Madison Square Garden Entertainment has completed its previously announced acquisition of MSG Networks.
According to the announcement, this merger creates a leading entertainment and media company with greater scale and revenue diversity.
The combined company features venues, entertainment brands and regional sports and entertainment networks that together “create a powerful platform for partners, advertisers, and consumers”, according to the statement.
The company is planning state-of-the-art MSG Sphere venues in Las Vegas and London.
Andrew Lustgarten will continue to serve as president of MSG Entertainment, and Andrea Greenberg will join MSG Entertainment and serve as president and CEO of MSG Networks, both reporting to MSG Entertainment executive chairman and CEO, James Dolan.
Lustgarten said: “We are pleased to complete this transaction, creating a stronger, more diversified company with both strategic and financial benefits. We look forward to utilising our collective portfolio of complementary assets to drive new opportunities for customers and partners, as well as long-term value for shareholders.”
Greenberg said: “MSG Networks now benefits from being part of a larger company with greater resources that will be used to execute on the combined company’s objectives. These include pursuing new initiatives across both entertainment and media with the ultimate goal of driving continued growth.”
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