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The Sports Index stock of the week: Madison Square Garden Sports - Sports stock market benchmark
The power of multiplication via division. Apparently, investors are buying into the notion that two halves are better than one whole, at least when it comes to the Big Apple. Holding company Madison Square Garden Sports Corp. (MSGS:NYSE) this week announced it would be spinning off its two major assets, the NBA's New York Knicks and NHL's New York Rangers, into two separate tracking stocks, per Businesswire. Investors responded by sending MSGS shares to a record high at Wednesday's close of the trading day, per Reuters. Madison Square Garden's corporate entity and controlling shareholders, foremost James Dolan, have gone back and forth, first with consolidation of assets and then later splitting up properties. A decade ago, the two teams along with the famous Madison Square Garden arena, Radio City Music Hall, and the TV network that airs the teams' games were all under one umbrella stock. Then, they were splintered into Madison Square Garden Sports, Madison Square Garden Entertainment (MSGE:NYSE), and the latest edition, Sphere Entertainment (SPHR:NYSE). Now they're adding a fourth publicly-traded vehicle. The company continues to fractionalize assets to maximize shareholder value. .
BULL-BEAR Leaderboard © by The Sports Index sports stock market sports business
BULL-BEAR Leaderboard © by The Sports Index sports stock market sports business
BULL-BEAR Leaderboard © tracking the top and bottom performers in each of our 12 proprietary stock market indices, plus peripherally-related casino gaming companies as well as exchange traded funds.
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