Why Madison Square Garden Entertainment Stock Was Diving This Week
Few investors were amused by Madison Square Garden Entertainment (NYSE: MSGE) stock these past few trading days. According to data compiled by S&P Global Market Intelligence, as of Thursday evening, the fun purveyor's share price was down by almost 15% week to date. The market wasn't smiling about a share sale and related repurchase arrangement announced by the company.
On Tuesday, MSG Entertainment announced that its top institutional investor, Sphere Entertainment Group, is selling 5.25 million of its MSG Entertainment Class A common shares. Subsequent to that, MSG Entertainment aims to enter into an agreement to buy $25 million worth of that stock; using its closing stock price on June 16, this would equate to the purchase of just under 640,700 shares.
MSG Entertainment stressed it would not receive any proceeds from the stock sale, as it is not the selling party.
Source Fool.com
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