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Stock Market & Financial Investment News

News Breaks
January 7, 2013
11:15 EDTMSGMSG climbs after NHL reaches tentative deal with players
Madison Square Garden (MSG), which owns the New York Rangers of the National Hockey League, is climbing after the league and its players tentatively agreed a new contract yesterday. The deal, which is expected to end a lockout and enable the NHL to play a shortened season this year, would impose a salary cap of slightly over $70M this year. Next year the cap will drop to approximately $64M. Moreover, players' share of all hockey related revenue will decline to 50% from 57%. However, the players will also receive $300M in transition payments. In a note to investors earlier today, Stifel Nicolaus analyst Benjamin Mogil wrote that the deal is positive for Madison Square Garden, in light of the concessions that NHL owners obtained from the players. Moreover, as a result of the deal and its timing, Madison Square Garden will be able to avoid paying compensation to cable TV companies for the lockout, Mogil wrote. The analyst maintained a Buy rating on the stock, which rose $1.24, or 2.74%, to $46.52.
News For MSG From The Last 14 Days
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December 18, 2014
16:37 EDTMSGMadison Square Garden board directs management to consider additional spin-offs
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