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Sphere Entertainment Spins Off Traditional Live Entertainment Businesses
- Client News
- April 20, 2023
Paul, Weiss advised premier live entertainment and media company Sphere Entertainment Co. in the tax-free spin-off of its traditional live entertainment businesses. The company changed its name from Madison Square Garden Entertainment Corp. to Sphere Entertainment Co. and is trading on the New York Stock Exchange under the new ticker symbol “SPHR,” while the newly formed live entertainment company took on the name Madison Square Garden Entertainment Corp. and is trading on the NYSE under the ticker symbol “MSGE.” Following the spinoff, stockholders of Sphere Entertainment own approximately 67% of the outstanding shares of MSG Entertainment, with Sphere Entertainment owning the remaining 33%.
The Paul, Weiss team included corporate partners Laura Turano and Krishna Veeraraghavan; litigation partners Andre Bouchard, Jay Cohen and Elizabeth Sacksteder; and tax partner Brian Krause.