $ ( 87,177 ) $ ( 77,574 )
−Removed: Net deferred tax asset (liability) $ 68,307 $ ( 23,518 )
+Added: Deferred tax assets, net $ 54,072 $ 68,307
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized.
3 unchanged sentences
and projected future pretax income.
−Removed: Based on current facts and circumstances, management believes that it is more likely than not that the Company will realize its deferred tax assets and the valuation allowance was reversed in the fourth quarter of the fiscal year ended June 30, 2024.
+Added: Based on current facts and circumstances, management believes that it is more likely than not that the Company will realize its deferred tax
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
The Company will continue to assess the realizability of its deferred tax assets on a quarterly basis.
+Added: The deferred tax valuation allowance was $ 0 for Fiscal Years 2025 and 2024 , and $ 95,352 for Fiscal Year 2023 .
Prior to the MSGE Distribution, the Company and Sphere Entertainment entered into a Tax Disaffiliation Agreement (“TDA”) that governs the parties’ respective rights, responsibilities and obligations with respect to taxes and tax benefits.
1 unchanged sentence
federal, state, local and other applicable income taxes of the Company for any taxable period or portion of such period ending on or before the MSGE Distribution Date.
−Removed: The federal NOL carryforward as of June 30, 2024 was $ 52,000 .
−Removed: The NOL has an unlimited carryforward period.
Prior to the MSGE Distribution, the Company’s collections for ticket sales, sponsorships and suite rentals in advance were recorded as deferred revenue and were recognized as revenues when earned for both accounting and tax purposes.
2 unchanged sentences
At the time of the MSGE Distribution, the Company recorded a deferred tax asset of $ 71,395 and a corresponding valuation allowance of $ 71,395 with regard to the deferred revenue acceleration for income tax purposes.
−Removed: As of June 30, 2024, the Company has a deferred tax asset of $ 3,498 with regard to the deferred revenue acceleration and the remaining tax deduction will be recorded as deferred revenue is earned and the associated events occur or upon
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: payment of refunds.
−Removed: Income tax payments, net of refunds, were $ 58 for Fiscal Year 2024.
−Removed: Income tax refunds, net of payments, were $ 2,031 and $ 10,281 for Fiscal Years 2023 and 2022 , respectively, as if the Company was on a standalone basis prior to the MSGE Distribution.
+Added: As of June 30, 2025, the Company has a deferred tax asset of $ 2,929 with regard to the deferred revenue acceleration and the remaining tax deduction will be recorded as deferred revenue is earned and the associated events occur or upon payment of refunds.
+Added: Income tax payments, net of refunds, were $ 17,788 and $ 58 for Fiscal Years 2025 and 2024, respectively.
+Added: I ncome tax refunds, net of payments were $ 2,031 for Fiscal Year 2023 , as if the Company was on a standalone basis prior to the MSGE Distribution.
+Added: On Friday, July 4, 2025, President Trump signed into law the Reconciliation Bill commonly known as the “One Big Beautiful Bill Act” (the “OBBBA”).
+Added: OBBBA includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key Tax Cuts & Jobs Act provisions (both domestic and international), expanding certain Inflation Reduction Act incentives, and accelerating the phase-out of others.
+Added: The Company is currently evaluating the impact of these provisions on the Company’s consolidated financial statements.
Related Party Transactions
−Removed: As of June 30, 2024, members of the Dolan family, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, including trusts for the benefit of members of the Dolan family (collectively, the “Dolan Family Group”) collectively beneficially owned 100 % of the Company’s outstanding Class B Common Stock and approximately 3.9 % of the Company’s outstanding Class A Common Stock (inclusive of options exercisable within 60 days of June 30, 2024).
+Added: As of June 30, 2025, certain members of the Dolan family, including certain trusts for the benefit of members of the Dolan family (collectively, the “Dolan Family Group”), for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, collectively beneficially owned 100 % of the Company’s outstanding Class B Common Stock and approximately 3.6 % of the Company’s outstanding Class A Common Stock (inclusive of options exercisable within 60 days of June 30, 2025).
Such shares of Class A Common Stock and Class B Common Stock, collectively, represent approximately 64.0 % of the aggregate voting power of Company’s outstanding common stock.
6 unchanged sentences
• Arena License Agreements pursuant to which the Company (i) provides MSG Sports the right to use The Garden for games of the Knicks and Rangers for a 35 -year term in exchange for venue license fees, (ii) shares revenues collected for suite licenses, (iii) operates and manages the sale of the sports teams merchandise at The Garden for a commission, (iv) operates and manages the sale of food and beverage sales and catering services during the Knicks and Rangers games for a portion of net profits (as defined under the Arena License Agreements), (v) provides day of game services, and (vi) provides other general services within The Garden;
−Removed: • A services agreement pursuant to which the Company provides certain corporate and other transition services to MSG Sports, such as information technology, security, accounts payable, payroll, tax, certain legal functions, human resources, insurance and risk management, government affairs, investor relations, corporate communications, benefit plan administration and reporting, and internal audit functions as well as certain marketing functions, in exchange for service fees.
−Removed: MSG Sports also provides certain services to the Company, including certain legal functions, communications, ticket, sponsorship and premium hospitality-related sales and certain operational and marketing services, in exchange for service fees;
+Added: • A services agreement pursuant to which the Company provides certain corporate and other transition services to MSG Sports, such as information technology, executive support, accounts receivable, accounts payable, payroll, tax, certain legal functions, human resources, insurance and risk management, government affairs, investor relations, corporate communications, benefit plan administration and reporting, and internal audit functions as well as certain marketing and facilities-related functions, in exchange for service fees.
+Added: MSG Sports also provides certain services to the Company, including certain communications and legal services, in exchange for service fees;
• A sublease agreement, pursuant to which the Company subleases office space to MSG Sports;
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
• A group ticket sales representation agreement, pursuant to which the Company appointed MSG Sports as its sales and service representative to sell group ticket packages related to the Company’s events in exchange for a commission;
• A single night rental commission agreement, pursuant to which MSG Sports may, from time to time, sell (or make referrals for sales of) licenses for the use of suites at The Garden for individual Company events in exchange for a commission;
−Removed: • MSG Sports made market rate interest-bearing advances to the Company in connection with the construction of new premium hospitality suites at The Garden.
−Removed: The outstanding advances were fully repaid (including interest) in the second quarter of Fiscal Year 2024.
−Removed: As of June 30, 2024 and 2023, MSG Sports had advanced $ 0 and $ 304 , respectively, to the Company in connection with the arrangement.
−Removed: This advance had been recognized in Long-term debt, net of deferred financing costs in the accompanying consolidated and combined balance sheets;
• Aircraft arrangements (discussed below);
−Removed: • Arrangements pursuant to which MSG Sports provides certain premium hospitality and other business operations services to the Company, and pursuant to which MSG Sports previously provided certain sponsorship services to the Company;
+Added: • Arrangements pursuant to which MSG Sports provides certain services associated with the management of ticketing, premium hospitality sales, sponsorship sales and other business operations services to the Company;
• Other agreements such as a trademark license agreement and certain other arrangements.
The Company is party to the following agreements and/or arrangements with Sphere Entertainment:
−Removed: • A Transition Services Agreement (“TSA”) pursuant to which the Company provides certain corporate and other transition services to Sphere Entertainment, such as information technology, security, accounts payable, payroll, tax, certain legal functions, human resources, insurance and risk management, government affairs, investor relations, corporate communications, benefit plan administration and reporting, and internal audit functions as well as certain marketing functions, in exchange for service fees.
−Removed: Sphere Entertainment also provides certain services to the Company, including certain studios and corporate technology services, in exchange for service fees;
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: • A services agreement pursuant to which the Company provides certain corporate and other services to Sphere Entertainment, such as information technology, executive support, accounts receivable, accounts payable, payroll, tax, certain legal functions, human resources, insurance and risk management, government affairs, investor relations, corporate communications, benefit plan administration and reporting, and internal audit functions as well as certain marketing and facilities-related functions and certain booking services, in exchange for service fees.
+Added: Sphere Entertainment also provides certain services to the Company, including certain legal functions, in exchange for service fees;
+Added: • A marketing partnership allocation agreement, pursuant to which Sphere Entertainment receives an allocation of sponsorship revenues associated with the sponsorship agreements;
• Arrangements pursuant to which the Company provides certain sponsorship account management services to Sphere Entertainment in exchange for service fees;
+Added: • A sublease agreement, pursuant to which the Company subleases office space to Sphere Entertainment;
• Aircraft arrangements (discussed below);
−Removed: • Other agreements with Sphere Entertainment entered into in connection with the MSGE Distribution such as a distribution agreement, a tax disaffiliation agreement, an employee matters agreement, a stockholder and registration rights agreement, a trademark license agreement and certain other arrangements.
+Added: • Other agreements with Sphere Entertainment entered into in connection with the MSGE Distribution such as a distribution agreement, a tax disaffiliation agreement, an employee matters agreement, a trademark license agreement and certain other arrangements.
The Company was also party to the DDTL Facility, which provided for a $ 65,000 senior unsecured delayed draw term loan facility to Sphere Entertainment, which was fully drawn on July 14, 2023 and repaid by Sphere Entertainment on August 9, 2023.
3 unchanged sentences
The Networks Advertising Sales Representation Agreement was terminated effective as of December 31, 2022.
−Removed: • Through the MSGE Distribution Date, pursuant to the MSG Networks Services Agreement, the Company also provided certain services to MSG Networks, such as information technology, accounts payable and payroll, human resources, and other corporate functions, as well as the executive support services described below, in exchange for service fees.
+Added: • Through the MSGE Distribution Date, pursuant to the MSG Networks Services Agreement, the Company also provided certain services to MSG Networks, such as information technology, accounts receivable, accounts payable and payroll, human resources, and other corporate functions, as well as the executive support services described below, in exchange for service fees.
MSG Networks also provided certain services to the Company, in exchange for service fees.
−Removed: Following the MSGE Distribution, the Company continues to provide these services pursuant to the TSA with Sphere Entertainment and the MSG Networks Services Agreement is no longer in place.
+Added: Following the MSGE Distribution, the Company continues to provide these services pursuant to the services agreement with Sphere Entertainment and the MSG Networks Services Agreement is no longer in place.
Further, the Company shares certain executive support costs, including office space, executive assistants, security and transportation costs, for (i) the Company’s Executive Chairman and Chief Executive Officer with Sphere Entertainment and MSG Sports and (ii) the Company’s Vice Chairman with Sphere Entertainment, MSG Sports and AMC Networks.
−Removed: Prior to April 1, 2022, the Company also shared costs for Sphere Entertainment’s former President with Sphere Entertainment and MSG Sports.
The Company is a party to various aircraft arrangements:
−Removed: • Pursuant to certain Aircraft Support Services Agreements (the “Support Agreements”), the Company provides certain aircraft support services to (i) Charles F.
−Removed: Dolan, a director, and certain of his children, including James L.
+Added: • Pursuant to certain Aircraft Support Services Agreements, the Company provides (or provided, in the case of Charles F.
+Added: Dolan) certain aircraft support services to (i) Charles F.
+Added: Dolan, a former director, and certain of his children, including James L.
Dolan, the Company’s Executive Chairman, Chief Executive Officer and a director, Deborah Dolan-Sweeney, Patrick F.
1 unchanged sentence
Dolan, and (ii) an entity controlled by Patrick F.
−Removed: Dolan, the son of Charles F.
−Removed: Dolan and brother of James L.
−Removed: • The Company is party to reciprocal time sharing/dry lease agreements with Charles F.
−Removed: Dolan and Sterling2k LLC (collectively, “CFD”), an entity owned and controlled by Deborah Dolan-Sweeney, the daughter of Charles F.
−Removed: Dolan and the sister of James L.
−Removed: Dolan, pursuant to which the Company has agreed from time to time to make its aircraft available to CFD and CFD has agreed from time to time to make its aircraft available to the Company.
−Removed: Pursuant to the terms of the agreements, CFD may lease on a non-exclusive, “time sharing” basis, certain Company aircraft.
+Added: Dolan, the brother of James L.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: • The Company was party to reciprocal time sharing/dry lease agreements with Charles F.
+Added: Dolan and Sterling2k LLC (collectively, “CFD”), an entity owned and controlled by Deborah Dolan-Sweeney, the sister of James L.
+Added: Dolan, pursuant to which the Company had agreed from time to time to make its aircraft available to CFD and CFD had agreed from time to time to make its aircraft available to the Company.
+Added: Pursuant to the terms of the agreements, CFD could lease on a non-exclusive, “time sharing” basis, certain Company aircraft.
+Added: Both of these agreements were terminated in July 2025.
• The Company is also party to a dry lease agreement and a time sharing agreement with Brighid Air, LLC (“Brighid Air”), a company owned and controlled by Patrick F.
−Removed: Dolan, the son of Charles F.
−Removed: Dolan and the brother of James L.
+Added: Dolan, the brother of James L.
Dolan, pursuant to which Brighid Air has agreed from time to time to make its Bombardier BD100-1A10 Challenger 350 aircraft (the “Challenger”) available to the Company on a non-exclusive basis.
−Removed: In connection with the dry lease agreement, the Company also entered into a Flight Crew Services Agreement (the “Flight Crew Agreement”) with Dolan Family Office, LLC (“DFO”), an entity owned and controlled by Charles F.
+Added: In connection with the dry lease agreement, the Company also entered into a Flight Crew Services Agreement with Dolan Family Office, LLC (“DFO”), an entity owned and controlled by the estate of Charles F.
Dolan, pursuant to which the Company may utilize pilots employed by DFO for purposes of flying the Challenger when the Company is leasing that aircraft under the Company’s dry lease agreement with Brighid Air.
−Removed: • Prior to December 21, 2021, the Company was also party to (i) a reciprocal time sharing/dry lease agreement with Quart 2C, LLC (“Q2C”), a company controlled by James L.
−Removed: Dolan and Kristin A.
−Removed: Dolan, his spouse, pursuant to which the Company from time to time made its aircraft available to Q2C, and Q2C, from time to time made its aircraft available to the Company, and (ii) an aircraft support services agreement with an entity controlled by James L.
−Removed: Dolan, pursuant to which the Company provided certain aircraft support services.
−Removed: These agreements were no longer effective as of December 21, 2021.
• The Company is party to various arrangements with each of Sphere Entertainment and MSG Sports, pursuant to which (i) Sphere Entertainment and MSG Sports each have the right to lease on a “time-sharing” basis certain aircraft to which the Company has access, (ii) the Company has the right to dry lease certain aircraft leased by MSG Sports and (iii) the Company provides certain aircraft support services.
−Removed: The Company, Sphere Entertainment, and MSG Sports have agreed to allocate expenses in connection with the use by each company (or their executives) of aircraft leased by the Company and MSG
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: The Company, Sphere Entertainment, and MSG Sports have agreed to allocate expenses in connection with the use by each company (or their executives) of aircraft leased by the Company and MSG Sports.
The Company is also party to various arrangements with AMC Networks pursuant to which AMC Networks has the right to lease on a “time-sharing” basis certain aircraft to which the Company has access.
Additionally, the Company, Sphere Entertainment, MSG Sports and AMC Networks have agreed on an allocation of the costs of certain aircraft and helicopter use by their shared executives.
−Removed: The Company has also entered into a commercial agreement with CPC, under which CPC provides sponsorship sales services.
−Removed: The Company recorded commission expense of $ 1,507 for the year ended June 30, 2024, and did not record any commission expense for the years ended June 30, 2023 and 2022, as the arrangement was not yet in place during those periods .
+Added: In the third quarter of Fiscal Year 2024, the Company entered into a commercial agreement with Oak View Group’s Crown Properties Collection, LLC (“CPC" under which CPC provided sponsorship sales services.
+Added: The Company recorded commission expense of $ 4,897 and $ 1,507 for the years ended June 30, 2025 and 2024, respectively, and did not record any commission expense for the year ended June 30, 2023, as the arrangement was not yet in place during that period .
As of June 30, 2025 and 2024, prepaid expenses associated with this arrangement were $ 6,062 and $ 5,993 , respectively, and are reported under Prepaid expenses and other current assets, and Other non-current assets in the accompanying consolidated balance sheets.
+Added: As of June 30, 2025 and 2024, accrued expenses associated with this arrangement were $ 1,614 and $ 0 , respectively, and are reported under Accounts payable, accrued and other current liabilities in the accompanying consolidated balance sheets.
+Added: The Company provided a notice of termination with respect to the commercial agreement in the first quarter of Fiscal Year 2025 and subsequently negotiated a wind down.
+Added: On June 2, 2025, CPC repurchased the Company’s equity interest in CPC, and as a result, CPC is no longer considered to be a related party.
From time to time the Company enters into arrangements with 605, LLC (“605”).
4 unchanged sentences
In August 2022, a subsidiary of Sphere Entertainment entered into a three-year agreement with 605, valued at $ 750 , covering several customer analysis projects per year in connection with events held at our venues, which was assigned to the Company in connection with the MSGE Distribution.
−Removed: Pursuant to this arrangement, the Company recognized $ 34 and $ 272 of expense for the years ended June 30, 2024 and 2023.
−Removed: No expense was recognized for Fiscal Year 2022.
+Added: Pursuant to this arrangement, the Company recognized $ 0 , $ 34 and $ 272 of expense for the years ended June 30, 2025, 2024 and 2023, respectively.
On September 13, 2023, 605 was sold to iSpot.tv, and James L.
2 unchanged sentences
As a result, as of September 13, 2023, 605 is no longer considered to be a related party.
−Removed: As of June 30, 2022 , the Company had $ 637 of notes payable with respect to a loan received by BCE from its noncontrolling interest holder.
−Removed: The BCE Disposition was completed on December 2, 2022 and as a result, as of June 30, 2023 , the Company had no notes payable to related parties.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Revenues and Operating Expenses
5 unchanged sentences
Revenues $ 109,775 $ 101,835 $ 105,862
−Removed: Operating expenses (credits):
−Removed: Revenue sharing expenses 21,567 19,056 17,279
−Removed: Reimbursement under Arena License Arrangements ( 25,107 ) ( 22,279 ) ( 25,827 )
+Added: Operating credits (expenses):
+Added: Revenue sharing expenses (a)
+Added: ( 21,306 ) ( 21,567 ) ( 19,056 )
+Added: Reimbursement under Arena License Agreements 29,559 25,107 22,279
Cost reimbursement from MSG Sports 37,243 37,409 38,473
Corporate reimbursement from Sphere Entertainment (after April 20, 2023) and Corporate allocations to Sphere Entertainment (before April 21, 2023) 78,534 108,767 151,219
−Removed: ( 108,767 ) ( 151,219 ) ( 161,189 )
−Removed: Other operating expenses, net ( 824 ) 3,949 4,995
−Removed: Total operating expenses (credits), net (a)
+Added: Other operating (expenses) credits, net ( 1,210 ) 824 ( 3,949 )
+Added: Total operating credits, net (b)
$ 122,820 $ 150,540 $ 188,966
_____________________
−Removed: (a) Of the total operating expenses (credits), net, $ 1,453 , $( 1,019 ) and $( 9,347 ) of net expenses (credits) for Fiscal Years 2024, 2023 and 2022, respectively, are included in direct operating expenses in the accompanying consolidated and combined statements of operations, and $( 151,993 ), $( 187,947 ) and $( 193,649 ) for Fiscal Years 2024, 2023 and 2022, respectively, are included as net credits in selling, general and administrative expenses.
−Removed: In Fiscal Year 2024, the Knicks and the Rangers played a total of 105 home games at The Garden and the Company recorded $ 68,068 of revenues under the Arena License Agreements for Fiscal Year 2024.
+Added: (a) Amounts exclude revenue sharing expenses of $ 125,702 , $ 115,026 and $ 99,961 related to MSG Sports suites revenue sharing for Fiscal Years 2025, 2024 and 2023, respectively, and are included in Direct operating expenses in the accompanying consolidated and combined statements of operations.
+Added: (b) Of the total operating credits (expenses), net, $ 5,866 , $( 1,453 ) and $ 1,019 of net credits (expenses) for Fiscal Years 2025, 2024 and 2023, respectively, are included in Direct operating expenses in the accompanying consolidated and combined statements of operations, and $ 116,954 , $ 151,993 and $ 187,947 for Fiscal Years 2025, 2024 and 2023, respectively, as net credits are included in Selling, general and administrative expenses in the accompanying consolidated and combined statements of operations.
+Added: In Fiscal Year 2025, the Knicks and the Rangers played a total of 97 home games at The Garden and the Company recorded $ 68,068 of revenues under the Arena License Agreements.
In addition, for Fiscal Year 2025 the Company recorded revenues under sponsorship sales and service representation agreements with MSG Sports of $ 20,523 , and merchandise sharing revenues with MSG Sports of $ 7,292 .
1 unchanged sentence
In Fiscal Year 2024, the Knicks and the Rangers played a total of 105 home games at The Garden and the Company recorded $ 68,068 of revenues under the Arena License Agreements.
−Removed: In addition, for Fiscal Year 2023, the Company recorded revenues under sponsorship sales and service representation agreements with MSG Sports of $ 19,063 and merchandise sharing revenues with MSG
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: Sports of $ 5,550 .
−Removed: The Company recorded revenues under the Networks Advertising Sales Representation Agreement of $ 8,802 for Fiscal Year 2023.
+Added: In addition, for Fiscal Year 2024, the Company recorded revenues under sponsorship sales and service representation agreements with MSG Sports of $ 19,481 and merchandise sharing revenues with MSG Sports of $ 7,200 .
The Company also earned $ 3,758 of sublease revenue from related parties during Fiscal Year 2024.
−Removed: In Fiscal Year 2022, the Knicks and the Rangers played a total of 98 home games at The Garden and the Company recorded $ 68,072 of revenues under the Arena License Agreements for Fiscal Year 2022.
+Added: In Fiscal Year 2023, the Knicks and the Rangers played a total of 96 home games at The Garden and the Company recorded $ 68,068 of revenues under the Arena License Agreements.
In addition, for Fiscal Year 2023, the Company recorded revenues under sponsorship sales and service representation agreements with MSG Sports of $ 19,063 and merchandise sharing revenues with MSG Sports of $ 5,550 .
4 unchanged sentences
Revenue sharing expenses include MSG Sports’ share of the Company’s in-venue food and beverage sales and certain venue signage agreements.
−Removed: Reimbursements under Arena License Arrangements
−Removed: Fees recognized by the Company under the Arena License Agreements with MSG Sports for use of The Garden are reported as operating lease revenues in accordance with ASC Topic 842.
+Added: Reimbursements under Arena License Agreements
+Added: Per the Arena License Agreement, discussed above, fees recognized by the Company under this agreement with MSG Sports for use of The Garden are reported as operating lease revenues in accordance with ASC Topic 842.
In addition, the Company records credits to Direct operating expenses as a reimbursement under the Arena License Agreements.
Cost reimbursement from MSG Sports
−Removed: Per the services agreement described above, the Company’s corporate overhead expenses that are charged to MSG Sports are primarily related to centralized functions, including information technology, security, accounts payable, payroll, tax, legal, human resources, insurance and risk management, investor relations, corporate communications, benefit plan administration and reporting, and internal audit.
+Added: Per the services agreement described above, the Company’s corporate overhead expenses that are charged to MSG Sports are primarily related to centralized functions, including information technology, security, accounts receivable, accounts payable, payroll, tax, legal, human resources, insurance and risk management, investor relations, corporate communications, benefit plan administration and reporting, and internal audit.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Corporate reimbursement from Sphere Entertainment (after April 20, 2023) and Corporate allocations to Sphere Entertainment (before April 21, 2023)
3 unchanged sentences
In addition, corporate allocations to Sphere Entertainment include charges to MSG Networks under the MSG Networks Services Agreement prior to the MSGE Distribution.
−Removed: Other Operating Expenses, net
+Added: Other operating (expenses) credits, net
The Company and its related parties enter into transactions with each other in the ordinary course of business.
1 unchanged sentence
Dolan, the Executive Chairman, Chief Executive Officer and a director of the Company, for office space and the cost of certain technology services.
−Removed: In addition, other operating expenses primarily include net charges relating to (i) reciprocal aircraft arrangements between the Company and each of Q2C and CFD, (ii) the aircraft arrangements described above (iii) commission under the group ticket sales representation agreement with MSG Sports, and (iv) expenses for advertising and promotional services rendered by MSG Networks.
−Removed: The reciprocal aircraft arrangement between the Company and Q2C and the related aircraft support services arrangement between them was no longer effective as of December 21, 2021.
+Added: In addition, other operating expenses primarily include net charges relating to (i) reciprocal aircraft arrangements between the Company and CFD, (ii) the aircraft arrangements described above (iii) commission under the group ticket sales representation agreement with MSG Sports, (iv) expenses for advertising and promotional services rendered by MSG Networks, and (v) commission expenses for CPC.
Other Related Party Matters
3 unchanged sentences
This loan is in the form of a demand promissory note, payable immediately upon order from Eden.
−Removed: The loan payable to the Company held by Sphere Entertainment under the Eden
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
−Removed: Loan Agreement was assigned by Sphere Entertainment to the Company in connection with the MSGE Distribution, and is eliminated in consolidation by the Company for periods subsequent to the MSGE Distribution.
+Added: The loan payable to the Company held by Sphere Entertainment under the Eden Loan Agreement was assigned by Sphere Entertainment to the Company in connection with the MSGE Distribution, and is eliminated in consolidation by the Company for periods subsequent to the MSGE Distribution.
During Fiscal Year 2023, Eden declared and paid dividends to Sphere Entertainment through a reduction of the loan receivable from Sphere Entertainment.
2 unchanged sentences
The cash flows related to this loan receivable for periods prior to the MSGE Distribution are reflected as investing activities, as these balances represent amounts loaned by the Company to Sphere Entertainment.
−Removed: The Company recorded related party interest income of $ 0 , $ 3,177 and $ 2,117 related to the Eden Loan Agreement in Fiscal Years 2024, 2023 and 2022.
−Removed: On May 23, 2019, the Company entered into a subordinated credit agreement with TAO Group Sub-Holdings, LLC (“TAOG Sub-Holdings”), which was a subsidiary of Sphere Entertainment (the “TAO Subordinated Credit Agreement”), under which the Company granted TAOG Sub-Holdings a $ 49,000 subordinated loan.
−Removed: This loan had a maturity date of August 22, 2024.
−Removed: On June 15, 2020, the TAO Subordinated Credit Agreement was amended to provide an additional $ 22,000 of borrowing capacity and subsequently, the Company provided additional proceeds of $ 19,000 under the TAO Subordinated Credit Agreement.
−Removed: There were no mandatory repayments of principal until the maturity date.
−Removed: Subject to customary notice and minimum amount conditions, TAOG Sub-Holdings could voluntarily prepay outstanding loans under the TAO Subordinated Credit Agreement at any time, in whole or in part, without premium or penalty.
−Removed: Interest was due monthly in cash or paid-in-kind based on the terms of the TAO Senior Credit Agreement.
−Removed: On June 9, 2022, Sphere Entertainment paid the full outstanding principal amount of this TAO Subordinated Credit Agreement.
−Removed: The cash flows related to this loan receivable are reflected as investing activities, as these balances represent amounts loaned by the Company to Sphere Entertainment.
−Removed: The Company recorded related party interest income of $ 4,420 related to the TAO Subordinated Credit Agreement during the Fiscal Year 2022.
+Added: The Company recorded related party interest income of $ 3,177 related to the Eden Loan Agreement in Fiscal Year 2023.
Cash Management
2 unchanged sentences
Cash and cash equivalents were attributed to the Company for each of the periods presented, as such cash was held in accounts legally owned by the Company.
−Removed: Transfers o f cash both to and from Sphere Entertainment were included as components of Sphere Entertainment’s Investment on the combined statements of equity (deficit).
+Added: Transfers o f cash both to and from Sphere Entertainment were included as components of Sphere Entertainment’s Investment in the consolidated and combined statements of deficit.
The main components of the net transfers (to)/from Sphere Entertainment were cash pooling/general financing activities, various expense allocations to/from Sphere Entertainment, and receivables/payables from/(to) Sphere Entertainment deemed to be effectively settled upon the distribution of the Company by Sphere Entertainment.
3 unchanged sentences
As part of this activity, cash balances were swept to Sphere Entertainment regularly as part of the Sphere Entertainment cash management policy.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: Segment Information
+Added: The Company is managed on a consolidated basis through one operating and reportable segment, MSG Entertainment.
+Added: MSG Entertainment includes the Company’s portfolio of venues:
+Added: The Garden, The Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and The Chicago Theatre.
+Added: MSG Entertainment also includes the original production, the Christmas Spectacular , as well as the bookings business, which features a variety of live entertainment and sports experiences.
+Added: In making its segment determination, the Company takes into account the types of products and services offered as well as the type of discrete financial information that is available and regularly reviewed by its CODM.
+Added: The Company’s CODM is the Company’s Executive Chairman and CEO.
+Added: The Company’s MSG Entertainment segment derives revenues primarily from entertainment offerings held at its venues that drive ticket sales and other ticket-related revenues, venue license fees from third-party promoters, sponsorships and signage, suite license fees at The Garden, concessions, merchandising and tours at certain of the Company’s venues.
+Added: The amount of revenue and expense recorded by the Company for a given event depends to a significant extent on whether the Company is promoting or co-promoting the event or is licensing a venue to a third-party or MSG Sports.
+Added: The CODM regularly reviews consolidated net income as the measure of segment profit or loss to evaluate operating performance and make strategic decisions regarding the allocation of resources.
+Added: The CODM is regularly provided with the consolidated expense categories presented in the Consolidated and Combined Statements of Operations.
+Added: As a result, there are no other significant segment expense categories that would require disclosure.
+Added: The CODM does not review segment assets at a different asset level or category than those disclosed in the consolidated balance sheets.
Additional Financial Information
5 unchanged sentences
$ 43,538 $ 33,555
−Removed: The Company’s cash equivalents consist of money market accounts and time deposits of $ 29,501 and $ 58,132 for Fiscal Years 2024 and 2023, respectively.
+Added: The Company’s cash equivalents consist of money market accounts and time deposits of $ 39,473 and $ 29,501 as of June 30, 2025 and June 30, 2024, respectively.
Cash equivalents are measured at fair value within Level I of the fair value hierarchy on a recurring basis using observable inputs that reflect quoted prices for identical assets in active markets.
−Removed: The Company’s restricted cash includes cash deposited in an escrow account related to general liability insurance obligations.
−Removed: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
−Removed: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
+Added: The Company’s restricted cash includes cash deposited in escrow and operating accounts.
+Added: The Company has deposited cash in escrow and operating accounts related to general liability insurance obligations.
Prepaid expenses and other current assets consisted of the following:
10 unchanged sentences
(b) Inventory is primarily comprised of food and liquor for venues.
+Added: MADISON SQUARE GARDEN ENTERTAINMENT CORP.
+Added: NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
Other non-current assets consisted of the following:
15 unchanged sentences
Cash due to promoters 76,455 67,697
−Removed: Accrued expenses 38,314 44,027
+Added: Accrued expenses and other current liabilities 41,448 38,314
Total accounts payable, accrued and other current liabilities $ 184,360 $ 203,750
−Removed: Other income (expense), net includes the following:
+Added: Stock Repurchase Program
+Added: On March 29, 2023, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $ 250,000 of the Company’s Class A Common Stock (the “Stock Repurchase Program”).
+Added: Pursuant to the Stock Repurchase Program, shares of Class A Common Stock may be purchased from time to time in open market or private transactions, block trades or such other manner as the Company may determine in accordance with applicable insider trading and other securities laws and regulations.
+Added: The timing and amount of purchases will depend on market conditions and other factors.
+Added: For Fiscal Year 2025, the Company repurchased 1,118 shares of Class A Common Stock for $ 39,692 , excluding excise tax.
+Added: As of June 30, 2025, the Company had $ 69,796 remaining available for repurchases under the Stock Repurchase Program.
+Added: Other (expense) income, net
+Added: Other (expense) income, net includes the following:
Years Ended June 30,
2025 2024 2023
−Removed: Gains from shares sold — DraftKings $ 1,548 $ 2,608 $ —
−Removed: (Loss) gain from shares sold - Townsquare ( 1,694 ) 975 —
−Removed: Net unrealized (loss) gain on equity investments with readily determinable fair value
+Added: Net periodic benefit costs (excluding service costs) $ ( 2,558 ) $ ( 3,442 ) $ ( 3,414 )
+Added: Realized and unrealized gain (loss) on equity investments with readily determinable fair value
127 ( 1,242 ) 19,858
2 unchanged sentences
Concentration of Risk
−Removed: As of June 30, 2024, the Company had one customer that made up 12 % of total accounts receivable, net.
−Removed: During Fiscal Year 2024 the Company had no customers that made up 10% of total revenues.
−Removed: As of June 30, 2024, approximately 4,700 full-time and part-time employees, who represent approximately 70 % of our workforce, were represented by unions.
+Added: As of June 30, 2025, the Company did not have any customers that made up 10% of total Accounts receivable, net on the accompanying consolidated balance sheets.
+Added: As of June 30, 2024, the Company had one customer that made up 12 % of total Accounts receivable, net on the accompanying consolidated balance sheets.
+Added: For Fiscal Years 2025, 2024 and 2023, the Company did not have any customers that made up 10% of total revenues in the accompanying consolidated and combined statements of operations.
+Added: As of June 30, 2025, approximately 4,700 full-time and part-time employees, who represent approximately 71 % of the Company’s workforce, were represented by unions.
Approximately 11 % of such union employees are subject to CBAs that expired as of June 30, 2025 and approximately 36 % are subject to CBAs that will expire by June 30, 2026 if they are not extended prior thereto.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.