Madison Square Garden Entertainment (MSGE) Completes Spin-Off from Sphere Entertainment Co. (SPHR)

Madison Square Garden Entertainment Corp. (NYSE: MSGE) (the "Company" or "MSG Entertainment") (formerly MSGE Spinco, Inc.) today announced that it has completed its spin-off from Sphere Entertainment Co. (NYSE: SPHR) ("Sphere Entertainment") (formerly Madison Square Garden Entertainment Corp.) and will begin trading today on the NYSE under the ticker symbol "MSGE."

The spin-off distribution was completed at 11:59 p.m. on April 20, 2023 to stockholders of record of Sphere Entertainment as of the close of business on April 14, 2023. Each of Sphere Entertainment's stockholders received a distribution of one share of the new MSG Entertainment Class A or Class B common stock for every share of Sphere Entertainment Class A or Class B common stock, respectively, held as of the record date, representing approximately 67% of the outstanding shares of the new MSG Entertainment. Sphere Entertainment owns the remaining approximately 33% of MSG Entertainment's outstanding shares.

No action or payment was required by stockholders of Sphere Entertainment to receive the new MSG Entertainment shares. Stockholders who held Sphere Entertainment common stock as of the record date will receive a book-entry account statement reflecting their ownership of the new MSG Entertainment shares or have their brokerage account credited with the new MSG Entertainment shares.

The spin-off has been structured to qualify as a tax-free distribution for U.S. federal income tax purposes. Sphere Entertainment stockholders are urged to consult with their tax advisors with respect to the U.S. federal, state, local and foreign tax consequences of the spin-off.

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