Madison Square Garden Entertainment Corp. said late Tuesday its board has approved a “revised” plan for the planned spinoff of its businesses, and it is now exploring the separation of its live-entertainment business from the company’s MSG Sphere, MSG Networks, and Tao Group Hospitality. Madison Square Garden had said it was looking to spin off the live entertainment business alongside the media business MSG Networks. “However, after thorough evaluation, the company believes the revised plan is optimal for maximizing shareholder value, while providing both companies with enhanced strategic and financial flexibility to drive long-term growth,” it said in a statement. Shares dropped about 1% in the extended session Tuesday after ending the regular trading day down 2.7%.
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