Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Entity Registrant Name | MSG Networks Inc. | |
Trading Symbol | MSGN | |
Entity Central Index Key | 1,469,372 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 61,293,341 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 13,588,555 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 111,055 | $ 203,768 |
Restricted cash | 0 | 9,003 |
Accounts receivable, net | 76,984 | 85,610 |
Net related party receivables | 52,149 | 27,324 |
Prepaid taxes | 22,463 | 30,375 |
Prepaid expenses | 7,518 | 12,863 |
Other current assets | 2,477 | 3,514 |
Current assets of discontinued operations | 0 | 125,896 |
Total current assets | 272,646 | 498,353 |
Property and equipment, net | 14,534 | 19,514 |
Amortizable intangible assets, net | 44,988 | 47,583 |
Goodwill | 424,508 | 424,508 |
Other assets | 42,866 | 46,274 |
Non-current assets of discontinued operations | 0 | 1,983,597 |
Total assets | 799,542 | 3,019,829 |
Current Liabilities: | ||
Accounts payable | 1,012 | 11,359 |
Net related party payables | 14,170 | 420 |
Current portion of long-term debt | 57,414 | 0 |
Income taxes payable | 35,001 | 0 |
Accrued liabilities: | ||
Employee related costs | 8,423 | 19,504 |
Other accrued liabilities | 15,863 | 18,101 |
Deferred revenue | 5,878 | 4,971 |
Current liabilities of discontinued operations | 0 | 520,179 |
Total current liabilities | 137,761 | 574,534 |
Long-term debt, net of current portion | 1,430,949 | 0 |
Defined benefit and other postretirement obligations | 28,148 | 28,476 |
Other employee related costs | 4,439 | 5,318 |
Related party payable | 1,637 | 0 |
Other liabilities | 4,145 | 5,951 |
Deferred tax liability | 359,541 | 351,734 |
Non-current liabilities of discontinued operations | 0 | 330,294 |
Total liabilities | $ 1,966,620 | $ 1,296,307 |
Commitments and contingencies (see Note 9) | ||
Stockholders' Equity (Deficiency): | ||
Preferred stock, par value $0.01, 45,000 shares authorized; none outstanding | ||
Additional paid-in capital | $ 1,490 | $ 1,084,002 |
Treasury stock, at cost, 2,966 and 2,052 shares as of March 31, 2016 and June 30, 2015, respectively | (213,002) | (143,250) |
Retained earnings (accumulated deficit) | (950,594) | 807,563 |
Accumulated other comprehensive loss | (5,751) | (25,572) |
Total stockholders' equity (deficiency) | (1,167,078) | 1,723,522 |
Total liabilities and stockholders' equity (deficiency) | 799,542 | 3,019,829 |
Class A Common Stock [Member] | ||
Stockholders' Equity (Deficiency): | ||
Common stock, value issued | 643 | 643 |
Class B Common Stock [Member] | ||
Stockholders' Equity (Deficiency): | ||
Common stock, value issued | $ 136 | $ 136 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Preferred stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 45,000 | 45,000 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 2,966 | 2,052 |
Class A Common Stock [Member] | ||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 360,000 | 360,000 |
Common stock, shares outstanding | 61,293 | 62,207 |
Class B Common Stock [Member] | ||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000 | 90,000 |
Common stock, shares outstanding | 13,589 | 13,589 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||||
Revenues (including related party revenues of $42,142 and $44,902 for the three months ended March 31, 2016 and 2015, respectively, and $124,264 and $127,246 for the nine months ended March 31, 2016 and 2015, respectively) | $ 179,596 | $ 168,958 | $ 497,674 | $ 477,848 |
Direct operating expenses (including related party expenses of $34,828 and $21,791 for the three months ended March 31, 2016 and 2015, respectively, and $103,101 and $64,799 for the nine months ended March 31, 2016 and 2015, respectively) | 73,329 | 60,601 | 204,978 | 165,374 |
Selling, general and administrative expenses (including related party expenses of $9,761 and $1,612 for the three months ended March 31, 2016 and 2015, respectively, and $21,088 and $4,760 for the nine months ended March 31, 2016 and 2015, respectively) | 19,578 | 31,471 | 83,066 | 113,276 |
Depreciation and amortization | 2,602 | 4,474 | 10,372 | 13,204 |
Gain on sale of Fuse (see Note 5) | 0 | 0 | 0 | (186,178) |
Operating income | 84,087 | 72,412 | 199,258 | 372,172 |
Other income (expense): | ||||
Interest income | 687 | 533 | 1,771 | 1,533 |
Interest expense | (10,491) | (994) | (22,060) | (3,042) |
Nonoperating expense, Total | (9,804) | (461) | (20,289) | (1,509) |
Income from continuing operations before income taxes | 74,283 | 71,951 | 178,969 | 370,663 |
Income tax expense | (29,573) | (36,132) | (58,878) | (165,506) |
Income from continuing operations | 44,710 | 35,819 | 120,091 | 205,157 |
Income (loss) from discontinued operations, net of taxes | (40) | 3,893 | (161,194) | 3,858 |
Net income (loss) | $ 44,670 | $ 39,712 | $ (41,103) | $ 209,015 |
Basic [Abstract] | ||||
Income from continuing operations | $ 0.60 | $ 0.46 | $ 1.60 | $ 2.65 |
Income (loss) from discontinued operations | 0 | 0.05 | (2.15) | 0.05 |
Net income (loss) | 0.60 | 0.51 | (0.55) | 2.70 |
Diluted [Abstract] | ||||
Income from continuing operations | 0.59 | 0.46 | 1.59 | 2.63 |
Income (loss) from discontinued operations | 0 | 0.05 | (2.13) | 0.05 |
Net income (loss) | $ 0.59 | $ 0.51 | $ (0.54) | $ 2.68 |
Weighted-average number of common shares outstanding: | ||||
Basic (in shares) | 75,037 | 77,134 | 75,173 | 77,454 |
Diluted (in shares) | 75,353 | 77,575 | 75,544 | 78,042 |
Consolidated Statements Of Ope5
Consolidated Statements Of Operations (Parenthetical) - Continuing Operations [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue from Related Parties | $ 42,142 | $ 44,902 | $ 124,264 | $ 127,246 |
Direct operating expenses from related party | 34,828 | 21,791 | 103,101 | 64,799 |
Selling, general and administrative expenses from related party | $ 9,761 | $ 1,612 | $ 21,088 | $ 4,760 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||
Net income (loss) | $ 44,670 | $ 39,712 | $ (41,103) | $ 209,015 |
Pension plans and postretirement plan:[Abstract] | ||||
Net unamortized losses arising during the period | 0 | 0 | (602) | 0 |
Amounts reclassified from accumulated other comprehensive loss [Abstract] | ||||
Amortization of net actuarial loss included in net periodic benefit cost | 132 | 552 | 633 | 1,694 |
Amortization of net prior service credit included in net periodic benefit cost | (11) | (27) | (39) | (85) |
Other comprehensive income (loss) before income taxes | 121 | 525 | (8) | 1,609 |
Income tax expense related to items of other comprehensive income (loss) | (50) | (226) | (577) | (691) |
Other comprehensive income (loss) | 71 | 299 | (585) | 918 |
Comprehensive income (loss) | $ 44,741 | $ 40,011 | $ (41,688) | $ 209,933 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities from continuing operations: | ||
Net income (loss) | $ (41,103) | $ 209,015 |
(Income) loss from discontinued operations, net of taxes | 161,194 | (3,858) |
Income from continuing operations | 120,091 | 205,157 |
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations: | ||
Depreciation and amortization | 10,372 | 13,204 |
Amortization of deferred financing costs | 2,483 | 1,203 |
Share-based compensation expense | 7,976 | 8,681 |
Excess tax benefit on share-based awards | (4,735) | (10,571) |
Gain on sale of Fuse, before income taxes | 0 | (186,178) |
Change in income taxes payable and deferred income taxes related to the sale of Fuse | 0 | 6,799 |
Provision for doubtful accounts | 608 | 239 |
Change in assets and liabilities: | ||
Accounts receivable, net | 8,018 | (16,908) |
Net related party receivables | (24,825) | (1,396) |
Prepaid expenses and other assets | 14,534 | 6,672 |
Accounts payable | (10,370) | 4,015 |
Net related party payables, including payable to MSG | 13,134 | 54 |
Prepaid/payable for income taxes, excluding the impact of the change in income taxes payable related to the sale of Fuse | 45,545 | 31,658 |
Accrued and other liabilities | (13,223) | (10,454) |
Deferred revenue | 907 | 492 |
Deferred income taxes, excluding the impact of the change in deferred income taxes related to the sale of Fuse | (9,235) | 8,527 |
Net cash provided by operating activities from continuing operations | 161,280 | 61,194 |
Cash flows from investing activities from continuing operations: | ||
Capital expenditures | (2,458) | (4,206) |
Proceeds from sale of Fuse, net of transaction costs (see Note 5) | 0 | 228,063 |
Net cash provided by (used in) investing activities from continuing operations | (2,458) | 223,857 |
Cash flows from financing activities from continuing operations: | ||
Proceeds from Term Loan Facility (see Note 8) | 1,550,000 | 0 |
Principal repayment on Term Loan Facility (see Note 8) | (50,000) | 0 |
Cash distributed with MSG | (1,467,093) | 0 |
Payments for financing costs | (9,860) | (84) |
Proceeds from stock options exercises | 1,002 | 446 |
Repurchases of common stock | (100,027) | (114,770) |
Taxes paid in lieu of shares issued for equity-based compensation | (11,114) | (17,791) |
Excess tax benefit on share-based awards | 4,735 | 10,571 |
Net cash used in financing activities from continuing operations | (82,357) | (121,628) |
Net cash provided by continuing operations | 76,465 | 163,423 |
Cash flows of discontinued operations [Abstract] | ||
Net cash provided by (used in) operating activities | (115,685) | 73,763 |
Net cash used in investing activities | (68,410) | (88,368) |
Net cash used in financing activities | 0 | 0 |
Net cash used in discontinued operations | (184,095) | (14,605) |
Cash and cash equivalents at beginning of period, including cash in both continuing operations and discontinued operations | 218,685 | 92,251 |
Cash and cash equivalents at end of period | $ 111,055 | $ 241,069 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity (Deficiency) And Comprehensive Income (Loss) - USD ($) $ in Thousands | Total | Common Stock Issued [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Jun. 30, 2014 | $ 1,604,444 | $ 775 | $ 1,081,055 | $ (7,537) | $ 552,862 | $ (22,711) |
Increase (Decrease) in Stockholders' Equity (Deficiency) [Roll Forward] | ||||||
Net income (loss) | 209,015 | 209,015 | ||||
Other comprehensive income (loss) | 918 | 918 | ||||
Comprehensive income (loss) | 209,933 | |||||
Exercise of stock options | 424 | 1 | (279) | 702 | ||
Share-based compensation | 12,518 | 12,518 | ||||
Tax withholding associated with shares issued for equity-based compensation | 17,791 | 17,791 | ||||
Excess tax benefit on share-based awards | 10,571 | 10,571 | ||||
Repurchases of common stock | (114,770) | (114,770) | ||||
Shares issued upon distribution of Restricted Stock Units | 0 | 3 | (3,528) | 3,525 | ||
Balance at Mar. 31, 2015 | 1,705,329 | 779 | 1,082,546 | (118,080) | 761,877 | (21,793) |
Balance at Jun. 30, 2015 | 1,723,522 | 779 | 1,084,002 | (143,250) | 807,563 | (25,572) |
Increase (Decrease) in Stockholders' Equity (Deficiency) [Roll Forward] | ||||||
Net income (loss) | (41,103) | (41,103) | ||||
Other comprehensive income (loss) | (585) | (585) | ||||
Comprehensive income (loss) | (41,688) | |||||
Exercise of stock options | 1,002 | 0 | (4,633) | 10,200 | (4,565) | |
Share-based compensation | 8,830 | 8,830 | ||||
Tax withholding associated with shares issued for equity-based compensation | 11,114 | 11,114 | ||||
Excess tax benefit on share-based awards | 4,735 | 8,586 | (3,851) | |||
Repurchases of common stock | (100,027) | (100,027) | ||||
Shares issued upon distribution of Restricted Stock Units | 0 | 0 | (16,626) | 20,075 | (3,449) | |
Distribution of The Madison Square Garden Company | (2,752,338) | (1,067,555) | 0 | (1,705,189) | 20,406 | |
Balance at Mar. 31, 2016 | $ (1,167,078) | $ 779 | $ 1,490 | $ (213,002) | $ (950,594) | $ (5,751) |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Mar. 31, 2016 | |
Description of Business And Basis of Presentation [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business MSG Networks Inc. (together with its subsidiaries, the “Company”) produces, develops and acquires content for multiple distribution platforms and is comprised principally of the Company's regional sports and entertainment networks, MSG Network and MSG+, collectively the “MSG Networks.” On September 30, 2015 (the “Distribution Date”), the Company distributed to its stockholders all of the outstanding common stock of The Madison Square Garden Company (formerly MSG Spinco, Inc., and referred to herein as “MSG”) (the “Distribution”). MSG owns, directly or indirectly, the sports and entertainment businesses previously owned and operated by the Company's Sports and Entertainment segments, owns, leases or operates the arenas and other venues previously owned, leased or operated by the Company and owns the joint venture interests previously owned by the Company. In the Distribution, each holder of the Company’s Class A common stock, par value $0.01 per share, of record as of the close of business, New York City time, on September 21, 2015 (the “Record Date”), received one share of MSG Class A common stock, par value $0.01 per share, for every three shares of the Company’s Class A common stock held on the Record Date. Each record holder of the Company’s Class B common stock, par value $0.01 per share, received one share of MSG Class B common stock, par value $0.01 per share, for every three shares of the Company's Class B common stock held on the Record Date. Subsequent to the Distribution, the Company no longer consolidates the financial results of MSG for the purpose of its own financial reporting and the historical financial results of MSG have been reflected in the Company's consolidated financial statements as discontinued operations for all periods presented through the Distribution Date. After giving effect to the Distribution, the Company operates and reports financial information in one segment. Unaudited Interim Financial Statements The accompanying interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and the instructions to Rule 10-01 of Regulation S-X, and should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended June 30, 2015 . The financial statements as of March 31, 2016 and for the three and nine months ended March 31, 2016 and 2015 presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year. Reclassifications Certain amounts reported for the prior period in the accompanying unaudited financial statements have been reclassified in order to conform to the current period’s presentation. Assets and liabilities related to the Distribution on the Company's consolidated balance sheet as of June 30, 2015 have been reclassified as assets and liabilities of discontinued operations (see Note 3 for further details). All assets and liabilities related to discontinued operations are excluded from the footnotes unless otherwise noted. In addition, the historical results of MSG have been reflected in the accompanying statements of operations for the three and nine months ended March 31, 2015 as discontinued operations. The reclassifications also consisted of the separation of prepaid income taxes, which was previously reported in prepaid expenses in the consolidated balance sheet. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations As a result of the Distribution, the results of the Company’s MSG operations through the Distribution Date, as well as transaction costs related to the Distribution, have been classified in the consolidated statements of operations as discontinued operations for all periods presented. No gain or loss was recognized in connection with the Distribution. Operating results of discontinued operations for the three and nine months ended March 31, 2016 and 2015 are summarized below: Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Revenues (1) $ — $ 300,856 $ 150,381 $ 816,586 Direct operating expenses — 231,196 71,320 568,238 Selling, general and administrative expenses 40 47,828 57,864 133,473 Depreciation and amortization — 24,120 23,772 81,236 Operating income (loss) (40 ) (2,288 ) (2,575 ) 33,639 Equity in earnings (loss) of equity-method investments — (2,294 ) 2,679 (35,049 ) Interest income — 471 635 1,346 Interest expense — (606 ) (540 ) (1,882 ) Miscellaneous income — 782 — 2,142 Income (loss) from discontinued operations before income taxes (40 ) (3,935 ) 199 196 Income tax benefit (expense) — 7,828 (161,393 ) 3,662 Income (loss) from discontinued operations, net of taxes $ (40 ) $ 3,893 $ (161,194 ) $ 3,858 (1) Includes media rights recognized as revenues by MSG from the licensing of team-related programming to the Company prior to the Distribution Date, which were previously eliminated in consolidation. However, these amounts are now presented as revenues in the income (loss) from discontinued operations line with the offsetting expense in direct operating expenses, within continuing operations, in the accompanying consolidated statements of operations. Amounts for the three and nine months ended March 31, 2015 presented above differ from historically reported results for the Company's Sports and Entertainment segments due to certain reclassifications and adjustments made to corporate overhead costs for purposes of discontinued operations reporting. The assets and liabilities of MSG have been classified in the consolidated balance sheet as of June 30, 2015 as assets and liabilities of discontinued operations and consist of the following, by major class: June 30, Cash and cash equivalents $ 14,917 Accounts receivable, net 51,133 Other current assets 59,846 Current assets of discontinued operations 125,896 Investments and loans to nonconsolidated affiliates 249,394 Property and equipment, net 1,188,705 Goodwill 277,166 Intangible assets, net 189,174 Other non-current assets 79,158 Non-current assets of discontinued operations 1,983,597 Accounts payable and accrued liabilities 196,423 Deferred revenue 323,756 Current liabilities of discontinued operations 520,179 Defined benefits and other postretirement obligations 56,740 Other employee related costs 51,687 Deferred tax liability 171,928 Other non-current liabilities 49,939 Non-current liabilities of discontinued operations 330,294 Net assets of discontinued operations $ 1,259,020 The following table summarizes the net impact of the Distribution to Company's stockholders' equity (deficiency): Decrease in additional paid-in capital $ (1,067,555 ) Decrease in retained earnings (1,705,189 ) Decrease in accumulated other comprehensive loss 20,406 $ (2,752,338 ) The above amounts include cash distributed with MSG of $ 1,467,093 . |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 9 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Common Share | Computation of Earnings (Loss) per Common Share Basic earnings (loss) per common share (“EPS”) is based upon net income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed vesting of restricted stock units (“RSUs”) and exercise of stock options only in the periods in which such effect would have been dilutive. The following table presents a reconciliation of the weighted-average number of shares used in the calculations of basic and diluted EPS. Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Weighted-average number of shares for basic EPS 75,037 77,134 75,173 77,454 Dilutive effect of shares issuable under share-based compensation plans 316 441 371 588 Weighted-average number of shares for diluted EPS 75,353 77,575 75,544 78,042 Anti-dilutive shares — — — 5 |
Disposition
Disposition | 9 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposition Excluding Discontinued Operations [Text Block] | Disposition On July 1, 2014, the Company completed its sale of Fuse, a national music television network, to Fuse Media, Inc. for a cash purchase price of $231,995 and a 15% equity interest of approximately $24,000 in Fuse Media, LLC (“Fuse Media”). Upon satisfaction of certain performance goals, the Company recognized its interest in Fuse Media, and finalized a working capital adjustment during the second quarter of fiscal year 2015. The Company recorded a pre-tax gain on the sale of Fuse, which is reflected in operating income in the accompanying consolidated statement of operations for the nine months ended March 31, 2015 of $186,178 (net of transaction costs of $3,932 ), respectively. The equity interest in Fuse Media was transferred to MSG in connection with the Distribution. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | Goodwill and Intangible Assets The goodwill balance reported on the Company's balance sheet as of March 31, 2016 and June 30, 2015 , is $424,508 . During the first quarter of fiscal year 2016 , the Company performed its annual impairment test of goodwill, and there was no impairment of goodwill identified, including the goodwill of the MSG Entertainment and MSG Sports reporting units that was transferred to MSG as a part of Distribution. During the first quarter of fiscal year 2016, the Company performed its annual impairment test of identifiable indefinite-lived intangible assets, all of which were transferred to MSG in connection with the Distribution, and there was no impairment identified. The Company's intangible assets subject to amortization are as follows: March 31, 2016 June 30, Affiliate relationships $ 83,044 $ 83,044 Less accumulated amortization (38,056 ) (35,461 ) $ 44,988 $ 47,583 Amortization expense for intangible assets was $865 for the three months ended March 31, 2016 and 2015 , respectively, and $2,595 for the nine months ended March 31, 2016 and 2015 , respectively. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment As of March 31, 2016 and June 30, 2015 , property and equipment consisted of the following assets: March 31, June 30, Equipment $ 47,403 $ 43,277 Furniture and fixtures 1,740 1,723 Leasehold improvements 19,644 19,645 Construction in progress 288 3,103 69,075 67,748 Less accumulated depreciation and amortization (54,541 ) (48,234 ) $ 14,534 $ 19,514 Depreciation and amortization expense on property and equipment was $1,737 and $3,609 for the three months ended March 31, 2016 and 2015 , respectively, and $7,777 and $10,609 for the nine months ended March 31, 2016 and 2015 , respectively, which includes depreciation expense on certain corporate property and equipment that was transferred to MSG in connection with the Distribution, but which did not qualify for discontinued operations reporting. |
Debt
Debt | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Former Revolving Credit Facility On May 6, 2014, MSGN Holdings, L.P., formerly MSG Holdings, L.P., (“MSGN L.P.”) and certain of its subsidiaries entered into a credit agreement with a syndicate of lenders providing for a senior secured revolving credit facility of $500,000 with a term of five years (the “ Former Revolving Credit Facility ”). In connection with the Distribution, MSGN L.P. terminated the Former Revolving Credit Facility effective on September 28, 2015. Senior Secured Credit Facilities On September 28, 2015, MSGN L.P., MSGN Eden, LLC, an indirect subsidiary of the Company and the general partner of MSGN L.P. (“MSGN Eden”), Regional MSGN Holdings LLC, a direct subsidiary of the Company and the limited partner of MSGN L.P. (collectively with MSGN Eden, the “Holdings Entities”), and certain subsidiaries of MSGN L.P. entered into a credit agreement (the “Credit Agreement”) with a syndicate of lenders. The Credit Agreement provides MSGN L.P. with senior secured credit facilities (the “Senior Secured Credit Facilities”) consisting of: (a) an initial $1,550,000 term loan facility (the “Term Loan Facility”) and (b) a $250,000 revolving credit facility (the “Revolving Credit Facility”), each with a term of five years. In connection with the Distribution, $1,450,000 of the proceeds from the Term Loan Facility was contributed to MSG immediately following the closing of the Senior Secured Credit Facilities. Up to $35,000 of the Revolving Credit Facility is available for the issuance of letters of credit. Subject to the satisfaction of certain conditions and limitations, the Credit Agreement allows for the addition of incremental term and/or revolving loan commitments and incremental term and/or revolving loans. Borrowings under the Credit Agreement bear interest at a floating rate, which at the option of MSGN L.P. may be either (a) base rate, representing the higher of: (i) the New York Fed Bank Rate plus 0.50% ; (ii) the U.S. Prime Rate; or (iii) the one-month LIBOR rate plus 1.00% (the “Base Rate”), plus an additional rate ranging from 0.50% to 1.25% per annum (determined based on a total leverage ratio), or (b) a Eurodollar rate (the “Eurodollar Rate”) plus an additional rate ranging from 1.50% to 2.25% per annum (determined based on a total leverage ratio), provided that for the period until the delivery of the compliance certificate for the period ending March 31, 2016, the additional rate used in calculating both floating rates will be (i) 1.00% per annum for borrowings bearing interest at the Base Rate, and (ii) 2.00% per annum for borrowings bearing interest at the Eurodollar Rate. Upon a payment default in respect of principal, interest or other amounts due and payable under the Credit Agreement or related loan documents, default interest will accrue on all overdue amounts at an additional rate of 2.00% per annum. The Credit Agreement requires MSGN L.P. pay a commitment fee of 0.30% in respect of the average daily unused commitments, as well as fronting fees, to banks that issue letters of credit pursuant to the Revolving Credit Facility. The Credit Agreement generally requires MSGN L.P. to comply with a maximum total leverage ratio of 6.00:1.00 from the closing date until September 30, 2016 and a maximum total leverage ratio of 5.50:1.00 from and after October 1, 2016 until maturity, subject, in each case, to upward adjustment during the continuance of certain events. In addition, there is a minimum interest coverage ratio of 2.00:1.00 for the Holdings Entities, MSGN L.P. and the restricted subsidiaries of MSGN L.P. As of March 31, 2016 , MSGN L.P. was in compliance with the financial covenants of the Credit Agreement. All borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. As of March 31, 2016 , there were no letters of credit issued and outstanding under the Revolving Credit Facility, which provides full borrowing capacity of $250,000 . The Company made its first principal payment of $50,000 on the Term Loan Facility during the three months ended March 31, 2016, which will be followed by quarterly amortization payments in accordance with the terms of the Term Loan Facility. As of March 31, 2016 , the principal repayments required for the next five years under the Term Loan Facility are as follows: Year 1 $ 60,000 Year 2 75,000 Year 3 75,000 Year 4 101,250 Year 5 1,188,750 $ 1,500,000 All obligations under the Credit Agreement are guaranteed by the Holdings Entities and MSGN L.P.’s existing and future direct and indirect domestic subsidiaries that are not designated as excluded subsidiaries or unrestricted subsidiaries (the “Subsidiary Guarantors,” and together with the Holdings Entities, the “Guarantors”). All obligations under the Credit Agreement, including the guarantees of those obligations, are secured by certain of the assets of MSGN L.P. and each Guarantor (collectively, “Collateral”), including, but not limited to, a pledge of the equity interests in MSGN L.P. held directly by the Holdings Entities and the equity interests in each Subsidiary Guarantor held directly or indirectly by MSGN L.P. Subject to customary notice and minimum amount conditions, MSGN L.P. may voluntarily prepay outstanding loans under the Credit Agreement at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to Eurodollar loans). MSGN L.P. is required to make mandatory prepayments in certain circumstances, including without limitation from the net cash proceeds of certain sales of assets (including Collateral) or casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights) and the incurrence of certain indebtedness, subject to certain exceptions. In addition to the financial covenants previously discussed, the Credit Agreement and the related security agreement contain certain customary representations and warranties, affirmative covenants and events of default. The Credit Agreement contains certain restrictions on the ability of MSGN L.P. and its restricted subsidiaries to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the Credit Agreement, including the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating liens on certain assets; (iii) making investments, loans or advances in or to other persons; (iv) paying dividends and distributions or repurchases of capital stock; (v) changing its lines of business; (vi) engaging in certain transactions with affiliates; (vii) amending specified material agreements; (viii) merging or consolidating; (ix) making certain dispositions; and (x) entering into agreements that restrict the granting of liens. The Holdings Entities are subject to customary passive holding company covenants. The Company is amortizing its deferred financing costs on a straight-line basis over the five-year term of the Senior Secured Credit Facilities which approximates the effective interest method. The following table summarizes the presentation of the Term Loan Facility and the deferred financing costs in accordance with ASU No. 2015-03 and ASU No. 2015-15 (see note 2 ) in the accompanying consolidated balance sheet as of March 31, 2016 : Reported in Term Loan Facility Deferred Financing Costs Total Other current assets $ — $ 417 $ 417 Other assets — 1,460 1,460 Current portion of long-term debt (1) 60,000 2,586 57,414 Long-term debt, net of current portion (1) 1,440,000 9,051 1,430,949 Total $ 1,500,000 $ 13,514 $ 1,490,240 (1) Amount presented in the Total column is on a net basis. The Company made interest payments under the Credit Agreement of $18,830 during the nine months ended March 31, 2016 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Commitments As of March 31, 2016 , future cash payments required under contracts entered into by the Company in the normal course of business, including future minimum rental payments under leases having noncancelable initial lease terms in excess of one year, are as follows: Total Remainder of the current fiscal year Fiscal years 2-3 Fiscal years 4-5 Thereafter Contractual Obligations $ 4,590,123 $ 75,864 $ 429,495 $ 433,285 $ 3,651,479 Contractual obligations above consist primarily of the Company's obligations related to professional team rights, which were acquired under license agreements, to telecast certain live sporting events. In connection with the Distribution, certain contractual obligations, principally those that the Company had under employment agreements with its professional sports teams' personnel and long-term noncancelable operating lease agreements for entertainment venues and certain office and storage space, were transferred to MSG. In addition, see note 8 for the principal repayments required under the Company's Term Loan Facility. Legal Matters The Company is a defendant in various lawsuits. Although the outcome of these matters cannot be predicted with certainty, management does not believe that resolution of these lawsuits will have a material adverse effect on the Company. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: • Level I — Quoted prices for identical instruments in active markets. • Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level III — Instruments whose significant value drivers are unobservable. The following table presents for each of these hierarchy levels, the Company's assets that are measured at fair value on a recurring basis, which include cash equivalents: Level I Level II Level III Total March 31, 2016 Assets: Money market accounts $ 62,586 $ — $ — $ 62,586 Time deposits 48,392 — — 48,392 Total assets measured at fair value $ 110,978 $ — $ — $ 110,978 June 30, 2015 Assets: Money market accounts $ 89,062 $ — $ — $ 89,062 Time deposits 113,227 — — 113,227 Total assets measured at fair value $ 202,289 $ — $ — $ 202,289 Money market accounts and time deposits are classified within Level 1 of the fair value hierarchy as they are valued using observable inputs that reflect quoted prices for identical assets in active markets. The carrying amount of the Company's money market accounts and time deposits approximates fair value due to their short-term maturities. Other Financial Instruments The fair value of the Company's long-term debt (see Note 8) was approximately $1,477,500 as of March 31, 2016 . The Company's long-term debt is classified within level 2 of the fair value hierarchy as it is valued using quoted prices of such securities for which fair value can also be derived from inputs that are readily observable. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefit Plan | 9 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans And Other Postretirement Benefit Plan | 11 . Pension Plans and Other Postretirement Benefit Plan Prior to the Distribution, the Company sponsored a non-contributory qualified cash balance retirement plan covering its non-union employees (the “MSG Cash Balance Pension Plan”) and an unfunded non-contributory, non-qualified excess cash balance plan covering certain employees who participate in the underlying qualified plan (collectively, the “Cash Balance Plans”). Since March 1, 2011, the MSG Cash Balance Pension Plan has also included the assets and liabilities of a frozen (as of December 31, 2007) non-contributory qualified defined pension plan covering non-union employees hired prior to January 1, 2001. Also, the Company historically sponsored an unfunded non-contributory non-qualified defined benefit pension plan for the benefit of certain employees who participate in the underlying qualified plan, which was merged into the Cash Balance Pension Plan on March 1, 2011 (the “Excess Plan”). As of December 31, 2007, the Excess Plan was amended to freeze all benefits earned through December 31, 2007 and to eliminate the ability of participants to earn benefits for future service under these plans. The Cash Balance Plans have been amended to freeze participation and future benefit accruals effective December 31, 2015. Therefore, after December 31, 2015, no employee of MSG Networks who was not already a participant may become a participant in the plans and no further annual pay credits will be made for any future year. Existing account balances under the plans will continue to be credited with monthly interest in accordance with the terms of the plans. In addition, prior to the Distribution, the Company sponsored two non-contributory qualified defined benefit pension plans covering certain of its union employees (“Union Plans”). Benefits payable to retirees under the Union Plans are based upon years of service and, for one plan, participants’ compensation. The Cash Balance Plans, Excess Plan and Union Plans are collectively referred to as the “Pension Plans.” The Company also sponsors a contributory welfare plan which provides certain postretirement healthcare benefits to certain employees hired prior to January 1, 2001 who are eligible to commence receipt of early or normal Retirement Plan benefits under the MSG Cash Balance Pension Plan and their dependents, as well as certain union employees (“Postretirement Plan”). As a result of the Distribution, the assets and liabilities of the MSG Cash Balance Pension Plan and one of the Union Plans have been transferred to MSG. In addition, the following have been transferred to MSG: Liabilities related to (1) current MSG employees who are active participants in the Excess Plan and/or the unfunded non-contributory non-qualified excess cash balance plan, (2) current MSG employees who are eligible for participation in the Postretirement Plan, and (3) former MSG employees who are retired participants in the Postretirement Plan. The Company has retained liabilities related to (1) its current employees and former employees of the Company or MSG who are active participants in the Excess Plan and/or the unfunded non-contributory non-qualified excess cash balance plan, (2) its current employees who are eligible for participation in the Postretirement Plan, (3) its former employees who are retired participants in the Postretirement Plan, and (4) the Union Plan that was not transferred to MSG. Components of net periodic benefit cost for the Company's Pension Plans and Postretirement Plan recognized in direct operating expenses, selling, general and administrative expenses, and income (loss) from discontinued operations in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2016 and 2015 are as follows: Pension Plans Postretirement Plan Three Months Ended Three Months Ended March 31, March 31, 2016 2015 2016 2015 Service cost $ 114 $ 1,733 $ 21 $ 27 Interest cost 438 1,978 41 63 Expected return on plan assets (110 ) (916 ) — — Recognized actuarial loss (gain) (a) 132 564 — (12 ) Amortization of unrecognized prior service cost (credit) (a) — 7 (11 ) (34 ) Net periodic benefit cost $ 574 $ 3,366 $ 51 $ 44 Pension Plans Postretirement Plan Nine Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Service cost $ 1,856 $ 5,209 $ 89 $ 149 Interest cost 3,001 5,936 164 249 Expected return on plan assets (1,070 ) (2,748 ) — — Recognized actuarial loss (a) 633 1,694 — — Amortization of unrecognized prior service cost (credit) (a) 14 19 (53 ) (104 ) Net periodic benefit cost $ 4,434 $ 10,110 $ 200 $ 294 (a) Reflects amounts reclassified from accumulated other comprehensive loss. Amounts presented in the table above include net periodic benefit cost related to continued operations and discontinued operations as noted in the following table: Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Continuing Operations $ 625 $ 1,395 $ 2,671 $ 4,365 Discontinued Operations — 2,015 1,963 6,039 Total Net Periodic Benefit Cost $ 625 $ 3,410 $ 4,634 $ 10,404 In addition, prior to the Distribution, the Company sponsored the MSG Holdings, L.P. 401(k) Savings Plan (the "MSG Savings Plan") and the MSG Holdings, L.P. Excess Savings Plan ("Excess Savings Plan"). As a result of the Distribution, the MSG Savings Plan was amended to a) transfer sponsorship of the plans to MSG, and b) become a multiple employer plan in which both MSG and the Company will continue to participate. As a result of the Distribution, liabilities relating to current MSG employees who were active participants in the Company's Excess Savings Plan have been transferred to MSG. The Excess Savings Plan has been renamed the MSGN Holdings, L.P Excess Savings Plan (together with the MSG Savings Plan, the "Savings Plans"). Expenses related to the Savings Plans included in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2016 and 2015 are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Continuing Operations $ 251 $ 221 $ 653 $ 835 Discontinued Operations — 661 652 1,814 Total Savings Plan Expense $ 251 $ 882 $ 1,305 $ 2,649 In addition, prior to the Distribution, the Company sponsored the MSG Holdings, L.P. 401(k) Union Plan (the "MSG Union Savings Plan"). Expenses related to the MSG Union Plan included in the accompanying consolidated statements of operations were $585 for the three months ended March 31, 2015 , and $18 and $709 for the nine months ended March 31, 2016 and 2015 , respectively. These amounts have been classified in the consolidated statements of operations as discontinued operations for all periods presented. As a result of the Distribution, the MSG Savings Plan and MSG Union Savings Plan were each amended to a) transfer sponsorship of the plans to MSG, and b) become a multiple employer plan in which both MSG and the Company will continue to participate. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation See Note 17 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended June 30, 2015 for more information regarding the Company's 2010 Employee Stock Plan (the "Employee Stock Plan") and 2010 Stock Plan For Non-Employee Directors (the "Non-Employee Director Plan"), as well as certain share-based payment awards initially granted under Cablevision Systems Corporation ("Cablevision") equity award programs. In connection with the Distribution, each holder of an employee restricted stock unit ("RSU") that was granted prior to July 1, 2015 received one MSG RSU in respect of every three RSUs owned on the Record Date and continues to be entitled to a share of the Company's Class A Common Stock (or cash or other property) for each RSU in accordance with the existing award agreement. In connection with the Distribution, each employee RSU that was granted on or after July 1, 2015 was adjusted in accordance with its terms, such that (1) each holder who remained employed by the Company following the Distribution continued to hold Company RSUs, with the number of RSUs adjusted to reflect the Distribution to maintain the value of the RSUs, and (2) each holder who MSG employed following the Distribution received MSG RSUs of the same value as the Company RSUs, and the original Company RSUs were canceled. Any holder of RSUs granted after July 1, 2015 who was employed by both MSG and the Company following the Distribution continues to hold the Company's RSUs, adjusted to reflect the Distribution, and received MSG RSUs in connection with the Distribution, so that the Company's RSUs represent 30% of the value of the original awards and MSG RSUs represent 70% of the value of the original RSU award. Also in connection with the Distribution, one share of MSG Class A Common Stock was issued under the MSG 2015 Non-Employee Director Plan in respect of every three RSUs outstanding under the Company’s Non-Employee Director Plan. In connection with the Distribution, each option to purchase the Company's Class A Common Stock became two options: one option to acquire MSG Class A Common Stock and one option to acquire the Company's Class A Common Stock. The existing exercise price was allocated between the existing options and the new MSG options based upon the volume-weighted average prices of the MSG Class A Common Stock and the Company's Class A Common Stock over the ten trading days immediately following the Distribution as reported by Bloomberg Business, and the underlying share amount took into account the one-to- three distribution ratio (i.e., one share of MSG Class A Common Stock was issued for every three shares of the Company's Class A Common Stock). Other than the split of the options and the allocation of the existing exercise price, there were no additional adjustments to the existing options in connection with the Distribution and the terms of each employee’s applicable option award agreement will continue to govern the Company's options. The Company's stock options/RSUs held by MSG, Cablevision and AMC Networks Inc. (“AMC Networks”) employees will not be expensed by the Company; however, such stock options/RSUs do have a dilutive effect on earnings (loss) per share available to the Company's common stockholders. Share-based compensation expense reduced for estimated forfeitures for continuing operations was $1,077 and $679 for the three months ended March 31, 2016 and 2015 , respectively, and $7,976 and $8,681 for the nine months ended March 31, 2016 and 2015 , respectively. Share-based compensation expense for continuing operations is presented within selling, general and administrative expenses and direct operating expenses. Share-based compensation expense for discontinued operations was $987 for the three months ended March 31, 2015 and $808 and $3,629 for the nine months ended March 31, 2016 and 2015 , respectively Stock Options Award Activity The following table summarizes activity relating to holders (including Company, MSG, Cablevision and AMC Networks employees and directors) of the Company's stock options, all of which were exercisable, for the nine months ended March 31, 2016 : Number of Weighted- Average Exercise Price Per Share (1) Weighted- Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Nonperformance Based Vesting Performance Based Vesting Balance as of June 30, 2015 128 17 $ 12.44 0.64 $ 10,293 Exercised (125 ) (17 ) 7.04 Balance as of March 31, 2016 3 — $ 3.58 0.25 $ 39 (1) Weighted-average exercise price per share as of June 30, 2015 and for activity prior to the Distribution Date does not reflect any adjustment associated with the Distribution. See above for a discussion of the treatment of options in connection with the Distribution. The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of the Company's Class A Common Stock for all options outstanding, which were all in-the-money at March 31, 2016 and June 30, 2015 , as applicable. For the nine months ended March 31, 2016 the aggregate intrinsic value of the Company's stock options exercised was $5,100 , determined as of the date of option exercise. Restricted Share Units Award Activity The following table summarizes activity relating to holders (including Company and MSG employees) of the Company's RSUs for the nine months ended March 31, 2016 : Number of Nonperformance Vesting RSUs Performance Based Vesting RSUs Weighted-Average Fair Value Per Share At Date of Grant (1) Unvested award balance, June 30, 2015 489 98 $ 56.51 Granted 270 950 55.34 Vested (244 ) (42 ) 37.14 Canceled (132 ) (566 ) 77.99 Forfeited (50 ) (11 ) 67.04 Unvested award balance, March 31, 2016 333 429 $ 39.38 (1) Weighted-average fair value per share at date of grant as of June 30, 2015 and for activity prior to the Distribution Date does not reflect any adjustment associated with the Distribution. See above for a discussion of the treatment of RSUs in connection with the Distribution. See above for a discussion of the treatment of RSUs granted after July 1, 2015. During the nine months ended March 31, 2016 , the Company granted time-vesting RSUs (the “FY2016 RSUs”) that are generally subject to three-year ratable vesting (and are also, in the case of RSUs granted to executive officers, subject to certain performance conditions), and performance-vesting RSUs (the “FY2016 PSUs”) that will vest in September 2018 subject to the achievement of certain performance conditions. The fair value of RSUs that vested during the nine months ended March 31, 2016 was $17,123 . Upon delivery, RSUs granted under the Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations and the remaining number of shares were issued from the Company's treasury shares. To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes, 150 of these RSUs, with an aggregate value of $11,114 , were retained by the Company and reflected as financing activity in the accompanying consolidated statement of cash flows for the nine months ended March 31, 2016 . |
Stock Repurchase Program
Stock Repurchase Program | 9 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Treasury Stock [Text Block] | Stock Repurchase Program On October 27, 2014, the Company's Board of Directors authorized the repurchase of up to $500,000 of the Company's Class A Common Stock. On September 11, 2015, the Company's Board of Directors terminated the repurchase authorization effective as of the Distribution Date. Under the authorization, shares of Class A Common Stock were able to be purchased from time to time in open market or private transactions, in accordance with applicable insider trading and other securities laws and regulations. For the nine months ended March 31, 2016 , the Company has repurchased 1,336 shares, which are determined based on the settlement date of such trades, for a total cost of $100,027 , including commissions and fees. These acquired shares have been classified as treasury stock in the accompanying consolidated balance sheet as of March 31, 2016 . |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of March 31, 2016 , members of the Dolan family group, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, including trusts for the benefit of the Dolan family group, collectively beneficially own all of the Company's outstanding Class B Common Stock and own approximately 2.4% of the Company's outstanding Class A Common Stock. Such shares of the Company's Class A Common Stock and Class B Common Stock, collectively, represent approximately 69.7% of the aggregate voting power of the Company's outstanding common stock. Members of the Dolan family are also the controlling stockholders of MSG, Cablevision and AMC Networks. In connection with the Distribution, the Company entered into various agreements with MSG, including media rights agreements covering New York Knicks ("Knicks") and New York Rangers ("Rangers") games, an advertising sales representation agreement, a trademark license agreement and a transition services agreement ("TSA"). The Company has entered into various agreements with Cablevision and AMC Networks in connection with, and subsequent to, the distribution on February 10, 2010, when Cablevision distributed all of the outstanding common stock of the Company to Cablevision stockholders. These agreements include arrangements with respect to a number of ongoing commercial relationships including affiliation agreements for carriage by Cablevision of MSG Networks. Revenues and Operating Expenses The following table summarizes the composition and amounts of related party transactions that are reflected in revenues and operating expenses of continuing operations in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2016 and 2015 : Three Months Ended March 31, Nine Months Ended March 31, 2016 2015 2016 2015 Revenues $ 42,142 $ 44,902 $ 124,264 $ 127,246 Operating expenses: Rights fees $ 32,906 $ 20,397 $ 98,206 $ 60,749 Commission 5,861 — 11,359 — Advertising 2,022 2,109 5,897 5,319 Origination, master control and technical services 1,508 1,462 4,384 4,221 Other 2,292 (565 ) 4,343 (730 ) Revenues Revenues from related parties primarily consist of revenues recognized from the distribution of programming services to subsidiaries of Cablevision and include sponsorship revenue, as well as advertising and promotional benefits received by the Company which is recognized as the benefits are realized. Rights fees In connection with the Distribution, the Company entered into media rights agreements with the Knicks and the Rangers, which provide the Company with exclusive media rights to team games in their local markets. These agreements are retroactively effective to July 1, 2015. Prior to the Distribution, these rights fees were eliminated in consolidation; however the amounts recorded prior to the Distribution are presented as revenues in the income (loss) from discontinued operations line with the offsetting expense in direct operating expenses within continuing operations in the accompanying consolidated statements of operations. Commission In connection with the Distribution, the Company entered into an advertising sales representation agreement, under which MSG has the exclusive right and obligation to sell MSG Networks' advertising availabilities for a commission. Origination, master control and technical services AMC Networks provides certain origination, master control and technical services to the Company. Advertising The Company incurs advertising expenses for services rendered by its related parties, primarily Cablevision, most of which are related to the utilization of advertising and promotional benefits by the Company, with an equal amount being recognized as revenue when the benefits are realized. Other operating expenses The Company and its related parties enter into transactions with each other in the ordinary course of business. Additionally, in connection with the Distribution, the Company entered into a TSA with MSG, under which the Company began outsourcing to MSG certain business functions that were previously performed by internal resources. These include activities related to information technology, accounting, accounts payable, payroll, tax, legal, human resources, insurance and risk management, investor relations, corporate communications, benefit plan administration and reporting, and internal audit. Discontinued operations Related party transactions included in loss from discontinued operations in the accompanying consolidated statements of operations include the following (i) revenues from related parties of $22,014 for the three months ended March 31, 2015 and $33,559 and $64,459 for the nine months ended March 31, 2016 and 2015 , respectively, (ii) operating expenses charged by related parties of $40 and $2,798 for the three months ended March 31, 2016 and 2015 , respectively, and $1,004 and $5,872 for the nine months ended March 31, 2016 and 2015 , respectively, (iii) interest income from nonconsolidated affiliates of $471 for the three months ended March 31, 2015 and $635 and $1,346 for the nine months ended March 31, 2016 and 2015 , respectively, and (iv) equity in earnings (loss) of equity-method investments of $(2,294) for the three months ended March 31, 2015 and $2,679 and $(35,049) for the nine months ended March 31, 2016 and 2015 , respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense attributable to continuing operations for the three months ended March 31, 2016 of $29,573 differs from the income tax expense derived from applying the statutory federal rate to pretax income due principally to state and local income taxes of $ 5,485 (net of federal benefit), and other items of $28 . These increases were partially offset by the tax benefits of the domestic production activities deduction of $1,939 . Income tax expense attributable to continuing operations for the three months ended March 31, 2015 of $36,132 differs from the income tax expense derived from applying the statutory federal rate to pretax income due principally to state and local income taxes (net of federal benefit) of $9,314 , and the impact of the tax benefits of the domestic production activities deduction of $1,636 . Income tax expense attributable to continuing operations for the nine months ended March 31, 2016 of $58,878 differs from the income tax expense derived from applying the statutory federal rate to pretax income due principally to a reduction in state tax rates used to value deferred taxes resulting from the Distribution of $16,941 and the tax benefits of the domestic production activities deduction of $4,703 . These decreases were partially offset by an increase in state tax rates used to value deferred taxes resulting from the filing of the Company’s state income tax returns of $4,489 , state and local income taxes of $13,216 (net of federal benefit), and other items of $179 . Income tax expense attributable to continuing operations for the nine months ended March 31, 2015 of $165,506 differs from the income tax expense derived from applying the statutory federal rate to pretax income due principally to state and local income taxes of $31,747 (net of federal benefit), an increase in state tax rates used to value deferred taxes due to the sale of Fuse of $8,122 and other items of $171 . These increases were partially offset by the impact of the tax benefits of the domestic production activities deduction of $4,217 and a tax return to book provision adjustment in connection with the filing of the Company's federal income tax return of $48 . During the nine months ended March 31, 2016 , income taxes paid by the Company were $ 142,430 , of which approximately $120,000 is reflected in net cash used in operating activities of discontinued operations in the accompanying consolidated statement of cash flows. The income tax payments classified in net cash used in operating activities of discontinued operations primarily reflect a one-time payment related to certain historical activities of our former subsidiary, MSG, and other offsetting items. Prior to the Distribution, the Company's collections for ticket sales, sponsorships and suite rentals in advance were recorded as deferred revenue and were recognized as revenues when earned for both accounting and tax purposes. In connection with the reorganization transactions related to the Distribution, the tax recognition on most of these deferred revenues was accelerated to the date of the reorganization. The impact of the acceleration of such deferred revenue is reflected in income tax expense of discontinued operations for the nine months ended March 31, 2016 . During the nine months ended March 31, 2015 , income taxes paid by the Company were $117,793 , which includes amounts related to the sale of Fuse. During the third quarter of fiscal year 2015, the Internal Revenue Service notified the Company of its intent to review the federal income tax returns as filed for the tax year ended December 31, 2013. Fieldwork is ongoing. The Company does not expect the examination, when finalized, to result in material changes to the tax returns as filed. During the fourth quarter of fiscal year 2015, the State of Connecticut commenced an examination of the Company's State of Connecticut income tax returns as filed for the tax years ended December 31, 2011, 2012, and 2013. The examination was settled during this quarter. There were no material changes to the tax returns as filed. During the fourth quarter of fiscal year 2014, the State of New York commenced an examination of the Company's State of New York income tax returns as filed for the tax years ended December 31, 2010, 2011, and 2012. The examination is currently in fieldwork. The Company does not expect the examination, when finalized, to result in material changes to the tax returns as filed. |
Concentration of Risk
Concentration of Risk | 9 Months Ended |
Mar. 31, 2016 | |
Concentration of Risk [Abstract] | |
Concentration Risk Disclosure [Text Block] | Concentration of Risk Accounts receivable, net on the accompanying consolidated balance sheets as of March 31, 2016 and June 30, 2015 include amounts due from the following individual non-affiliated customers, which accounted for the noted percentages of the gross balance: March 31, June 30, Customer A 34 % 29 % Customer B 29 % 25 % Customer C 19 % 17 % Customer D 12 % 11 % Revenues from continuing operations in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2016 and 2015 include amounts from the following individual non-affiliated customers, which accounted for the noted percentages of the total: Three Months Ended March 31, Nine Months Ended March 31, 2016 2015 2016 2015 Customer A 23 % 21 % 23 % 22 % Customer B 19 % 19 % 20 % 20 % Customer C 10 % 10 % 10 % 11 % Revenues from continuing operations in the accompanying consolidated statements of operations include revenues from Cablevision of $42,083 and $43,021 for the three months ended March 31, 2016 and 2015 , respectively, which represent 23% and 25% , respectively, of the total and $123,530 and $125,318 for the nine months ended March 31, 2016 and 2015 , respectively, which represent, 25% and 26% , respectively, of the total. The accompanying consolidated balance sheets as of March 31, 2016 and June 30, 2015 include the following approximate amounts that are recorded in connection with the Company's license agreement with the New Jersey Devils: Reported in March 31, 2016 June 30, Prepaid expenses $ 1,000 $ 1,000 Other current assets 2,000 2,000 Other assets 41,000 41,000 $ 44,000 $ 44,000 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Company include the accounts of MSG Networks Inc. and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. See Note 3 for a discussion of media rights recognized as revenues by MSG from the licensing of team-related programming to the Company. |
Use of Estimates | Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, goodwill, intangible assets, other long-lived assets, tax accruals and other liabilities. In addition, estimates are used in revenue recognition, income tax expense, performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the consolidated financial statements to be reasonable. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management's best judgment at a point in time and as such these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company's control could be material and would be reflected in the Company's financial statements in future periods. |
New Accounting Pronouncement, Early Adoption [Table Text Block] | Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which amends the FASB Accounting Standards Codification ( “ ASC ” ) to require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related liability. In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest (Subtopic 835-30) : Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements-Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting, to clarify that an entity may elect to present debt issuance costs related to a line-of-credit arrangement as an asset, regardless of whether or not there are any outstanding borrowings on the line-of-credit arrangement. These standards were adopted by the Company in the first quarter of fiscal year 2016. See Note 8 for the presentation of the Company's deferred financing costs in accordance with these standards. There was no impact to the prior year consolidated financial statements as the Company's historical deferred financing costs pertaining to its revolving credit facility were presented as assets as permitted under ASU No. 2015-15. In November 2015, t he FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (Topic 740) , which eliminates the requirement to present deferred tax assets and liabilities as current and non-current in a classified balance sheet. Instead, companies will be required to classify all deferred tax assets and liabilities as non-current. The Company early adopted this ASU in the second quarter of fiscal year 2016. There was no impact to the prior year financial statements as a result of this adoption. |
Recently Issued Acounting Pronouncements Not Yet Adopted [Policy Text Block] | Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition . This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of ASU No. 2014-09 for all entities by one year. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration s , which provides clarification on the implementation guidance on principal versus agent considerations outlined in ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which finalized a mendments to identifying performance obligations and accounting for licenses of intellectual property. Early adoption is permitted and the Company can early adopt ASU No. 2014-09 beginning in the first quarter of fiscal year 2018. If the Company does not apply the early adoption provision, ASU No. 2014-09 will be effective for the Company beginning in the first quarter of fiscal year 2019 using one of two retrospective application methods. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract and expense the cost as the services are received. This standard will be effective for the Company beginning in the first quarter of fiscal year 2017. Early adoption is permitted. This standard may be adopted retrospectively or prospectively to arrangements entered into, or materially modified, after the effective date. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842) , which requires the recognition of lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The amended guidance also requires additional quantitative and qualitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases in order to provide additional information about the nature of an organization’s leasing activities. This standard will be effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. This standard will be adopted using a modified retrospective approach. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, that changes several aspects of accounting for share-based payment transactions. The amended guidance requires all excess tax benefits and tax deficiencies to be recognized in the income statement rather than additional paid-in capital. In addition, such excess tax benefits or tax deficiencies will no longer be classified on the Consolidated Statement of Cash Flows as a financing activity, with prospective application required. Additionally, the guidance clarifies the classification of employee taxes paid when an employer withholds shares for tax-withholding purposes on the Consolidated Statement of Cash Flows as a financing activity, with retrospective application required. The new guidance also provides an accounting policy election to account for forfeitures as they occur, with a modified retrospective application required. This standard will be effective for the Company beginning in the first quarter of fiscal year 2017, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. |
Computation of Earnings Per C25
Computation of Earnings Per Common Share (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy | Basic earnings (loss) per common share (“EPS”) is based upon net income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed vesting of restricted stock units (“RSUs”) and exercise of stock options only in the periods in which such effect would have been dilutive. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Revenues (1) $ — $ 300,856 $ 150,381 $ 816,586 Direct operating expenses — 231,196 71,320 568,238 Selling, general and administrative expenses 40 47,828 57,864 133,473 Depreciation and amortization — 24,120 23,772 81,236 Operating income (loss) (40 ) (2,288 ) (2,575 ) 33,639 Equity in earnings (loss) of equity-method investments — (2,294 ) 2,679 (35,049 ) Interest income — 471 635 1,346 Interest expense — (606 ) (540 ) (1,882 ) Miscellaneous income — 782 — 2,142 Income (loss) from discontinued operations before income taxes (40 ) (3,935 ) 199 196 Income tax benefit (expense) — 7,828 (161,393 ) 3,662 Income (loss) from discontinued operations, net of taxes $ (40 ) $ 3,893 $ (161,194 ) $ 3,858 (1) Includes media rights recognized as revenues by MSG from the licensing of team-related programming to the Company prior to the Distribution Date, which were previously eliminated in consolidation. However, these amounts are now presented as revenues in the income (loss) from discontinued operations line with the offsetting expense in direct operating expenses, within continuing operations, in the accompanying consolidated statements of operations. The assets and liabilities of MSG have been classified in the consolidated balance sheet as of June 30, 2015 as assets and liabilities of discontinued operations and consist of the following, by major class: June 30, Cash and cash equivalents $ 14,917 Accounts receivable, net 51,133 Other current assets 59,846 Current assets of discontinued operations 125,896 Investments and loans to nonconsolidated affiliates 249,394 Property and equipment, net 1,188,705 Goodwill 277,166 Intangible assets, net 189,174 Other non-current assets 79,158 Non-current assets of discontinued operations 1,983,597 Accounts payable and accrued liabilities 196,423 Deferred revenue 323,756 Current liabilities of discontinued operations 520,179 Defined benefits and other postretirement obligations 56,740 Other employee related costs 51,687 Deferred tax liability 171,928 Other non-current liabilities 49,939 Non-current liabilities of discontinued operations 330,294 Net assets of discontinued operations $ 1,259,020 The following table summarizes the net impact of the Distribution to Company's stockholders' equity (deficiency): Decrease in additional paid-in capital $ (1,067,555 ) Decrease in retained earnings (1,705,189 ) Decrease in accumulated other comprehensive loss 20,406 $ (2,752,338 ) The above amounts include cash distributed with MSG of $ 1,467,093 . |
Computation of Earnings Per C27
Computation of Earnings Per Common Share (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted-Average Shares Used in Calculation of Basic and Diluted EPS | The following table presents a reconciliation of the weighted-average number of shares used in the calculations of basic and diluted EPS. Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Weighted-average number of shares for basic EPS 75,037 77,134 75,173 77,454 Dilutive effect of shares issuable under share-based compensation plans 316 441 371 588 Weighted-average number of shares for diluted EPS 75,353 77,575 75,544 78,042 Anti-dilutive shares — — — 5 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets Subject to Amortization | The Company's intangible assets subject to amortization are as follows: March 31, 2016 June 30, Affiliate relationships $ 83,044 $ 83,044 Less accumulated amortization (38,056 ) (35,461 ) $ 44,988 $ 47,583 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | As of March 31, 2016 and June 30, 2015 , property and equipment consisted of the following assets: March 31, June 30, Equipment $ 47,403 $ 43,277 Furniture and fixtures 1,740 1,723 Leasehold improvements 19,644 19,645 Construction in progress 288 3,103 69,075 67,748 Less accumulated depreciation and amortization (54,541 ) (48,234 ) $ 14,534 $ 19,514 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of March 31, 2016 , the principal repayments required for the next five years under the Term Loan Facility are as follows: Year 1 $ 60,000 Year 2 75,000 Year 3 75,000 Year 4 101,250 Year 5 1,188,750 $ 1,500,000 |
Schedule of Debt [Table Text Block] | The following table summarizes the presentation of the Term Loan Facility and the deferred financing costs in accordance with ASU No. 2015-03 and ASU No. 2015-15 (see note 2 ) in the accompanying consolidated balance sheet as of March 31, 2016 : Reported in Term Loan Facility Deferred Financing Costs Total Other current assets $ — $ 417 $ 417 Other assets — 1,460 1,460 Current portion of long-term debt (1) 60,000 2,586 57,414 Long-term debt, net of current portion (1) 1,440,000 9,051 1,430,949 Total $ 1,500,000 $ 13,514 $ 1,490,240 (1) Amount presented in the Total column is on a net basis. The Company made interest payments under the Credit Agreement of $18,830 during the nine months ended March 31, 2016 . |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | As of March 31, 2016 , future cash payments required under contracts entered into by the Company in the normal course of business, including future minimum rental payments under leases having noncancelable initial lease terms in excess of one year, are as follows: Total Remainder of the current fiscal year Fiscal years 2-3 Fiscal years 4-5 Thereafter Contractual Obligations $ 4,590,123 $ 75,864 $ 429,495 $ 433,285 $ 3,651,479 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | The following table presents for each of these hierarchy levels, the Company's assets that are measured at fair value on a recurring basis, which include cash equivalents: Level I Level II Level III Total March 31, 2016 Assets: Money market accounts $ 62,586 $ — $ — $ 62,586 Time deposits 48,392 — — 48,392 Total assets measured at fair value $ 110,978 $ — $ — $ 110,978 June 30, 2015 Assets: Money market accounts $ 89,062 $ — $ — $ 89,062 Time deposits 113,227 — — 113,227 Total assets measured at fair value $ 202,289 $ — $ — $ 202,289 |
Pension Plans and Other Postr33
Pension Plans and Other Postretirement Benefit Plan (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Contribution Plan Disclosures [Table Text Block] | Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Continuing Operations $ 251 $ 221 $ 653 $ 835 Discontinued Operations — 661 652 1,814 Total Savings Plan Expense $ 251 $ 882 $ 1,305 $ 2,649 |
Schedule of Net Periodic Benefit Cost | Pension Plans Postretirement Plan Three Months Ended Three Months Ended March 31, March 31, 2016 2015 2016 2015 Service cost $ 114 $ 1,733 $ 21 $ 27 Interest cost 438 1,978 41 63 Expected return on plan assets (110 ) (916 ) — — Recognized actuarial loss (gain) (a) 132 564 — (12 ) Amortization of unrecognized prior service cost (credit) (a) — 7 (11 ) (34 ) Net periodic benefit cost $ 574 $ 3,366 $ 51 $ 44 Pension Plans Postretirement Plan Nine Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Service cost $ 1,856 $ 5,209 $ 89 $ 149 Interest cost 3,001 5,936 164 249 Expected return on plan assets (1,070 ) (2,748 ) — — Recognized actuarial loss (a) 633 1,694 — — Amortization of unrecognized prior service cost (credit) (a) 14 19 (53 ) (104 ) Net periodic benefit cost $ 4,434 $ 10,110 $ 200 $ 294 (a) Reflects amounts reclassified from accumulated other comprehensive loss. Amounts presented in the table above include net periodic benefit cost related to continued operations and discontinued operations as noted in the following table: Three Months Ended Nine Months Ended March 31, March 31, 2016 2015 2016 2015 Continuing Operations $ 625 $ 1,395 $ 2,671 $ 4,365 Discontinued Operations — 2,015 1,963 6,039 Total Net Periodic Benefit Cost $ 625 $ 3,410 $ 4,634 $ 10,404 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes activity relating to holders (including Company, MSG, Cablevision and AMC Networks employees and directors) of the Company's stock options, all of which were exercisable, for the nine months ended March 31, 2016 : Number of Weighted- Average Exercise Price Per Share (1) Weighted- Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Nonperformance Based Vesting Performance Based Vesting Balance as of June 30, 2015 128 17 $ 12.44 0.64 $ 10,293 Exercised (125 ) (17 ) 7.04 Balance as of March 31, 2016 3 — $ 3.58 0.25 $ 39 (1) Weighted-average exercise price per share as of June 30, 2015 and for activity prior to the Distribution Date does not reflect any adjustment associated with the Distribution. See above for a discussion of the treatment of options in connection with the Distribution. |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes activity relating to holders (including Company and MSG employees) of the Company's RSUs for the nine months ended March 31, 2016 : Number of Nonperformance Vesting RSUs Performance Based Vesting RSUs Weighted-Average Fair Value Per Share At Date of Grant (1) Unvested award balance, June 30, 2015 489 98 $ 56.51 Granted 270 950 55.34 Vested (244 ) (42 ) 37.14 Canceled (132 ) (566 ) 77.99 Forfeited (50 ) (11 ) 67.04 Unvested award balance, March 31, 2016 333 429 $ 39.38 (1) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The following table summarizes the composition and amounts of related party transactions that are reflected in revenues and operating expenses of continuing operations in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2016 and 2015 : Three Months Ended March 31, Nine Months Ended March 31, 2016 2015 2016 2015 Revenues $ 42,142 $ 44,902 $ 124,264 $ 127,246 Operating expenses: Rights fees $ 32,906 $ 20,397 $ 98,206 $ 60,749 Commission 5,861 — 11,359 — Advertising 2,022 2,109 5,897 5,319 Origination, master control and technical services 1,508 1,462 4,384 4,221 Other 2,292 (565 ) 4,343 (730 ) |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Concentration of Risk [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Accounts receivable, net on the accompanying consolidated balance sheets as of March 31, 2016 and June 30, 2015 include amounts due from the following individual non-affiliated customers, which accounted for the noted percentages of the gross balance: March 31, June 30, Customer A 34 % 29 % Customer B 29 % 25 % Customer C 19 % 17 % Customer D 12 % 11 % Revenues from continuing operations in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2016 and 2015 include amounts from the following individual non-affiliated customers, which accounted for the noted percentages of the total: Three Months Ended March 31, Nine Months Ended March 31, 2016 2015 2016 2015 Customer A 23 % 21 % 23 % 22 % Customer B 19 % 19 % 20 % 20 % Customer C 10 % 10 % 10 % 11 % Revenues from continuing operations in the accompanying consolidated statements of operations include revenues from Cablevision of $42,083 and $43,021 for the three months ended March 31, 2016 and 2015 , respectively, which represent 23% and 25% , respectively, of the total and $123,530 and $125,318 for the nine months ended March 31, 2016 and 2015 , respectively, which represent, 25% and 26% , respectively, of the total. The accompanying consolidated balance sheets as of March 31, 2016 and June 30, 2015 include the following approximate amounts that are recorded in connection with the Company's license agreement with the New Jersey Devils: Reported in March 31, 2016 June 30, Prepaid expenses $ 1,000 $ 1,000 Other current assets 2,000 2,000 Other assets 41,000 41,000 $ 44,000 $ 44,000 |
Description of Business and B37
Description of Business and Basis of Presentation (Details) | 9 Months Ended | ||
Mar. 31, 2016$ / shares | Sep. 21, 2015$ / sharesshares | Jun. 30, 2015$ / shares | |
Class of Stock [Line Items] | |||
Percentage of ownership of MSG business distributed to stockholders | 100.00% | ||
Number of reportable segments | 1 | ||
Class A Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Shares received after Distribution | 1 | ||
Share Conversion Ratio for Distribution | 3 | ||
Class B Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Shares received after Distribution | 1 | ||
Share Conversion Ratio for Distribution | 3 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 0 | ||||
Revenues | $ 0 | $ 300,856 | 150,381 | $ 816,586 | |
Direct operating expenses | 0 | 231,196 | 71,320 | 568,238 | |
Selling general and administrative expenses | 40 | 47,828 | 57,864 | 133,473 | |
Depreciation and amortization | 0 | 24,120 | 23,772 | 81,236 | |
Operating loss | (40) | (2,288) | (2,575) | 33,639 | |
Equity in earnings (loss) of equity-method investments | 0 | (2,294) | 2,679 | (35,049) | |
Interest income | 0 | 635 | |||
Interest expense | 0 | (606) | (540) | (1,882) | |
Miscellaneous income | 0 | 782 | 0 | 2,142 | |
Income (loss) from discontinued operations, before income taxes | (40) | (3,935) | 199 | 196 | |
Income tax (expense) benefit | 0 | 7,828 | (161,393) | 3,662 | |
Income (loss) from discontinued operations, net of taxes | (40) | 3,893 | (161,194) | 3,858 | |
Cash and cash equivalents | $ 14,917 | ||||
Accounts receivable, net | 51,133 | ||||
Other current assets | 59,846 | ||||
Current assets of discontinued operations | 0 | 0 | 125,896 | ||
Investments in and loans to non-consolidated affiliates | 249,394 | ||||
Property and equipment, net | 1,188,705 | ||||
Goodwill | 277,166 | ||||
Intangible Assets | 189,174 | ||||
Other non-current assets | 79,158 | ||||
Non-current assets of discontinued operations | 0 | 0 | 1,983,597 | ||
Accounts payable and accrued liabilities | 196,423 | ||||
Deferred revenue | 323,756 | ||||
Current liabilities of discontinued operations | 0 | 0 | 520,179 | ||
Defined benefits and other postretirement obligations | 56,740 | ||||
Other employees related costs | 51,687 | ||||
Deferred tax liability | 171,928 | ||||
Other non-current liabilities | 49,939 | ||||
Non-current liabilities of discontinued operations | 0 | 0 | 330,294 | ||
Net assets of discontinued operations | $ 1,259,020 | ||||
Distribution of The Madison Square Garden Company | (2,752,338) | ||||
Cash distributed with MSG | 1,467,093 | 0 | |||
Additional Paid-in Capital [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Distribution of The Madison Square Garden Company | (1,067,555) | ||||
Retained Earnings [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Distribution of The Madison Square Garden Company | (1,705,189) | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Distribution of The Madison Square Garden Company | 20,406 | ||||
Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Equity in earnings (loss) of equity-method investments | $ (2,294) | 2,679 | (35,049) | ||
Interest Income | $ 471 | $ 635 | $ 1,346 |
Computation of Earnings Per C39
Computation of Earnings Per Common Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares for basic EPS (in shares) | 75,037 | 77,134 | 75,173 | 77,454 |
Dilutive effect of shares issuable under share-based compensation plans (in shares) | 316 | 441 | 371 | 588 |
Weighted-average shares for diluted EPS (in shares) | 75,353 | 77,575 | 75,544 | 78,042 |
Anti-dilutive shares (in shares) | 0 | 0 | 0 | 5 |
Disposition Disposition (Detail
Disposition Disposition (Details) - USD ($) $ in Thousands | Jul. 01, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of Fuse | $ 0 | $ 0 | $ 0 | $ 186,178 | |
Fuse Media, LLC [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale Price for Disposed Entity | $ 231,995 | ||||
Noncash or Part Noncash Acquisition, Interest Acquired | 15.00% | ||||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 24,000 | ||||
Fuse [Member] | Madison Square Garden Media [Member] | Operating Segments [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of Fuse | 186,178 | ||||
Business Disposition, Transaction Costs | $ 3,932 |
Goodwill and Intangible Asset41
Goodwill and Intangible Assets (Carrying Amount of Goodwill By Reportable Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2015 | Mar. 31, 2016 | Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 424,508 | $ 424,508 | |
Impairment of goodwill | $ 0 |
Goodwill and Intangible Asset42
Goodwill and Intangible Assets (Schedule of Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | |||||
Net | $ 44,988 | $ 44,988 | $ 47,583 | |||
Finite-Lived Intangible Assets, Amortization Expense | 865 | $ 865 | 2,595 | $ 2,595 | ||
Affiliate Relationships [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Gross | 83,044 | 83,044 | 83,044 | |||
Accumulated Amortization | (38,056) | (38,056) | (35,461) | |||
Net | $ 44,988 | $ 44,988 | $ 47,583 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 69,075 | $ 67,748 |
Less accumulated depreciation and amortization | (54,541) | (48,234) |
Property and equipment, net | 14,534 | 19,514 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 47,403 | 43,277 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,740 | 1,723 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 19,644 | 19,645 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 288 | $ 3,103 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense on property and equipment | $ 1,737 | $ 3,609 | $ 7,777 | $ 10,609 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 28, 2015 | May. 06, 2014 | ||
Debt Instrument [Line Items] | ||||||||
Additional interest Rate when Default | 2.00% | |||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||||
Debt instrument, restrictive covenants | The Credit Agreement generally requires MSGN L.P. to comply with a maximum total leverage ratio of 6.00:1.00 from the closing date until September 30, 2016 and a maximum total leverage ratio of 5.50:1.00 from and after October 1, 2016 until maturity, subject, in each case, to upward adjustment during the continuance of certain events. In addition, there is a minimum interest coverage ratio of 2.00:1.00 for the Holdings Entities, MSGN L.P. and the restricted subsidiaries of MSGN L.P. | |||||||
Long-term Debt, Gross | $ 1,500,000,000 | $ 1,500,000,000 | ||||||
Deferred Finance Costs, Gross | 13,514,000 | 13,514,000 | ||||||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | 1,490,240,000 | 1,490,240,000 | ||||||
Payments Related to Tax Withholding for Share-based Compensation | 11,114,000 | $ 17,791,000 | ||||||
Deferred financing costs amortization period | 5 years | |||||||
Interest Paid | 18,830 | |||||||
Principal repayment on Term Loan Facility | 50,000,000 | 50,000,000 | $ 0 | |||||
Credit Facility - May 6, 2014 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior secured revolving credit facility | $ 500,000,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior secured revolving credit facility | $ 250,000,000 | |||||||
Revolving credit term in years | 5 years | |||||||
Borrowing capacity | 250,000,000 | 250,000,000 | ||||||
Letters of Credit, maximum capacity | 35,000,000 | |||||||
Letters of credit issued and outstanding under the Revolving Credit Facility | 0 | 0 | ||||||
Term Loan Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior secured revolving credit facility | $ 1,550,000,000 | |||||||
Revolving credit term in years | 5 years | |||||||
Cash distributed to stockholder from cash borrowed in connection with spin off | 1,450,000,000 | |||||||
Year 1 | 60,000,000 | 60,000,000 | ||||||
Year 2 | 75,000,000 | 75,000,000 | ||||||
Year 3 | 75,000,000 | 75,000,000 | ||||||
Year 4 | 101,250,000 | 101,250,000 | ||||||
Year 5 | 1,188,750,000 | 1,188,750,000 | ||||||
Long-term Debt, Gross | 1,500,000,000 | 1,500,000,000 | ||||||
Other Current Assets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 0 | 0 | ||||||
Deferred Finance Costs, Gross | 417,000 | 417,000 | ||||||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | 417,000 | 417,000 | ||||||
Other Noncurrent Assets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 0 | 0 | ||||||
Deferred Finance Costs, Gross | 1,460,000 | 1,460,000 | ||||||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | 1,460,000 | 1,460,000 | ||||||
Current portion of long-term debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 60,000,000 | 60,000,000 | ||||||
Deferred Finance Costs, Gross | 2,586,000 | 2,586,000 | ||||||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | [1] | 57,414,000 | 57,414,000 | |||||
Long-term debt, net of current portion [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 1,440,000,000 | 1,440,000,000 | ||||||
Deferred Finance Costs, Gross | 9,051,000 | 9,051,000 | ||||||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | [1] | $ 1,430,949,000 | $ 1,430,949,000 | |||||
Credit Facility - May 6, 2014 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit term in years | 5 years | |||||||
Federal Funds Effective Swap Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | |||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
Minimum [Member] | Eurodollar [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||
Maximum [Member] | Eurodollar [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||
After delivery of Compliance Certificate [Member] | Eurodollar [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 2.00% | |||||||
After delivery of Compliance Certificate [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | |||||||
[1] | Amount presented in the Total column is on a net basis. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and contingencies (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation | $ 4,590,123 |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 75,864 |
Contractual Obligation, Due in Second and Third Year | 429,495 |
Contractual Obligation, Due in Fourth and Fifth Year | 433,285 |
Contractual Obligation, Due after Fifth Year | $ 3,651,479 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value, Assets Measured on Recurring Basis) (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 110,978,000 | $ 202,289,000 |
Long-term Debt, Fair Value | 1,477,500 | |
Level I [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 110,978,000 | 202,289,000 |
Level II [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level III [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Money market accounts [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 62,586,000 | 89,062,000 |
Money market accounts [Member] | Level I [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 62,586,000 | 89,062,000 |
Money market accounts [Member] | Level II [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Money market accounts [Member] | Level III [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Time deposits [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 48,392,000 | 113,227,000 |
Time deposits [Member] | Level I [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 48,392,000 | 113,227,000 |
Time deposits [Member] | Level II [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Time deposits [Member] | Level III [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 0 | $ 0 |
Pension Plans and Other Postr48
Pension Plans and Other Postretirement Benefit Plan (Schedule of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||
Net periodic benefit cost | $ 625 | $ 3,410 | $ 4,634 | $ 10,404 | |
Pension Plans [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||
Service cost | 114 | 1,733 | 1,856 | 5,209 | |
Interest cost | 438 | 1,978 | 3,001 | 5,936 | |
Expected return on plan assets | (110) | (916) | (1,070) | (2,748) | |
Recognized actuarial loss (gain) | [1] | 132 | 564 | 633 | 1,694 |
Amortization of unrecognized prior service cost (credit) | [1] | 0 | 7 | 14 | 19 |
Net periodic benefit cost | 574 | 3,366 | 4,434 | 10,110 | |
Postretirement Plan [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||
Service cost | 21 | 27 | 89 | 149 | |
Interest cost | 41 | 63 | 164 | 249 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Recognized actuarial loss (gain) | [1] | 0 | (12) | 0 | 0 |
Amortization of unrecognized prior service cost (credit) | [1] | (11) | (34) | (53) | (104) |
Net periodic benefit cost | 51 | 44 | 200 | 294 | |
Continuing Operations [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||
Net periodic benefit cost | 625 | 1,395 | 2,671 | 4,365 | |
Discontinued Operations [Member] | |||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||||
Net periodic benefit cost | $ 0 | $ 2,015 | $ 1,963 | $ 6,039 | |
[1] | Reflects amounts reclassified from accumulated other comprehensive loss. |
Pension Plans and Other Postr49
Pension Plans and Other Postretirement Benefit Plan Pension Plans And Other Postretirement Benefit Plan (Non-Contributory Plan) (Details) | 9 Months Ended |
Mar. 31, 2016 | |
Pension Plans And Other Postretirement Benefit Plan (Non-Contributory Plan) [Abstract] | |
Number of non-contributory qualified defined benefit pension plans sponsored by the company | 2 |
Pension Plans And Other Postr50
Pension Plans And Other Postretirement Benefit Plan (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | $ 625 | $ 3,410 | $ 4,634 | $ 10,404 |
MSG Saving Plans [Member] | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Defined Contribution Plan, Cost Recognized | 251 | 882 | 1,305 | 2,649 |
MSG Union Plan [Member] | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Defined Contribution Plan, Cost Recognized | 585 | 18 | 709 | |
Continuing Operations [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | 625 | 1,395 | 2,671 | 4,365 |
Continuing Operations [Member] | MSG Saving Plans [Member] | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Defined Contribution Plan, Cost Recognized | 251 | 221 | 653 | 835 |
Discontinued Operations [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | 0 | 2,015 | 1,963 | 6,039 |
Discontinued Operations [Member] | MSG Saving Plans [Member] | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Defined Contribution Plan, Cost Recognized | $ 0 | $ 661 | $ 652 | $ 1,814 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation Narrative (Details) | Mar. 31, 2016shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number shares of RSU awarded and outstanding prior to Distribution to received one share of RSU award from MSG | 3 |
Number of trading days volume weighted average price used to determine the stock option exercise price in connection with the Distribution | 10 |
Number shares of common stock and outstanding prior to Distribution to received one share of common stock in connection with spinoff | 3 |
Percentage of the original RSU grant value allocated to the Company's RSU awards in connection with the Distribution | 30.00% |
Share-Based Compensation (Share
Share-Based Compensation (Share-Based Compensation Expense) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($) | Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of the original RSU grant value allocated to the Company's RSU awards in connection with the Distribution | 30.00% | 30.00% | ||
Percentage of the original RSU grant value allocated to the MSG RSU awards in connection with the Distribution | 70.00% | 70.00% | ||
Stock Option Conversion detail in connection with Distribution / Spin off | In connection with the Distribution, each option to purchase the Company's Class A Common Stock became two options: one option to acquire MSG Class A Common Stock and one option to acquire the Company's Class A Common Stock. | |||
Number shares of RSU awarded and outstanding prior to Distribution to received one share of RSU award from MSG | shares | 3 | 3 | ||
Number of trading days volume weighted average price used to determine the stock option exercise price in connection with the Distribution | 10 | 10 | ||
Number shares of common stock and outstanding prior to Distribution to received one share of common stock in connection with spinoff | shares | 3 | 3 | ||
Share-based compensation expense | $ 7,976 | $ 8,681 | ||
Continuing Operations [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,077 | $ 679 | 7,976 | 8,681 |
Discontinued Operations [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 987 | $ 808 | $ 3,629 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | ||
Options, Exercises in Period, Total Intrinsic Value | $ 5,100 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | ||
Options, Outstanding, Weighted Average Exercise Price | $ 3.58 | $ 12.44 |
Options, Outstanding, Intrinsic Value | $ 39 | $ 10,293 |
Options, Outstanding, Weighted Average Remaining Contractual Term | 7 months 21 days | |
Options, Exercises in Period, Weighted Average Exercise Price | $ 7.04 | |
Non-Performance Vesting [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, Exercises in Period | (125) | |
Options, Outstanding, Number | 3 | 128 |
Performance Vesting [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, Exercises in Period | (17) | |
Options, Outstanding, Number | 0 | 17 |
Share-Based Compensation (Sch54
Share-Based Compensation (Schedule of Share-based Compensation, Restricted Stock Units Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Unvested award (in shares): | ||
Award Vesting Period | 3 years | |
RSUs shares witheld for tax withholding for share-based compensation | 150 | |
RSUs vested in period, fair value | $ 17,123 | |
Payments Related to Tax Withholding for Share-based Compensation | $ 11,114 | $ 17,791 |
Restricted Stock Units (RSUs) [Member] | ||
Weighted-Average Fair Value Per Share at Date of Grant - RSUs (in dollars per share): | ||
Unvested award balance (beginning balance) | $ 56.51 | |
Granted | 55.34 | |
Vested | 37.14 | |
Canceled | 77.99 | |
Forfeitures | 67.04 | |
Unvested award balance (ending balance) | $ 39.38 | |
Restricted Stock Units (RSUs) [Member] | Performance Vesting [Member] | ||
Unvested award (in shares): | ||
Unvested award balance (beginning balance) | 98 | |
Granted | 950 | |
Vested | (42) | |
Canceled | (566) | |
Forfeited | (11) | |
Unvested award balance (ending balance) | 429 | |
Restricted Stock Units (RSUs) [Member] | Non-Performance Vesting [Member] | ||
Unvested award (in shares): | ||
Unvested award balance (beginning balance) | 489 | |
Granted | 270 | |
Vested | (244) | |
Canceled | (132) | |
Forfeited | (50) | |
Unvested award balance (ending balance) | 333 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) shares in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Equity [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 500,000,000 | |
Treasury Stock, Shares, Acquired | 1,336 | |
Treasury Stock, Value, Acquired, Cost Method | $ 100,027,000 | $ 114,770,000 |
Related Party Transactions (Own
Related Party Transactions (Ownership Percentage) (Details) | Mar. 31, 2016 |
Related Party Ownership Percentage [Line Items] | |
Aggregate Voting Power Held By Related Party | 69.70% |
Common Class A [Member] | |
Related Party Ownership Percentage [Line Items] | |
Percentage of Common Stock Owned by Related Party | 2.40% |
Common Class B [Member] | |
Related Party Ownership Percentage [Line Items] | |
Percentage of Common Stock Owned by Related Party | 100.00% |
Related Party Transactions (Tra
Related Party Transactions (Transactions by Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Expenses [Abstract] | ||||
Equity in earnings (loss) of equity-method investments | $ 0 | $ (2,294) | $ 2,679 | $ (35,049) |
Continuing Operations [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 42,142 | 44,902 | 124,264 | 127,246 |
Operating Expenses [Abstract] | ||||
Rights Fees | 32,906 | 20,397 | 98,206 | 60,749 |
Commissions | 5,861 | 0 | 11,359 | 0 |
Advertising | 2,022 | 2,109 | 5,897 | 5,319 |
Origination, master control and technical services | 1,508 | 1,462 | 4,384 | 4,221 |
Other | 2,292 | (565) | 4,343 | (730) |
Discontinued Operations [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 22,014 | 33,559 | 64,459 | |
Operating Expenses [Abstract] | ||||
Operating expenses | 40 | 2,798 | 1,004 | 5,872 |
Interest Income | $ 471 | 635 | 1,346 | |
Equity in earnings (loss) of equity-method investments | $ (2,294) | $ 2,679 | $ (35,049) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ 29,573,000 | $ 36,132,000 | $ 58,878,000 | $ 165,506,000 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 5,485,000 | 9,314,000 | 13,216,000 | 31,747,000 |
Effective Income Tax Rate Reconciliation, Deferred tax valuation from disposal of business | 8,122,000 | |||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount | 1,939,000 | $ 1,636,000 | 4,703,000 | 4,217,000 |
EffectiveIncomeTaxRateReconciliationDeferredtaxvaluationforStateTaxRates | 4,489,000 | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 28,000 | 179,000 | 171,000 | |
Effective Tax Rate Reconciliation, Change in deferred tax valuation due to distribution of assets to stockholders | 16,941,000 | |||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 48,000 | |||
Income Taxes Paid, Net | 142,430,000 | $ 117,793,000 | ||
AdditionalTaxPaidonAcceleratedRevenue | $ 120,000,000 |
Concentration of Risk (Details)
Concentration of Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2015 | |
Concentration Risk [Line Items] | |||||
Customer Concentration In Prepaid Expenses | $ 1,000 | $ 1,000 | $ 1,000 | ||
Customer Concentration In Other Current Assets | 2,000 | 2,000 | 2,000 | ||
Customer Concentration In Other Assets | 41,000 | 41,000 | 41,000 | ||
Customer Concentration | $ 44,000 | $ 44,000 | $ 44,000 | ||
Sales Revenue, Services, Net [Member] | Related Party [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage Revenues | 23.00% | 25.00% | 25.00% | 26.00% | |
Revenue from Related Parties | $ 42,083 | $ 43,021 | $ 123,530 | $ 125,318 | |
Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration at period end, AR | 34.00% | 34.00% | 29.00% | ||
Customer A [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage Revenues | 23.00% | 21.00% | 23.00% | 22.00% | |
Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration at period end, AR | 29.00% | 29.00% | 25.00% | ||
Customer B [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage Revenues | 19.00% | 19.00% | 20.00% | 20.00% | |
Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration at period end, AR | 19.00% | 19.00% | 17.00% | ||
Customer C [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage Revenues | 10.00% | 10.00% | 10.00% | 11.00% | |
Customer D [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration at period end, AR | 12.00% | 12.00% | 11.00% |