RTTNews | Mar 26, 2021 07:43AM EDT

07:42 Friday, March 26, 2021 (RTTNews.com) - Madison Square Garden Entertainment Corp. (MSGE) announced that it has agreed to buy MSG Networks Inc. (MSGN) in an all-stock, fixed exchange ratio transaction.

MSG Entertainment believes that the business combination would create a more diversified revenue base for the company with a strong liquidity position to support its live entertainment business.

Upon the closing the deal, MSG Networks stockholders would receive 0.172 shares of MSG Entertainment for each MSG Networks share they own.

In the year 2020, MSG Networks had revenues of $685.8 million.

MSG Entertainment President Andrew Lustgarten said: "MSG Entertainment is actively executing a plan designed to grow the Company beyond its established collection of assets into one that is pioneering the next generation of entertainment. We have always believed in the value of live sports and look forward to welcoming MSG Networks back into the fold as part of a transaction that we are confident would enhance our financial flexibility and set the stage for continued growth and value creation."

Read the original article on RTTNews ( https://www.rttnews.com/3180570/msg-entertainment-to-buy-msg-networks-in-all-stock-deal-quick-facts.aspx)

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