On Monday, the New York-based sports team and entertainment company, Madison Square Garden Sports Corp. (NYSE: MSGS) reported a fiscal third-quarter loss of $118 million, after reporting a profit in the same period a year earlier. To avoid any confusion, The Madison Square Garden Company completed the spin-off of its entertainment businesses into a new company called Madison Square Garden Entertainment Corp. and changed its name to Madison Square Garden Sports Corp that began trading on NYSE as of April 20th. Long story short: MSG became MSGE and MSGS as the company attempted to spinoff the sports assets from their entertainment portfolio. Madison Square Garden is the main attraction of the newly public company known as Madison Square Garden Entertainment Corporation (NYSE: MSGE).Just to make things a little more complicated, as a result of the timing of this transition to a 'growth' as opposed to a 'value' label, the Company's fiscal 2020 third-quarter consolidated results include the financial results of both the sports and entertainment businesses so they do not reflect the results of Madison Square Garden Sports Corp. on a standalone basis.Earnings reportRevenues of $423.96 million for the quarter ended March 2020 resulted in a quarterly loss of $0.66 per share, significantly below Zacks Consensus Estimate of $1.79. But making estimates is just too challenging these days considering the dynamics of the crisis so the better picture is given if we compare the earnings of $1.48 per share a year ago as these figures are adjusted for non-recurring items.COVID-19 impactThe ongoing pandemics resulted in the suspension of the 2019-20 NBA and NHL seasons and the temporary closure of the company's performance venues led to a decrease in MSG Sports segment, primarily related to the cancellation of college basketball events that were scheduled to occur at The Garden. Its revenues of $288.4 million decreased by 18% as compared to the prior-year period. The suspension resulted in decreases across virtually every revenue stream including ticket-related revenues, local media rights fees, suite license fees, and sponsorship and signage revenues. Comparing to the same period last year, 2020 third-quarter operating income decreased by $47.1 million to $49.4 million, and adjusted operating income decreased by $47.8 million to $55.4 million. This is the result of a decrease in revenues as there is virtually no revenue being recognized and, to a lesser extent, higher selling, general and administrative expenses which were only partially offset by lower direct operating expenses.Everyone's in the same boat...Ascential Plc a B2B media holding company best known for operating the Cannes Festival of Creativity/Media Lions. Back in February, taking a minority stake in Hudson MX, a startup competing with media-buying systems providers like MediaOcean.The companies said Ascential invested $10 million and that the companies would work together in an unspecified "strategic collaboration." But as for Cannes Lions Festival, they have been moved to 2021.GL Events S.A. known for controversy regarding its CEO pay at least saw its revenue up 13% over last year before the storm. However, a study from May 11th found that GL Events SA is currently paying its CEO below what is normal for companies of its size.London-headquartered, Hyve Group formerly known as ITE Group, international organizer of exhibitions and conferences, just proposed an underwritten rights issue followed by a share consolidation. The industry took what is surely among the biggest hits and this is the company's attempt to raise £126.6mln as it is estimated to lose £80milion in revenue for its year ending in September, and this would be a 20% drop comparing to last year.Back to the US, Live Nation Entertainment (NYSE: LYV) announces on Wednesday its own cushion for the COVID-19 shaken finances as it plans to offer $800 million worth of bonds for sale. Last week, the company reported its quarterly revenue fell 21% to $1.37 billion resulting in net losses of $185 million, widening significantly from prior $52 million. Over summer, the company plans to experiment in more open states with smaller venues as the industry will have a slow path to recovery that is expected next year.Results will take a while to showThe sports arena is famous for packing 20,000 screaming sports fans into tight confines atop Penn Station in midtown Manhattan. It has spun off from the teams that play there. But it's the exact opposite of social distancing, and it could be one of the last places to reopen as New York City aims for normalcy. The reason for the new label was that despite MSG owning the world's most famous and valuable arena, this was not reflected in the company's share price. Over the last four quarters, the company has surpassed consensus EPS estimates just once while The Madison Square Garden Company has underperformed the market so far.MSG wasn't getting any credit for their entertainment assets or the real estate that goes along with them. The idea behind splitting up the company was to unlock that value to shareholders but they are still trading at a deep discount and no one saw this unprecedented health crisis coming. Since the beginning of this dynamic year, its shares dropped 41% but things needed fixing even before COVID-19 as the stock has fallen 42% in the last 12 months.OutlookThe question is how patient investors will be as it will take quite a while for things to restart and actually see some results. Fortunately, the summer is traditionally a seasonally quiet period for Madison Square Garden Sports Corp. And despite these unprecedented times, the executives are confident that the company is well-positioned to weather the uncertainty. Sports will be back eventually and MSGS has the capital to keep its head above water until then. This article is not a press release and is contributed by Ivana Popovic who is a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. Ivana Popovic does not hold any position in the mentioned companies. Press Releases - If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors - IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com Questions about this release can be sent to ivana@iamnewswire.comThe post Madison Square Garden Is Able to Patiently Wait for the Return of Sports Events appeared first on IAM Newswire.See more from Benzinga * The Mixed Sony Effect * Toyota Believes The Worst Is Behind It * The French Open Could Still Happen, Just Behind Closed Doors(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The Madison Square Garden Company (MSG) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

The company's president and CEO, Andrea Greenberg, will begin today's call with a discussion of the company's operations. This will be followed by a review of financial results with Bret Richter, the company's EVP, chief financial officer, and treasurer. If you do not have a copy of today's earnings release, it is available in the investors section of the company's corporate website.

MSG Networks Inc. (MSGN) will host a conference call to discuss results for its third quarter ended March 31, 2020 on Friday, May 1, 2020 at 10:00 a.m. Eastern Time. The Company will issue a press release reporting its results prior to the market opening. To participate via telephone, please dial 877-883-0832 with the conference ID number 5577875 approximately 10 minutes prior to the call.

Shares of MSG Networks (NYSE:MSGN) were unchanged in pre-market trading after the company reported Q3 results.Quarterly Results Earnings per share were up 6.94% year over year to $0.77, which missed the estimate of $0.78.Revenue of $184,972,000 lower by 5.19% from the same period last year, which missed the estimate of $191,830,000.Guidance Earnings guidance hasn't been issued by the company for now.Revenue guidance hasn't been issued by the company for now.Details Of The Call Date: May 01, 2020View more earnings on MSGNTime: 02:03 PM ETWebcast URL: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=https%3A%2F%2Finvestor.msgnetworks.com%2Foverview%2Fdefault.aspx&eventid=2321628&sessionid=1&key=B2A38B9DC879AD539EB7E560E6CB54C2®Tag=&sourcepage=registerRecent Stock Performance Company's 52-week high was at $23.76Company's 52-week low was at $8.52Price action over last quarter: down 30.40%Company Profile MSG Networks Inc is engaged in sports production, and content development and distribution. It owns and operates two regional sports and entertainment networks, MSG Network and MSG+, collectively MSG Networks. Its networks are distributed throughout its territory, which includes all of New York State and significant portions of New Jersey and Connecticut, as well as parts of Pennsylvania. The company generates revenues from affiliate fees charged to distributors for the right to carry its programming networks, as well as from the sale of advertising.See more from Benzinga * Clorox: Q3 Earnings Insights * Recap: LyondellBasell Industries Q1 Earnings * 11 Consumer Cyclical Stocks Moving In Friday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The Madison Square Garden Company (NYSE: MSG) founder and chairman James Dolan has tested positive for the novel coronavirus (COVID-19).What Happened The public relations handle of the New York Knicks, the National Basketball Association team owned by Dolan, announced the development late Saturday on Twitter.> The Madison Square Garden Company Executive Chairman and Chief Executive Officer Jim Dolan has tested positive for coronavirus. He has been in self-isolation and is experiencing little to no symptoms. He continues to oversee business operations.> > -- NY_KnicksPR (@NY_KnicksPR) March 29, 2020Dolan also owns other sports teams, including the National Hockey League team New York Rangers and Women's NBA team New York Liberty. It's not immediately clear how Dolan was infected. Ten NBA players have been previously confirmed to have COVID-19.This year's NBA season was suspended on March 11 after Utah Jazz center Rudy Gobert tested positive for the coronavirus. Basketball star Kevin Durant, and three of his Brooklyn Nets teammates, also later tested positive for the deadly virus.The United States is now the world's worst coronavirus pandemic-hit country, with 142,106 confirmed cases, including 2,479 deaths, according to data from Johns Hopkins University.New York, where Dolan is based, is the worst-affected state in the U.S.Price Action The Madison Square Garden Company's shares closed nearly 1% higher at $236.58 on Friday.Photo Credit: Ajay Suresh via Wikimedia.See more from Benzinga * Dow, S&P Futures Drop Signaling An End To 3-Day Long Recovery Rally * Tesla To Reduce 75% Of All On-Site Staff At Nevada Gigafactory Due To Pandemic * 1,000 Google Employees Volunteer To Help Expand Sister Company's Coronavirus Testing Program(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

James Dolan won't be the CEO of the proposed spinoff of Madison Square Garden's sports division, according to a regulatory filing. Andrew Lustgarten was named as president and CEO-in-waiting of Madison Square Garden Sports Corp. (MSG Sports) as the company seeks "final league" and MSG board approval for the move. The live entertainment portion of the company will be named Madison Square Garden Entertainment Corp. (MSG Entertainment).

Despite the shutdown of stores, Planet Fitness, Inc. (PLNT) members have the option for in-home workouts.

18,000 New York school students got to see “To Kill A Mockingbird” for free. ABC News’ Will Ganss reports.

Q3 2020 MSG Networks Inc Earnings Call

The Madison Square Garden Company (MSGS) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

* This weekend's Barron's cover story examines how consumer spending will affect the economic recovery. * Other featured articles offer energy stock and bond picks, as well as retail stocks poised to thrive. * Also, the prospects for Warren Buffett's empire, a used car purveyor and an iconic sports and entertainment venue.Cover story "Economic Recovery Rests on Consumers. It Won't Be Easy." by Reshma Kapadia points out that consumer spending has plummeted and constraints on how companies do business will create more problems. What's that mean for McDonald's Corp (NYSE: MCD), Walmart Inc (NYSE: WMT) and many others?Lauren R. Rublin's "Stocks to Buy Now, According to Energy Roundtable Panelists" shows that experts think crude oil prices could double in the next year or so. What do they think of Exxon Mobil Corporation (NYSE: XOM), Schlumberger NV (NYSE: SLB) and many others.In "10 High-Yielding Energy Bonds Are Worth a Look," Andrew Bary suggests that the debt of energy companies such as Occidental Petroleum Corporation (NYSE: OXY) yields more than 8% and offers an attractive alternative to beaten-up oil and gas shares.The speed of progress seen in the Gilead Sciences, Inc. (NASDAQ: GILD) treatment gives hope that the pandemic can be reined in. So says "Virus Drug Efforts Put Pressure on Regulators" by Josh Nathan-Kazis. Yet hurdles and safety concerns remain.In Bill Alpert's "Used-Car Prices Are Plunging. Why Is Carvana Soaring?" see why Barron's thinks Carvana Co (NYSE: CVNA) stock, which quadrupled in April's big rally, could easily cause sticker shock. Will shares decline by 67%?See Also: Warren Buffett Says There's No Bubble In FANG Stocks, But He's Still Not Buying"Berkshire Hathaway Reports Huge First-Quarter Loss" by Andrew Bary shows how the nearly $50 billion loss for Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) reflects a more than $54 billion hit to the value of its investments.Lululemon Athletica Inc (NYSE: LULU) and Ulta Beauty Inc (NASDAQ: ULTA) are among retailers expected to thrive once the pandemic passes, according to an analyst featured in Reshma Kapadia's "Retail Stocks to Put on Your Shopping List."In "This Sports Venue Is Now Open--For Investors Only," Nicholas Jasinski discusses how Madison Square Garden has spun off from the teams that play there, creating two enticing stocks: Madison Square Garden Co (NYSE: MSGS) and Madison Square Garden Entertainment Corp (NYSE: MSGE).See more from Benzinga * Notable Insider Buys In The Past Week: Carvana, MGM And More * Bulls And Bears Of The Week: Apple, Boeing, FANGs And More(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

MSG Networks (MSGN) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.

The Madison Square Garden Company (MSGS) delivered earnings and revenue surprises of -136.87% and 47.12%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?

Madison Square Garden shares were down after the National Basketball Association suspended its season because of the coronavirus. The company owns both the NBA's New York Knicks and the National Hockey League's New York Rangers.

Earnings for top companies are reporting their quarterly financials this week including Marriott, Toyota, Sony, and Cisco. Check out this week's earnings.

If you can't beat 'em, buy 'em out.Steve Ballmer, owner of the NBA's Los Angeles Clippers, is close to a deal to buy The Forum from Madison Square Garden Co (NYSE: MSG), according to an ESPN report.The purchase would eliminate one of the main obstacles to Ballmer's effort to build a new arena for the Clippers.The current Forum owner, MSG -- which also owns the league's New York Knicks -- has been in a long-running legal battle to prevent the Clippers from building a new arena near The Forum, in Inglewood near Los Angeles.If Ballmer buys the Forum, presumably that problem would be solved."We are examining every possible way to resolve our differences with Madison Square Garden Co. regarding our new arena," the Clippers said in a statement to ESPN; MSG declined to comment.The report cited league sources as saying the talks on a sale of The Forum, once one of the best-known arenas in American professional sprots, are in an advanced stage."The Clippers continue to pursue plans to build a state-of-the-art, 18,000-seat basketball arena and entertainment complex in Inglewood and are currently working with the city to successfully complete the comprehensive Environmental Impact Report," the team's statement said.The Clippers share the Staples Center with another NBA team, the Lakers. The team has complained about receiving less revenue in that deal than the Lakers -- and the NHL's Los Angeles Kings -- also a Staples Center tenant, as well as scheduling conflicts.Both sides are reportedly eager to settle the legal stalemate, which has cost the battling parties tens of millions of dollars. Ballmer is estimated to be the wealthiest owner in the NBA.The Forum was the longtime home of the Lakers before they moved to the Staples Center, as well as the NHL's Kings, the basketball games at the 1984 Olympics and the Pac-10 championships. It's on the National Register of Historic Places. MSG shares were down 1.06% at $264.99 at the time of publication Monday. Related Links:Madison Square Garden Trades Lower On Q4 Earnings Miss Steve Ballmer's Rare Pledge: Privately Financing The Clippers New ArenaPhoto by Ritapepaj via Wikimedia. See more from Benzinga * Trump Campaign's Lawsuit Against New York Times Is A Rare Move, But There's Been At Least One Other Presidential Libel Battle * Gates Foundation: Fight COVID-19 Now, But Prepare Better For Future Epidemics * Roy Vs. Eisner Vs. Iger: Which CEO Had The Best Run At Disney?(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The coronavirus (COVID-19) outbreak has dragged down stock prices across the board, and media and entertainment stocks are no exception. While some media and entertainment businesses have ground to a complete halt due to the economic shutdown, others are thriving from a surge in at-home business.CFRA recently assessed the media and entertainment landscape in the wake of the COVID-19 outbreak, and analysts updated their takes on some popular stocks in the group. CFRA said companies that rely heavily on public gatherings and carry the most debt are most at risk, while others should have no problem navigating the current environment.Here are seven media and entertainment stocks to buy, sell and hold, according to CFRA.Comcast Corporation (NASDAQ: CMCSA) - Buy Analyst Tuna Amobi said Comcast is one of the rare winners from the COVID-19 outbreak given its cable and satellite business is likely getting a huge boost from Americans stuck in their homes. Comcast also has a relatively high A- S&P credit rating, suggesting its balance sheet is healthy.Comcast's Universal Studios postponed the release date of its upcoming "Fast and Furious" movie for another year, and the movie studio business could take a hit. However, Amobi says Comcast should make it through the shutdown just fine in the long term.CFRA has a Strong Buy rating and $54 price target for CMCSA stock.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.Walt Disney Co (NYSE: DIS) - Buy Segments of Disney's businesses, including its theme parks, movie studios and cruise lines, are certainly getting hammered by the economic shutdown. However, large-scale home confinement could be a major boost for Disney+, which launched back in November.Streaming video is one of the few remaining sources of entertainment for many Americans who might not have otherwise tried out Disney+. Amobi says COVID-19 is a net positive for Disney in that respect, and new Disney CEO Robert Chapek should bring some desirable skills to the table as Disney works to update its business model.CFRA has a Buy rating and $160 price target for DIS stock.AMC Entertainment Holdings Inc (NYSE: AMC) - Buy AMC shares are down more than 71% year-to-date and are trading at around $2 after COVID-19 completely shut down the movie theater business. It looks like AMC won't be opening up its theater doors until the end of April at the earliest. While the company's near-term outlook is dicey at best, Amobi said the stock is a compelling value at current levels. Prior to the outbreak, CFRA was projecting a 2.5% revenue decline in 2020 followed by a 1.3% gain in 2021.CFRA has a Buy rating and $8 price target for AMC stock.Live Nation Entertainment, Inc. (NYSE: LYV) - Buy Prior to the COVID-19 shutdown, live entertainment ticketing company Live Nation was firing on all cylinders. There's no reason why the company can't eventually return to that level, but investors may need to be patient.It may be June or later before large events and shows are back on the calendar, and it may take many more months for customers to be financially able and willing to gather in large numbers without fear of infection. Investors must hope the broad self-isolation will make stir-crazy Americans desperate to get out of the house and go back to normal social events at the earliest possible opportunity.CFRA has a Buy rating and $65 price target for LYV stock.Madison Square Garden Co (NYSE: MSG) - Hold Like AMC, all of Madison Square Garden's events are on hold until at least the end of the month. However, the company recently announced a $400 million sale of the LA Forum to Los Angeles Clippers owner Steve Ballmer. The valuation of the deal and the cash infusion is reassuring to MSG investors and should help boost the company's liquidity as it navigates the COVID-19 shutdown.In the long term, the New York Knicks, New York Rangers and Madison Square Garden Arena are all extremely valuable and productive New York City assets that should continue to create value for investors. However, investors may want to stay on the sidelines for now given none of these assets are generating cash flow at the moment.CFRA has a Hold rating and $325 price target for MSG stock.Royal Caribbean Cruises Ltd (NYSE: RCL) - Sell Few stocks may have their businesses permanently impacted by the coronavirus outbreak, but cruise lines may be one.A disproportionately large percentage of Royal Caribbean's customers are retirees, the age demographic that is most at-risk from COVID-19. Even once travel bans are lifted, airlines will likely see their business return much sooner than cruise lines given there are plenty of reasons to fly other than vacations. Slumping demand in the near-term could trigger extreme pricing discounts, which could eat into margins and cash flow.CFRA has a Sell rating and $100 price target for RCL stock.See Also: 8 Best Investment Strategies During A RecessionLas Vegas Sands Corp. (NYSE: LVS) - Sell Not only are all of Las Vegas Sands' U.S. casinos shut down indefinitely, the company has a heavy debt load that could start to come into play as the crisis drags on. Las Vegas Sands barely survived the 2008 financial crisis thanks to its debt, which now stands at $12.5 billion.Las Vegas Sands currently pays an 8.4% dividend, but a dividend cut could be the company's first line of defense against financial hardship. Casinos in Macau, China are back up and running after a COVID-19 shutdown, but Macau gross gaming revenue plummeted nearly 80% in the month of March.CFRA has a Sell rating and $62 price target for LVS stock.Latest Ratings for DIS DateFirmActionFromTo Apr 2020Atlantic EquitiesUpgradesNeutralOverweight Apr 2020Guggenheim SecuritiesDowngradesBuyNeutral Apr 2020Imperial CapitalMaintainsIn-Line View More Analyst Ratings for DIS View the Latest Analyst RatingsSee more from Benzinga * With Live Sports On Hold, ESPN And Fox Load Up On Pro Wrestling * 9 Beaten-Down Travel Stocks To Buy, Sell And Hold * BofA Slashes Casino Price Targets, Sees Buying Opportunities(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Fiscal 2020 third quarter revenues of $185.0 millionFiscal 2020 third quarter operating income of $73.7 millionFiscal 2020 third quarter adjusted operating income of $79.1.

Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]