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Share Name | Share Symbol | Market | Type |
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eBay Inc | NASDAQ:EBAY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.11 | 0.22% | 49.50 | 27.84 | 70.20 | 50.26 | 49.37 | 49.60 | 6,896,725 | 05:00:08 |
Madison Square Garden Co., which said in October that it would explore separating its entertainment businesses from its media and sports operations, added Thursday that it would consider breaking up further.
Possibilities include a separation of its media operations from its sports and entertainment businesses, MSG said Thursday.
The company's sports and media activities include the New York Knicks and Rangers and the MSG regional sports TV networks. The entertainment business presents and hosts concerts and other live events. In 2010, MSG itself was spun out of Cablevision Systems Corp.
Madison Square Garden said in October that it would nominate to its board Nelson Peltz, an activist investor who runs Trian Fund Management LP, as well as Scott Sperling, co-president of private-equity firm Thomas H. Lee Partners.
Mr. Peltz and Trian are known for pushing to split up companies, a trend that has been gaining momentum in the past year as investors have increasingly called for companies to focus on a few core businesses and shed other operations. Firms ranging from PepsiCo Inc. to eBay Inc. have faced such pressure from activists. EBay has announced breakup plans, while PepsiCo hasn't.
JAT Capital Management, a hedge fund, disclosed an activist position in MSG in late August. In October it said it was "very pleased" with MSG's spinoff plans.
During the third quarter, MSG's revenue climbed to $241.7 million from $215.6 million, benefiting from strength at its entertainment and sports segments.
Write to Josh Beckerman at josh.beckerman@wsj.com
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