MSGS 8-K
Madison Square Garden Sports Corp. (MSGS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 7.01. | Regulation FD Disclosure. |
As previously disclosed, on April 24, 2025, New York Knicks, LLC and New York Rangers, LLC (collectively, the “Teams”), wholly-owned subsidiaries of Madison Square Garden Sports Corp. (the “Company”), entered into a Transaction Support Agreement (the “Transaction Support Agreement”), pursuant to which the Teams agreed to enter into amendments to their respective media rights agreements with subsidiaries of MSG Networks Inc. (“MSG Networks”) on terms set forth in the Transaction Support Agreement as part of MSG Networks’ debt work-out process with its lenders.
On June 27, 2025, the media rights agreements between subsidiaries of MSG Networks, on the one hand, and the Teams, on the other hand, were amended, effective as of January 1, 2025, as follows:
| • | New York Knicks: |
| • | a reduction of 28% in the annual rights fee; |
| • | an elimination of the annual rights fee escalator; and |
| • | a change to the contract expiration date to the end of the 2028-29 season, subject to a right of first refusal in favor of MSG Networks; |
| • | New York Rangers: |
| • | a reduction of 18% in the annual rights fee; |
| • | an elimination of the annual rights fee escalator; and |
| • | a change to the contract expiration date to the end of the 2028-29 season, subject to a right of first refusal in favor of MSG Networks. |
Concurrent with the amendments to the media rights agreements, MSG Networks issued penny warrants to the Company exercisable for 19.9% of the equity interests in MSG Networks.
The information furnished pursuant to this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MADISON SQUARE GARDEN SPORTS CORP. | ||
| (Registrant) | ||
| By: | /s/ Mark C. Cresitello | |
| Name: | Mark C. Cresitello | |
| Title: | Senior Vice President, Deputy General Counsel & Secretary | |
Dated: June 27, 2025