Madison Square Garden Entertainment Corp.’s board of directors on Thursday approved the spinoff of a company that will oversee the MSG Sphere at The Venetian, MSG Networks and its Tao Group Hospitality businesses.
The new company, to be known as Sphere Entertainment Co., is expected to be formally in play April 20 and will be traded on the New York Stock Exchange with the symbol “SPHR.”
“With today’s announcement, we are one step closer toward our goal of creating two distinct companies, each well positioned to generate long-term value for our shareholders,” Executive Chairman and CEO James Dolan said in a release.
Company executives first began considering a corporate spinoff last year.
