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Dec 31, 2023
MSG Sports Q2 2024 Earnings Report
MSG Sports' Q2 2024 financial results were reported, revealing a decrease in revenue and operating income compared to the prior-year period.
Key Takeaways
Madison Square Garden Sports Corp. reported a decrease in revenue of $26.8 million, or 8%, compared to the prior year period, primarily due to fewer home games played by the Knicks and Rangers. Operating income also decreased by $22.7 million, or 44%.
Revenues decreased by 8% due to fewer home games for the Knicks and Rangers.
Operating income decreased by 44% compared to the prior year period.
Average per-game revenues increased across key categories.
Local and national media rights fees increased due to contractual rate increases.
MSG Sports
MSG Sports
Forward Guidance
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industry in which it operates, and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.