Madison Square Garden Triples Profits; Media & Sports Outperform Entertainment

Wall Street is bullish on the New York Knicks owner today as shares of the Madison Square Garden Company rose 9% in pre-market trading. Profits for the fourth quarter tripled to $28.6M or 37c a share, beating Wall Street estimates. Fiscal 2012 revenues grew 8% to $1.3B, lifted primarily by the group’s MSG Sports and MSG Media units. The Sports arm owns The Knicks and The New York Rangers. MSG Media’s properties include the MSG TV networks and music channel Fuse. In the MSG Entertainment branch, which produces live shows including the Radio City Music Hall Christmas Spectacular, revenues were up 41%. But for the fiscal year, revenues in the division were down 10% with operating cash flow and operating loss both improved.

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