Madison Square Garden Entertainment Reports Secondary Offering Of 5.25M Shares By Selling Stockholder Sphere Entertainment
Portfolio Pulse from Benzinga Newsdesk
Madison Square Garden Entertainment (MSGE) reports a secondary offering of 5.25 million shares by selling stockholder Sphere Entertainment. MSGE also plans to repurchase shares worth $25 million from Sphere Entertainment.
June 20, 2023 | 9:00 pm
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MSGE announces a secondary offering of 5.25 million shares by Sphere Entertainment and plans to repurchase $25 million worth of shares.
The secondary offering will increase the number of shares available in the market, which could dilute the value of existing shares. However, the planned share repurchase by MSGE will help offset this dilution, resulting in a neutral short-term impact on the stock price.
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