Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
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, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 61,490,056 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 13,588,555 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 176,670 | $ 119,568 |
Accounts receivable, net | 105,955 | 101,427 |
Net related party receivable | 31,488 | 15,492 |
Prepaid income taxes | 19,576 | 28,384 |
Prepaid expenses | 9,061 | 13,188 |
Other current assets | 2,345 | 3,053 |
Total current assets | 345,095 | 281,112 |
Property and equipment, net | 11,342 | 14,154 |
Amortizable intangible assets, net | 41,528 | 44,123 |
Goodwill | 424,508 | 424,508 |
Other assets | 41,960 | 42,645 |
Total assets | 864,433 | 806,542 |
Current Liabilities: | ||
Accounts payable | 1,011 | 2,043 |
Net related party payable | 5,702 | 4,302 |
Current portion of long-term debt | 72,414 | 64,914 |
Income taxes payable | 32,125 | 8,662 |
Accrued liabilities: | ||
Employee related costs | 11,906 | 10,340 |
Other accrued liabilities | 20,973 | 15,991 |
Deferred revenue | 5,578 | 6,143 |
Total current liabilities | 149,709 | 112,395 |
Long-term debt, net of current portion | 1,308,535 | 1,412,845 |
Defined benefit and other postretirement obligations | 31,121 | 31,827 |
Other employee related costs | 3,913 | 5,550 |
Related party payable | 0 | 1,710 |
Other liabilities | 5,490 | 5,612 |
Deferred tax liability | 352,710 | 356,561 |
Total liabilities | 1,851,478 | 1,926,500 |
Commitments and contingencies (see Note 8) | ||
Stockholders' Equity (Deficiency): | ||
Preferred stock, par value $0.01, 45,000 shares authorized; none outstanding | 0 | 0 |
Additional paid-in capital | 5,044 | 0 |
Treasury stock, at cost, 2,769 and 2,905 shares as of March 31, 2017 and June 30, 2016, respectively | (199,300) | (207,796) |
Accumulated deficit | (786,230) | (905,352) |
Accumulated other comprehensive loss | (7,338) | (7,589) |
Total stockholders' deficiency | (987,045) | (1,119,958) |
Total liabilities and stockholders' deficiency | 864,433 | 806,542 |
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, 2017 | Jun. 30, 2016 |
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 | 2,769 | 2,905 |
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 | 61,490 | 61,354 |
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, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||||
Revenues (including related party revenues of $0 and $42,142 for the three months ended March 31, 2017 and 2016, respectively, and $0 and $124,264 for the nine months ended March 31, 2017 and 2016, respectively) | $ 183,247 | $ 179,596 | $ 512,471 | $ 497,674 |
Direct operating expenses (including related party expenses of $36,579 and $34,828 for the three months ended March 31, 2017 and 2016, respectively, and $106,748 and $103,101 for the nine months ended March 31, 2017 and 2016, respectively) | 75,687 | 73,329 | 206,697 | 204,978 |
Selling, general and administrative expenses (including related party expenses of $8,145 and $9,761 for the three months ended March 31, 2017 and 2016, respectively, and $17,707 and $21,088 for the nine months ended March 31, 2017 and 2016, respectively) | 21,930 | 19,578 | 60,680 | 83,066 |
Depreciation and amortization | 2,576 | 2,602 | 7,734 | 10,372 |
Operating income | 83,054 | 84,087 | 237,360 | 199,258 |
Other income (expense): | ||||
Interest income | 741 | 687 | 2,017 | 1,771 |
Interest expense | (10,204) | (10,491) | (29,433) | (22,060) |
Nonoperating expense, Total | (9,463) | (9,804) | (27,416) | (20,289) |
Income from continuing operations before income taxes | 73,591 | 74,283 | 209,944 | 178,969 |
Income tax expense | (29,436) | (29,573) | (82,173) | (58,878) |
Income from continuing operations | 44,155 | 44,710 | 127,771 | 120,091 |
Loss from discontinued operations, net of taxes | 0 | (40) | (120) | (161,194) |
Net income (loss) | $ 44,155 | $ 44,670 | $ 127,651 | $ (41,103) |
Basic [Abstract] | ||||
Income from continuing operations | $ 0.59 | $ 0.60 | $ 1.70 | $ 1.60 |
Loss from discontinued operations | 0 | 0 | 0 | (2.15) |
Net income (loss) | 0.59 | 0.60 | 1.70 | (0.55) |
Diluted [Abstract] | ||||
Income from continuing operations | 0.58 | 0.59 | 1.69 | 1.59 |
Loss from discontinued operations | 0 | 0 | 0 | (2.13) |
Net income (loss) | $ 0.58 | $ 0.59 | $ 1.69 | $ (0.54) |
Weighted-average number of common shares outstanding: | ||||
Basic (in shares) | 75,264 | 75,037 | 75,194 | 75,173 |
Diluted (in shares) | 75,643 | 75,353 | 75,505 | 75,544 |
Consolidated Statements Of Ope5
Consolidated Statements Of Operations (Parenthetical) - Continuing Operations [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue from Related Parties | $ 0 | $ 42,142 | $ 0 | $ 124,264 |
Direct operating expenses from related party | 36,579 | 34,828 | 106,748 | 103,101 |
Selling, general and administrative expenses from related party | $ 8,145 | $ 9,761 | $ 17,707 | $ 21,088 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||
Net income (loss) | $ 44,155 | $ 44,670 | $ 127,651 | $ (41,103) |
Pension plans and postretirement plan:[Abstract] | ||||
Net unamortized losses arising during the period | 0 | 0 | 0 | (602) |
Amounts reclassified from accumulated other comprehensive loss [Abstract] | ||||
Amortization of net actuarial loss included in net periodic benefit cost | 175 | 132 | 525 | 633 |
Amortization of net prior service credit included in net periodic benefit cost | (6) | (11) | (18) | (39) |
Settlement Gain | 0 | 0 | (74) | 0 |
Other comprehensive income (loss) before income taxes | 169 | 121 | 433 | (8) |
Income tax expense related to items of other comprehensive income (loss) | (71) | (50) | (182) | (577) |
Other comprehensive income (loss) | 98 | 71 | 251 | (585) |
Comprehensive income (loss) | $ 44,253 | $ 44,741 | $ 127,902 | $ (41,688) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities from continuing operations: | ||
Net Income (Loss) | $ 127,651 | $ (41,103) |
Loss from discontinued operations, net of taxes | 120 | 161,194 |
Income from Continuing Operations | 127,771 | 120,091 |
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations: | ||
Depreciation and amortization | 7,734 | 10,372 |
Amortization of deferred financing costs | 2,253 | 2,483 |
Share-based compensation expense | 7,438 | 7,976 |
Excess tax benefit on share-based awards | 0 | (4,735) |
Provision for doubtful accounts | (206) | 608 |
Change in assets and liabilities: | ||
Accounts receivable, net | (4,322) | 8,018 |
Net related party receivables | (15,840) | (24,825) |
Prepaid expenses and other assets | 5,207 | 14,534 |
Accounts payable | (1,032) | (10,370) |
Net related party payables, including payable to MSG | (287) | 13,134 |
Prepaid/payable for income taxes | 32,115 | 45,545 |
Accrued and other liabilities | 5,440 | (13,223) |
Deferred revenue | (565) | 907 |
Deferred income taxes | (4,033) | (9,235) |
Net cash provided by operating activities from continuing operations | 161,673 | 161,280 |
Cash flows from investing activities from continuing operations: | ||
Capital expenditures | (2,576) | (2,458) |
Net cash used in investing activities from continuing operations | (2,576) | (2,458) |
Cash flows from financing activities from continuing operations: | ||
Proceeds from Term Loan Facility (see Note 7) | 0 | 1,550,000 |
Principal repayments on Term Loan Facility (see Note 7) | (98,750) | (50,000) |
Cash distributed with MSG | 0 | (1,467,093) |
Payments for financing costs | 0 | (9,860) |
Proceeds from stock options exercises | 2 | 1,002 |
Repurchases of common stock | 0 | (100,027) |
Taxes paid in lieu of shares issued for equity-based compensation | (2,271) | (11,114) |
Excess tax benefit on share-based awards | 0 | 4,735 |
Net cash used in financing activities from continuing operations | (101,019) | (82,357) |
Net cash provided by continuing operations | 58,078 | 76,465 |
Cash flows of discontinued operations [Abstract] | ||
Net cash used in operating activities | (976) | (115,685) |
Net cash used in investing activities | 0 | (68,410) |
Net cash used in financing activities | 0 | 0 |
Net cash used in discontinued operations | (976) | (184,095) |
CashAndCashEquivalentsIncludingDiscontinuedOperationsPeriodIncreaseDecrease | 57,102 | (107,630) |
Cash and cash equivalents at beginning of period, including cash in both continuing operations and discontinued operations | 119,568 | 218,685 |
Cash and cash equivalents at end of period | $ 176,670 | $ 111,055 |
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, 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 | (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 | (16,626) | 20,075 | (3,449) | ||
Distribution of The Madison Square Garden Company | (2,752,338) | (1,067,555) | (1,705,189) | 20,406 | ||
Balance at Mar. 31, 2016 | (1,167,078) | 779 | 1,490 | (213,002) | (950,594) | (5,751) |
Balance at Jun. 30, 2016 | (1,119,958) | 779 | 0 | (207,796) | (905,352) | (7,589) |
Increase (Decrease) in Stockholders' Equity (Deficiency) [Roll Forward] | ||||||
Net income (loss) | 127,651 | 127,651 | ||||
Other comprehensive income (loss) | 251 | 251 | ||||
Comprehensive income (loss) | 127,902 | |||||
Exercise of stock options | 2 | (57) | 59 | |||
Share-based compensation | 7,438 | 7,438 | ||||
Tax withholding associated with shares issued for equity-based compensation | (2,271) | (1,793) | (423) | (55) | ||
Shares issued upon distribution of Restricted Stock Units | 0 | (544) | 8,860 | (8,316) | ||
Adjustments related to the transfer of certain liabilities as a result of the Distribution | (158) | (158) | ||||
Balance at Mar. 31, 2017 | $ (987,045) | $ 779 | $ 5,044 | $ (199,300) | $ (786,230) | $ (7,338) |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Mar. 31, 2017 | |
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”) owns and operates two regional sports and entertainment networks, MSG Network ("MSGN") and MSG+, collectively the “MSG Networks.” The Company was incorporated on July 29, 2009 as an indirect, wholly-owned subsidiary of Cablevision Systems Corporation (“Cablevision”). On February 9, 2010, Cablevision spun off the Company and the Company thereby acquired the subsidiaries of Cablevision that owned, directly and indirectly, all of the partnership interests in MSGN Holdings, L.P., formerly MSG Holdings L.P. (“MSGN L.P.”). MSGN L.P. was the indirect, wholly-owned subsidiary of Cablevision through which Cablevision held the Madison Square Garden businesses. MSGN L.P. is now a wholly-owned subsidiary of the Company, through which the Company conducts substantially all of its operations. 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 ("Class A Common Stock"), 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 holder of the Company’s Class B common stock, par value $0.01 per share ("Class B Common Stock"), of record as of the Record Date 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. Following the Distribution, the Company no longer consolidates the financial results of MSG for purposes 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. Substantially all revenues and assets of the Company are attributed to or located in the United States and are primarily concentrated in the New York City metropolitan area. Unaudited Interim Financial Statements The accompanying interim consolidated unaudited 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, 2016 . The financial statements as of March 31, 2017 and for the three and nine months ended March 31, 2017 and 2016 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. |
Accounting Policies
Accounting Policies | 9 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Accounting Policies 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 prior to the Distribution Date recognized as revenues by MSG from the licensing of team-related programming to the Company. 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 amount of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amount 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. Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 was adopted by the Company in the first quarter of fiscal year 2017 and will be applied prospectively to all arrangements entered into or materially modified after the effective date. There was no impact to the financial statements as a result of this adoption. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which changes several aspects of accounting for share-based payment transactions. This standard was early adopted by the Company in the first quarter of fiscal year 2017. The adoption of this standard resulted in: (i) all excess tax benefits and tax deficiencies being recognized in the income statement, rather than additional paid-in capital, on a prospective basis (ii) excess tax benefits or tax deficiencies no longer being classified on the Consolidated Statement of Cash Flows as a financing activity, on a prospective basis (as such prior period amounts have not been adjusted) and (iii) the Company’s election to account for forfeitures as they occur, rather than estimate expected forfeitures over the course of a vesting period, on a modified retrospective basis. There was no material impact to the financial statements as a result of this adoption. 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 Accounting Standards Codification ("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. In May 2016, the FASB issued ASU No. 2016-12, R evenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which clarifies assessing collectibility, noncash consideration, presentation of sales taxes, completed contracts and contract modifications at transition. Early adoption is permitted and the Company can early adopt ASU No. 2014-09 and the related updates 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 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 August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which amends ASC 230 to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows by adding or clarifying guidance on eight specific cash flow issues. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted and the retrospective approach required. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses, which will effect various areas of accounting including, but not limited to, goodwill and consolidation. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted. The standard is to be applied prospectively. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the measurement of goodwill impairment by eliminating the requirement of performing a hypothetical purchase price allocation. Instead, impairment will be measured using the difference between the carrying amount and fair value of the reporting unit. The amended guidance also eliminates the requirement for any reporting unit with a zero or a negative carrying amount to perform a qualitative assessment and will require disclosure of the amount of goodwill allocated to each reporting unit with a zero or a negative carrying amount of net assets. This standard will be effective for the Company beginning in the first quarter of fiscal year 2021. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The standard is to be applied prospectively. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires: (i) presentation of the service cost component of net periodic benefit cost within the same line item as other compensation costs arising from services rendered by relevant employees during the period, and (ii) the non-service cost components of net periodic benefit cost to be presented separately in the income statement from the service cost component and not be included in the subtotal for operating income. In addition, only the service cost component is eligible to be capitalized into an asset. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted at the beginning of an annual period for which financial statements have not been issued. The standard is to be applied retrospectively, except for the change to the capitalization guidelines, which is to be applied prospectively. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Mar. 31, 2017 | |
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, 2017 and 2016 are summarized below: Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Revenues (a) $ — $ — $ — $ 150,381 Direct operating expenses — — — 71,320 Selling, general and administrative expenses — 40 120 57,864 Depreciation and amortization — — — 23,772 Operating loss — (40 ) (120 ) (2,575 ) Equity in earnings of equity-method investments — — — 2,679 Interest income — — — 635 Interest expense — — — (540 ) Income (loss) from discontinued operations before income taxes — (40 ) (120 ) 199 Income tax expense — — — (161,393 ) Loss from discontinued operations, net of taxes $ — $ (40 ) $ (120 ) $ (161,194 ) (a) Includes rights fees for New York Knicks ( “ Knicks ” ) and New York Rangers ( “ Rangers ” ) programming prior to the Distribution Date, which were previously eliminated in consolidation. However, the pre-Distribution Date amounts are presented as revenues in the loss from discontinued operations line with the offsetting expense in direct operating expenses, within continuing operations, in the accompanying consolidated statement of operations for the nine months ended March 31, 2016 . 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 . The net impact of the Distribution to the Company's stockholders' equity (deficiency) includes cash distributed with MSG of $1,467,093 . |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 9 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 2017 2016 Weighted-average number of shares for basic EPS 75,264 75,037 75,194 75,173 Dilutive effect of shares issuable under share-based compensation plans 379 316 311 371 Weighted-average number of shares for diluted EPS 75,643 75,353 75,505 75,544 Anti-dilutive shares — — 211 — |
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 During the first quarter of fiscal year 2017, the Company performed its annual impairment test of goodwill, and there was no impairment of goodwill identified. The Company's intangible assets subject to amortization are as follows: March 31, 2017 June 30, Affiliate relationships $ 83,044 $ 83,044 Less accumulated amortization (41,516 ) (38,921 ) $ 41,528 $ 44,123 Affiliate relationships have an estimated useful life of 24 years. Amortization expense for intangible assets for continuing operations was $865 for the three months ended March 31, 2017 and 2016 , respectively, and $2,595 for the nine months ended March 31, 2017 and 2016 , respectively. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment As of March 31, 2017 and June 30, 2016 , property and equipment consisted of the following assets: March 31, June 30, Equipment $ 47,171 $ 44,508 Furniture and fixtures 1,746 1,744 Leasehold improvements 19,633 19,561 Construction in progress 518 966 69,068 66,779 Less accumulated depreciation and amortization (57,726 ) (52,625 ) $ 11,342 $ 14,154 Depreciation and amortization expense on property and equipment was $1,711 and $1,737 for the three months ended March 31, 2017 and 2016 , respectively, and $5,139 and $7,777 for the nine months ended March 31, 2017 and 2016 , respectively, which for the fiscal 2016 first quarter included 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, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt On September 28, 2015, MSGN L.P., MSGN Eden, LLC, an indirect subsidiary of the Company and the general partner of MSGN L.P., Regional MSGN Holdings LLC, a direct subsidiary of the Company and the limited partner of MSGN L.P. (collectively with MSGN Eden, LLC, 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 London Interbank Offered Rate, or LIBOR, 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 was (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 the Holding Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis 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 and MSGN L.P. and its restricted subsidiaries on a consolidated basis. As of March 31, 2017 , the Holding Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis were 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, 2017 , there were no letters of credit issued and outstanding under the Revolving Credit Facility, which provides full borrowing capacity of $250,000 . The Company has made principal payments aggregating $160,000 through March 31, 2017 , including a voluntary payment of $50,000 made in the third quarter of fiscal year 2017. The Term Loan Facility amortizes quarterly in accordance with its terms from March 31, 2017 through June 30, 2020 with a final maturity date on September 28, 2020. As of March 31, 2017 , the principal repayments required under the Term Loan Facility are as follows: Remainder of fiscal year ending June 30, 2017 $ 18,750 Fiscal year ending June 30, 2018 75,000 Fiscal year ending June 30, 2019 75,000 Fiscal year ending June 30, 2020 114,375 Fiscal year ending June 30, 2021 1,106,875 $ 1,390,000 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 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 discussed above, 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 the Holding Entities and 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 repurchasing capital stock; (v) changing their 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 also 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 related deferred financing costs in the accompanying consolidated balance sheets as of March 31, 2017 and June 30, 2016 : Term Loan Facility Deferred Financing Costs Total March 31, 2017 Current portion of long-term debt $ 75,000 $ (2,586 ) $ 72,414 Long-term debt, net of current portion 1,315,000 (6,465 ) 1,308,535 Total $ 1,390,000 $ (9,051 ) $ 1,380,949 June 30, 2016 Current portion of long-term debt $ 67,500 $ (2,586 ) $ 64,914 Long-term debt, net of current portion 1,421,250 (8,405 ) 1,412,845 Total $ 1,488,750 $ (10,991 ) $ 1,477,759 In addition, the Company has deferred financing costs related to the Revolving Credit Facility recorded in the accompanying consolidated balance sheets as summarized in the following table: March 31, 2017 June 30, Other current assets $ 417 $ 417 Other assets 1,043 1,356 The Company made interest payments under the Credit Agreement of $27,129 and $18,830 during the nine months ended March 31, 2017 and 2016 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Commitments As more fully described in Notes 9 and 10 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended June 30, 2016 , the Company's contractual obligations consist primarily of its obligations under media rights agreements and long-term noncancelable operating lease agreements. In addition, see Note 7 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, 2017 | |
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 are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use when pricing the asset or liability. Unobservable inputs are inputs for which market data is not available and that are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability. 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, 2017 Assets: Money market accounts $ 42,059 $ — $ — $ 42,059 Time deposits 126,291 — — 126,291 Total assets measured at fair value $ 168,350 $ — $ — $ 168,350 June 30, 2016 Assets: Money market accounts $ 68,591 $ — $ — $ 68,591 Time deposits 50,977 — — 50,977 Total assets measured at fair value $ 119,568 $ — $ — $ 119,568 Money market accounts and time deposits are classified within Level I 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 7 ) was approximately $1,383,050 as of March 31, 2017 . The Company's long-term debt is classified within Level II of the fair value hierarchy as it is valued using quoted prices of such securities for which fair value can 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, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Plans And Other Postretirement Benefit Plan | 10 . 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 a non-contributory qualified defined benefit pension plan covering certain of its union employees (the “MSG Union Plan”). 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. The MSG Cash Balance Pension Plan was amended to freeze participation and future benefit accruals effective December 31, 2015. Existing account balances under the MSG Cash Balance Pension Plan will continue to be credited with monthly interest in accordance with the terms of the plan. The MSG Cash Balance Pension Plan and MSG Union Plan are collectively referred to as the “MSG Pension Plans.” The Company currently sponsors (i) a non-contributory qualified defined benefit pension plan covering certain of its union employees (the “Union Plan”), (ii) an unfunded non-contributory, non-qualified excess cash balance plan covering certain employees who participated in the MSG Cash Balance Pension Plan (the "Excess Cash Balance Plan"), and (iii) an unfunded non-contributory non-qualified defined benefit pension plan for the benefit of certain employees who participated in an underlying qualified plan, which was merged into the MSG Cash Balance Pension Plan on March 1, 2011 (the “Excess Plan”). The Union Plan, Excess Cash Balance Plan and Excess Plan are collectively referred to as the “MSG Networks Plans.” As of December 31, 2015, the Excess Cash Balance Plan was amended to freeze participation and future benefit accruals. Therefore, after December 31, 2015, no employee of the Company who was not already a participant may become a participant in the plan and no further annual pay credits will be made for any future year. Existing account balances under the plan will continue to be credited with monthly interest in accordance with the terms of the 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 this plan. Benefits payable to retirees under the Union Plan are based upon years of service and participants’ compensation. 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 of the Distribution Date, the Company and MSG entered into an employee matters agreement (the “Employee Matters Agreement”) which determined each company’s obligations after the Distribution with regard to historic liabilities under the Company’s former pension and postretirement plans. Under the Employee Matters Agreement, the assets and liabilities of the MSG Pension Plans have been transferred to MSG. In addition, the following have been transferred to MSG: liabilities related to (i) current MSG employees who are active participants in the Excess Plan and/or the Excess Cash Balance Plan, (ii) current MSG employees who are eligible for participation in the Postretirement Plan, and (iii) former MSG employees who are retired participants in the Postretirement Plan. The Company has retained liabilities related to (i) its current employees and former employees of the Company or MSG who are active participants in the Excess Plan and/or the Excess Cash Balance Plan, (ii) its current employees who are eligible for participation in the Postretirement Plan, (iii) its former employees who are retired participants in the Postretirement Plan, and (iv) the Union Plan. Components of net periodic benefit cost for the MSG Networks Plans, MSG Pension Plans and Postretirement Plan recognized in direct operating expenses, selling, general and administrative expenses and loss from discontinued operations in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2017 and 2016 are as follows: Pension Plans Postretirement Plan Three Months Ended Three Months Ended March 31, March 31, 2017 2016 2017 2016 Service cost $ 133 $ 114 $ 18 $ 21 Interest cost 332 438 25 41 Expected return on plan assets (106 ) (110 ) — — Recognized actuarial loss (a) 175 132 — — Amortization of unrecognized prior service credit (a) — — (6 ) (11 ) Net periodic benefit cost $ 534 $ 574 $ 37 $ 51 Pension Plans Postretirement Plan Nine Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Service cost $ 399 $ 1,856 $ 54 $ 89 Interest cost 996 3,001 75 164 Expected return on plan assets (318 ) (1,070 ) — — Recognized actuarial loss (a) 525 633 — — Amortization of unrecognized prior service cost (credit) (a) — 14 (18 ) (53 ) Settlement gain (a) (74 ) — — — Net periodic benefit cost $ 1,528 $ 4,434 $ 111 $ 200 (a) Reflects amounts reclassified from accumulated other comprehensive loss. Amounts presented in the table above include net periodic benefit cost related to continuing operations and discontinued operations as noted in the following table: Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Continuing operations $ 571 $ 625 $ 1,639 $ 2,671 Discontinued operations — — — 1,963 Total Net Periodic Benefit Cost $ 571 $ 625 $ 1,639 $ 4,634 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 (i) transfer sponsorship of the plan to MSG, and (ii) become a multiple employer plan in which both MSG and the Company will continue to participate. Pursuant to the Employee Matters Agreement, 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, 2017 and 2016 are as follows: Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Continuing operations $ 191 $ 251 $ 590 $ 653 Discontinued operations — — — 652 Total Savings Plan Expense $ 191 $ 251 $ 590 $ 1,305 |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation See Note 14 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended June 30, 2016 for more information regarding the Company's 2010 Employee Stock Plan, as amended (the "Employee Stock Plan") and 2010 Stock Plan For Non-Employee Directors, as amended (the "Non-Employee Director Plan"), as well as certain share-based payment awards granted prior to July 1, 2015. On December 15, 2016, the Company’s stockholders amended the Employee Stock Plan to increase the shares available for issuance thereunder by 5,500 and to extend the expiration date by one year to December 15, 2026. Share-based compensation expense, presented within selling, general and administrative expenses and direct operating expenses, was $2,389 and $1,077 for the three months ended March 31, 2017 and 2016 , respectively, and $7,438 and $7,976 for the nine months ended March 31, 2017 and 2016 , respectively. Share-based compensation expense for discontinued operations was $808 for the nine months ended March 31, 2016 . Stock Options Award Activity In September 2016, the Company granted 1,069 stock options, of which 50% are subject to three-year ratable vesting and the remaining 50% are subject to three-year cliff vesting and the achievement of certain Company performance criteria. These options have an expiration period of 7.5 years. The exercise price of these options is $17.81 . The Company calculated the fair value of these options on the date of grant using the Black-Scholes option pricing model, which resulted in a grant date fair value of $4.49 per option. The following were the key assumptions used to calculate the fair value of this award: Risk-free interest rate 1.24 % Expected term 5.25 years Expected volatility 25.1 % The Company's computation of expected term was calculated using the simplified method (the average of the vesting period and option term) as prescribed in ASC Topic 718-10-S99. The Company's computation of expected volatility was based on historical volatility of its common stock. 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, 2017 : Number of Nonperformance Vesting RSUs Performance Based Vesting RSUs Weighted-Average Fair Value Per Share At Date of Grant Unvested award balance, June 30, 2016 321 431 $ 38.57 Granted 442 262 19.27 Vested (195 ) (103 ) 38.27 Forfeited (32 ) (14 ) 37.35 Unvested award balance, March 31, 2017 536 576 $ 26.46 The RSUs granted during the nine months ended March 31, 2017 included 476 RSUs that are subject to three-year ratable vesting, 169 RSUs subject to three-year cliff vesting, and 59 RSUs granted under the Non-Employee Director Plan which vested upon date of grant. RSUs granted under the Employee Stock Plan and Non-Employee Director Plan will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash. RSU's granted under the Non-Employee Director Plan will settle on the first business day after ninety days from the date the director's service on the Board of Directors ceases or, if earlier, upon the director's death. The fair value of RSUs that vested during the nine months ended March 31, 2017 was $5,601 . 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, 125 of these RSUs, with an aggregate value of $2,271 , were retained by the Company and the taxes paid are reflected as a financing activity in the accompanying consolidated statement of cash flows for the nine months ended March 31, 2017 . |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of March 31, 2017 , 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 69.6% of the aggregate voting power of the Company's outstanding common stock. Members of the Dolan family are also the controlling stockholders of MSG and AMC Networks Inc. ("AMC Networks"). On June 16, 2016, the Company entered into an arrangement with the Dolan Family Office, LLC (“DFO”), MSG and AMC Networks providing for the sharing of certain expenses associated with executive office space which is available to Charles F. Dolan (a director of the Company and MSG and the Executive Chairman and a director of AMC Networks), James L. Dolan (the Executive Chairman and a director of the Company and MSG and a director of AMC Networks), and the DFO, which is controlled by Charles F. Dolan. Beginning in June 2016, the Company agreed to share certain executive support costs, including office space, executive assistants, security and transportation costs for (i) the Company's Executive Chairman with MSG and (ii) for the Company's Vice Chairman with MSG and AMC Networks. In connection with the Distribution, the Company entered into various agreements with MSG, including media rights agreements covering Knicks and Rangers games, an advertising sales representation agreement, a trademark license agreement, a tax disaffiliation agreement, a transition services agreement ("TSA") and certain other arrangements. The Company has entered into various agreements with AMC Networks with respect to a number of ongoing commercial relationships. Related party transactions included in continuing operations Rights fees The Company's media rights agreements with the Knicks and the Rangers, effective as of July 1, 2015, provide the Company with exclusive media rights to team games in their local markets. 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 loss from discontinued operations line with the offsetting expense in direct operating expenses within continuing operations in the accompanying consolidated statement of operations. Rights fees included in the accompanying consolidated statements of operations for the three months ended March 31, 2017 and 2016 were $34,720 and $32,906 , respectively, and $101,557 and $98,206 for the nine months ended March 31, 2017 and 2016 , respectively. Origination, master control and technical services AMC Networks provides certain origination, master control and technical services to the Company. Amounts charged to the Company for the three months ended March 31, 2017 and 2016 were $1,565 and $1,508 , respectively, and $4,556 and $4,384 for the nine months ended March 31, 2017 and 2016 , respectively. Commission The Company entered into an advertising sales representation agreement with MSG, which has a seven year term, pursuant to which MSG has the exclusive right and obligation to sell certain advertising availabilities on our behalf for a commission. All of the Company's advertising sales personnel were transferred to MSG in connection with the Distribution. The amount charged to the Company for the three months ended March 31, 2017 and 2016 was $6,067 and $5,861 , respectively, and for the nine months ended March 31, 2017 and 2016 was $11,661 and $11,359 , respectively. Other operating expenses The Company and its related parties enter into transactions with each other in the ordinary course of business. In addition, pursuant to the TSA, the Company outsources certain business functions to MSG. These services include 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. Net amounts charged to the Company pursuant to the TSA, for expenses associated with executive office space and certain support costs, and for other related party transactions amounted to $2,372 and $1,889 for the three months ended March 31, 2017 and 2016 , respectively and $6,681 and $2,446 for the nine months ended March 31, 2017 and 2016 , respectively. Related party transactions with Cablevision Systems Corporation Prior to June 21, 2016, members of the Dolan family were also the controlling stockholders of Cablevision Systems Corporation ("Cablevision"). On June 21, 2016, Cablevision was acquired by a subsidiary of Altice N.V. and a change in control occurred which resulted in members of the Dolan family no longer being controlling stockholders of Cablevision (now known as Altice USA). Accordingly, Altice USA is not a related party of the Company. Revenues (primarily from the distribution of programming networks to subsidiaries of Cablevision) and operating expenses that relate to Cablevision prior to its sale, included in continuing operations in the accompanying consolidated statements of operations for the three months ended March 31, 2016 were $42,136 and $2,425 , respectively, and for the nine months ended March 31, 2016 were $123,583 and $7,794 , respectively. Related party transactions included in discontinued operations Related party transactions included in loss from discontinued operations in the accompanying consolidated statement of operations for the three months ended March 31, 2016 include operating expenses charged by related parties of $40 . Related party transactions included in loss from discontinued operations in the accompanying consolidated statement of operations for the nine months ended March 31, 2016 , include the following: (i) revenues from related parties of $33,559 , (ii) operating expenses charged by related parties of $1,004 , (iii) interest income from nonconsolidated affiliates of $635 , and (iv) equity in earnings of equity-method investments of $2,679 . |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense attributable to continuing operations for the three months ended March 31, 2017 of $29,436 differs from the income tax expense derived from applying the statutory federal rate to pretax income due principally to the impact of state and local income taxes (net of federal benefit) of $5,384 and other items of $683 . These increases were partially offset by the impact of the tax benefits related to the domestic production activities deduction of $2,388 . 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 the impact of state and local income taxes (net of federal benefit) of $5,485 and other items of $28 . These increases were partially offset by the tax benefits related to the domestic production activities deduction of $1,939 . Income tax expense attributable to continuing operations for the nine months ended March 31, 2017 of $82,173 differs from the income tax expense derived from applying the statutory federal rate to pretax income due principally to the impact of state and local income taxes (net of federal benefit) of $14,978 and other items of $253 . These increases were partially offset by the impact of the tax benefits related to the domestic production activities deduction of $6,330 , and a tax return to book provision adjustment in connection with the filing of the Company's federal, state and local income tax returns of $209 . 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 related to 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 and local income tax returns of $4,489 , state and local income taxes (net of federal benefit) of $13,216 and other items of $179 . During the nine months ended March 31, 2017 and 2016 , income taxes paid (net) by the Company were $54,053 and $142,430 , respectively. The income taxes paid for the nine months ended March 31, 2016 include approximately $120,000 which 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. During the third quarter of fiscal year 2017, the Internal Revenue Service concluded its fieldwork on the audit of the Company’s federal income tax returns as filed for the tax year ended December 31, 2013. The audit is expected to result in an immaterial adjustment. The Company was notified during the third quarter of fiscal year 2017 that the City of New York was commencing an examination of the New York City income tax returns as filed for the tax years ended December 31, 2013 and 2014. The examination has not yet begun. 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, 2017 | |
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, 2017 and June 30, 2016 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 26 % 25 % Customer B 25 % 26 % Customer C 23 % 22 % Customer D 14 % 14 % Revenues from continuing operations in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2017 and 2016 include amounts from the following individual customers, which accounted for the noted percentages of the total: Three Months Ended March 31, Nine Months Ended March 31, 2017 2016 2017 2016 Customer 1 23 % 23 % 25 % 25 % Customer 2 22 % 23 % 23 % 23 % Customer 3 20 % 19 % 20 % 20 % Customer 4 10 % 10 % 10 % 10 % The accompanying consolidated balance sheets as of March 31, 2017 and June 30, 2016 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, 2017 June 30, Prepaid expenses $ 3,000 $ 1,000 Other current assets 2,000 2,000 Other assets 41,000 41,000 $ 46,000 $ 44,000 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2017 | |
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 |
Use of Estimates | Use of Estimates |
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. 2015-05, 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 was adopted by the Company in the first quarter of fiscal year 2017 and will be applied prospectively to all arrangements entered into or materially modified after the effective date. There was no impact to the financial statements as a result of this adoption. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which changes several aspects of accounting for share-based payment transactions. This standard was early adopted by the Company in the first quarter of fiscal year 2017. The adoption of this standard resulted in: (i) all excess tax benefits and tax deficiencies being recognized in the income statement, rather than additional paid-in capital, on a prospective basis (ii) excess tax benefits or tax deficiencies no longer being classified on the Consolidated Statement of Cash Flows as a financing activity, on a prospective basis (as such prior period amounts have not been adjusted) and (iii) the Company’s election to account for forfeitures as they occur, rather than estimate expected forfeitures over the course of a vesting period, on a modified retrospective basis. There was no material impact to the 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 Accounting Standards Codification ("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. In May 2016, the FASB issued ASU No. 2016-12, R evenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which clarifies assessing collectibility, noncash consideration, presentation of sales taxes, completed contracts and contract modifications at transition. Early adoption is permitted and the Company can early adopt ASU No. 2014-09 and the related updates 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 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 August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which amends ASC 230 to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows by adding or clarifying guidance on eight specific cash flow issues. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted and the retrospective approach required. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses, which will effect various areas of accounting including, but not limited to, goodwill and consolidation. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted. The standard is to be applied prospectively. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the measurement of goodwill impairment by eliminating the requirement of performing a hypothetical purchase price allocation. Instead, impairment will be measured using the difference between the carrying amount and fair value of the reporting unit. The amended guidance also eliminates the requirement for any reporting unit with a zero or a negative carrying amount to perform a qualitative assessment and will require disclosure of the amount of goodwill allocated to each reporting unit with a zero or a negative carrying amount of net assets. This standard will be effective for the Company beginning in the first quarter of fiscal year 2021. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The standard is to be applied prospectively. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires: (i) presentation of the service cost component of net periodic benefit cost within the same line item as other compensation costs arising from services rendered by relevant employees during the period, and (ii) the non-service cost components of net periodic benefit cost to be presented separately in the income statement from the service cost component and not be included in the subtotal for operating income. In addition, only the service cost component is eligible to be capitalized into an asset. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted at the beginning of an annual period for which financial statements have not been issued. The standard is to be applied retrospectively, except for the change to the capitalization guidelines, which is to be applied prospectively. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. |
Computation of Earnings Per C24
Computation of Earnings Per Common Share (Policies) | 9 Months Ended |
Mar. 31, 2017 | |
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, 2017 | |
Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Revenues (a) $ — $ — $ — $ 150,381 Direct operating expenses — — — 71,320 Selling, general and administrative expenses — 40 120 57,864 Depreciation and amortization — — — 23,772 Operating loss — (40 ) (120 ) (2,575 ) Equity in earnings of equity-method investments — — — 2,679 Interest income — — — 635 Interest expense — — — (540 ) Income (loss) from discontinued operations before income taxes — (40 ) (120 ) 199 Income tax expense — — — (161,393 ) Loss from discontinued operations, net of taxes $ — $ (40 ) $ (120 ) $ (161,194 ) |
Computation of Earnings Per C26
Computation of Earnings Per Common Share (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 2017 2016 Weighted-average number of shares for basic EPS 75,264 75,037 75,194 75,173 Dilutive effect of shares issuable under share-based compensation plans 379 316 311 371 Weighted-average number of shares for diluted EPS 75,643 75,353 75,505 75,544 Anti-dilutive shares — — 211 — |
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 | Note 5. Goodwill and Intangible Assets During the first quarter of fiscal year 2017, the Company performed its annual impairment test of goodwill, and there was no impairment of goodwill identified. The Company's intangible assets subject to amortization are as follows: March 31, 2017 June 30, Affiliate relationships $ 83,044 $ 83,044 Less accumulated amortization (41,516 ) (38,921 ) $ 41,528 $ 44,123 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | As of March 31, 2017 and June 30, 2016 , property and equipment consisted of the following assets: March 31, June 30, Equipment $ 47,171 $ 44,508 Furniture and fixtures 1,746 1,744 Leasehold improvements 19,633 19,561 Construction in progress 518 966 69,068 66,779 Less accumulated depreciation and amortization (57,726 ) (52,625 ) $ 11,342 $ 14,154 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Financing Cost [Table Text Block] | In addition, the Company has deferred financing costs related to the Revolving Credit Facility recorded in the accompanying consolidated balance sheets as summarized in the following table: March 31, 2017 June 30, Other current assets $ 417 $ 417 Other assets 1,043 1,356 |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of March 31, 2017 , the principal repayments required under the Term Loan Facility are as follows: Remainder of fiscal year ending June 30, 2017 $ 18,750 Fiscal year ending June 30, 2018 75,000 Fiscal year ending June 30, 2019 75,000 Fiscal year ending June 30, 2020 114,375 Fiscal year ending June 30, 2021 1,106,875 $ 1,390,000 |
Schedule of Debt [Table Text Block] | 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 related deferred financing costs in the accompanying consolidated balance sheets as of March 31, 2017 and June 30, 2016 : Term Loan Facility Deferred Financing Costs Total March 31, 2017 Current portion of long-term debt $ 75,000 $ (2,586 ) $ 72,414 Long-term debt, net of current portion 1,315,000 (6,465 ) 1,308,535 Total $ 1,390,000 $ (9,051 ) $ 1,380,949 June 30, 2016 Current portion of long-term debt $ 67,500 $ (2,586 ) $ 64,914 Long-term debt, net of current portion 1,421,250 (8,405 ) 1,412,845 Total $ 1,488,750 $ (10,991 ) $ 1,477,759 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
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, 2017 Assets: Money market accounts $ 42,059 $ — $ — $ 42,059 Time deposits 126,291 — — 126,291 Total assets measured at fair value $ 168,350 $ — $ — $ 168,350 June 30, 2016 Assets: Money market accounts $ 68,591 $ — $ — $ 68,591 Time deposits 50,977 — — 50,977 Total assets measured at fair value $ 119,568 $ — $ — $ 119,568 |
Pension Plans and Other Postr31
Pension Plans and Other Postretirement Benefit Plan (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Contribution Plan Disclosures [Table Text Block] | Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Continuing operations $ 191 $ 251 $ 590 $ 653 Discontinued operations — — — 652 Total Savings Plan Expense $ 191 $ 251 $ 590 $ 1,305 |
Schedule of Net Periodic Benefit Cost | Pension Plans Postretirement Plan Three Months Ended Three Months Ended March 31, March 31, 2017 2016 2017 2016 Service cost $ 133 $ 114 $ 18 $ 21 Interest cost 332 438 25 41 Expected return on plan assets (106 ) (110 ) — — Recognized actuarial loss (a) 175 132 — — Amortization of unrecognized prior service credit (a) — — (6 ) (11 ) Net periodic benefit cost $ 534 $ 574 $ 37 $ 51 Pension Plans Postretirement Plan Nine Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Service cost $ 399 $ 1,856 $ 54 $ 89 Interest cost 996 3,001 75 164 Expected return on plan assets (318 ) (1,070 ) — — Recognized actuarial loss (a) 525 633 — — Amortization of unrecognized prior service cost (credit) (a) — 14 (18 ) (53 ) Settlement gain (a) (74 ) — — — Net periodic benefit cost $ 1,528 $ 4,434 $ 111 $ 200 Three Months Ended Nine Months Ended March 31, March 31, 2017 2016 2017 2016 Continuing operations $ 571 $ 625 $ 1,639 $ 2,671 Discontinued operations — — — 1,963 Total Net Periodic Benefit Cost $ 571 $ 625 $ 1,639 $ 4,634 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
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, 2017 : Number of Nonperformance Vesting RSUs Performance Based Vesting RSUs Weighted-Average Fair Value Per Share At Date of Grant Unvested award balance, June 30, 2016 321 431 $ 38.57 Granted 442 262 19.27 Vested (195 ) (103 ) 38.27 Forfeited (32 ) (14 ) 37.35 Unvested award balance, March 31, 2017 536 576 $ 26.46 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 9 Months Ended |
Mar. 31, 2017 | |
Concentration of Risk [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | March 31, 2017 and June 30, 2016 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 26 % 25 % Customer B 25 % 26 % Customer C 23 % 22 % Customer D 14 % 14 % Revenues from continuing operations in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2017 and 2016 include amounts from the following individual customers, which accounted for the noted percentages of the total: Three Months Ended March 31, Nine Months Ended March 31, 2017 2016 2017 2016 Customer 1 23 % 23 % 25 % 25 % Customer 2 22 % 23 % 23 % 23 % Customer 3 20 % 19 % 20 % 20 % Customer 4 10 % 10 % 10 % 10 % The accompanying consolidated balance sheets as of March 31, 2017 and June 30, 2016 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, 2017 June 30, Prepaid expenses $ 3,000 $ 1,000 Other current assets 2,000 2,000 Other assets 41,000 41,000 $ 46,000 $ 44,000 |
Description of Business and B34
Description of Business and Basis of Presentation (Details) | 9 Months Ended | ||
Mar. 31, 2017$ / shares | Jun. 30, 2016$ / shares | Sep. 21, 2015$ / sharesshares | |
Class of Stock [Line Items] | |||
Percentage of ownership of MSG business distributed to stockholders | 100.00% | ||
Number of reportable segments | 1 | ||
Regional Sports and Entertainment Networks | 2 | ||
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, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
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 | $ 0 | 0 | $ 150,381 |
Direct operating expenses | 0 | 0 | 0 | 71,320 |
Selling general and administrative expenses | 0 | 40 | 120 | 57,864 |
Depreciation and amortization | 0 | 0 | 0 | 23,772 |
Operating loss | 0 | (40) | (120) | (2,575) |
Equity in earnings of equity-method investments | 0 | 0 | 0 | 2,679 |
Interest Income | 0 | 0 | 0 | 635 |
Interest expense | 0 | 0 | 0 | (540) |
Income (loss) from discontinued operations, before income taxes | 0 | (40) | (120) | 199 |
Income tax expense | 0 | 0 | 0 | (161,393) |
Loss from discontinued operations, net of taxes | $ 0 | $ (40) | (120) | (161,194) |
Cash distributed with MSG | $ 0 | 1,467,093 | ||
Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Equity in earnings of equity-method investments | 2,679 | |||
Interest Income | $ 635 |
Computation of Earnings Per C36
Computation of Earnings Per Common Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares for basic EPS (in shares) | 75,264 | 75,037 | 75,194 | 75,173 |
Dilutive effect of shares issuable under share-based compensation plans (in shares) | 379 | 316 | 311 | 371 |
Weighted-average shares for diluted EPS (in shares) | 75,643 | 75,353 | 75,505 | 75,544 |
Anti-dilutive shares (in shares) | 0 | 0 | 211 | 0 |
Goodwill and Intangible Asset37
Goodwill and Intangible Assets (Carrying Amount of Goodwill By Reportable Segment) (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill [Line Items] | |
Impairment of goodwill | $ 0 |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets (Schedule of Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Net | $ 41,528 | $ 41,528 | $ 44,123 | ||
Finite-Lived Intangible Asset, Useful Life | 24 years | ||||
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 | (41,516) | (41,516) | (38,921) | ||
Net | $ 41,528 | $ 41,528 | $ 44,123 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 69,068 | $ 66,779 |
Less accumulated depreciation and amortization | (57,726) | (52,625) |
Property and equipment, net | 11,342 | 14,154 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 47,171 | 44,508 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,746 | 1,744 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 19,633 | 19,561 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 518 | $ 966 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense on property and equipment | $ 1,711 | $ 1,737 | $ 5,139 | $ 7,777 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | Sep. 28, 2015 | |
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 the Holding Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis 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 and MSGN L.P. and its restricted subsidiaries on a consolidated basis. | ||||
Long-term Debt, Gross | $ 1,390,000 | $ 1,390,000 | $ 1,488,750 | ||
Deferred Finance Costs, Gross | (9,051) | (9,051) | (10,991) | ||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | $ 1,380,949 | 1,380,949 | 1,477,759 | ||
Deferred financing costs amortization period | 5 years | ||||
Interest Paid | 27,129 | $ 18,830 | |||
AggregateRepaymentsofDebt | 160,000 | ||||
VoluntaryDebtRepayments | $ 50,000 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior secured revolving credit facility | $ 250,000 | ||||
Revolving credit term in years | 5 years | ||||
Borrowing capacity | $ 250,000 | 250,000 | |||
Letters of Credit, maximum capacity | 35,000 | ||||
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 | ||||
Revolving credit term in years | 5 years | ||||
Cash distributed to stockholder from cash borrowed in connection with spin off | 1,450,000 | ||||
Year 1 | $ 18,750 | 18,750 | |||
Year 2 | 75,000 | 75,000 | |||
Year 3 | 75,000 | 75,000 | |||
Year 4 | 114,375 | 114,375 | |||
Year 5 | 1,106,875 | 1,106,875 | |||
Long-term Debt, Gross | 1,390,000 | 1,390,000 | |||
Current portion of long-term debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 75,000 | 75,000 | 67,500 | ||
Deferred Finance Costs, Gross | (2,586) | (2,586) | (2,586) | ||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | 72,414 | 72,414 | 64,914 | ||
Long-term debt, net of current portion [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 1,315,000 | 1,315,000 | 1,421,250 | ||
Deferred Finance Costs, Gross | (6,465) | (6,465) | (8,405) | ||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | $ 1,308,535 | $ 1,308,535 | $ 1,412,845 | ||
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% |
Debt Debt Financing Costs (Deta
Debt Debt Financing Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Debt Financing Cost [Line Items] | |||
Interest Paid | $ 27,129 | $ 18,830 | |
Debt Issuance Costs, Gross | 9,051 | $ 10,991 | |
Other Current Assets [Member] | |||
Debt Financing Cost [Line Items] | |||
Debt Issuance Costs, Gross | 417 | 417 | |
Other Noncurrent Assets [Member] | |||
Debt Financing Cost [Line Items] | |||
Debt Issuance Costs, Gross | $ 1,043 | $ 1,356 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value, Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Jun. 30, 2016 |
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 168,350 | $ 119,568 |
Level I [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 168,350 | 119,568 |
Level II [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Long-term Debt, Fair Value | 1,383,050 | |
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 | 42,059 | 68,591 |
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 | 42,059 | 68,591 |
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 | 126,291 | 50,977 |
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 | 126,291 | 50,977 |
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 Postr44
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, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | $ 571 | $ 625 | $ 1,639 | $ 4,634 |
Pension Plans [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 133 | 114 | 399 | 1,856 |
Interest cost | 332 | 438 | 996 | 3,001 |
Expected return on plan assets | (106) | (110) | (318) | (1,070) |
Recognized actuarial loss (gain) | 175 | 132 | 525 | 633 |
Amortization of unrecognized prior service cost (credit) | 0 | 0 | 0 | 14 |
Settlement gain | (74) | 0 | ||
Net periodic benefit cost | 534 | 574 | 1,528 | 4,434 |
Postretirement Plan [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost | 18 | 21 | 54 | 89 |
Interest cost | 25 | 41 | 75 | 164 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized actuarial loss (gain) | 0 | 0 | 0 | 0 |
Amortization of unrecognized prior service cost (credit) | (6) | (11) | (18) | (53) |
Settlement gain | 0 | 0 | ||
Net periodic benefit cost | 37 | 51 | 111 | 200 |
Continuing Operations [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | 571 | 625 | 1,639 | 2,671 |
Discontinued Operations [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Net periodic benefit cost | $ 0 | $ 0 | $ 0 | $ 1,963 |
Pension Plans And Other Postr45
Pension Plans And Other Postretirement Benefit Plan (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | $ 571 | $ 625 | $ 1,639 | $ 4,634 |
MSG Saving Plans [Member] | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Defined Contribution Plan, Cost Recognized | 191 | 251 | 590 | 1,305 |
Continuing Operations [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | 571 | 625 | 1,639 | 2,671 |
Continuing Operations [Member] | MSG Saving Plans [Member] | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Defined Contribution Plan, Cost Recognized | 191 | 251 | 590 | 653 |
Discontinued Operations [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost | 0 | 0 | 0 | 1,963 |
Discontinued Operations [Member] | MSG Saving Plans [Member] | ||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||
Defined Contribution Plan, Cost Recognized | $ 0 | $ 0 | $ 0 | $ 652 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation Narrative (Details) shares in Thousands | 9 Months Ended |
Mar. 31, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
ShareBasedCompensationArrangementbyShareBasedPaymentAwardExtensiontoExpirationDate | 1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 5,500 |
Share-Based Compensation (Share
Share-Based Compensation (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation | $ 7,438 | $ 7,976 | ||
Continuing Operations [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation | $ 2,389 | $ 1,077 | $ 7,438 | 7,976 |
Discontinued Operations [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation | $ 808 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Details) shares in Thousands | 9 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 1,069 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.24% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 3 months |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years 6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ 17.81 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 25.10% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.49 |
Ratable Vesting [Member] | Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Percent of Awards Type | 50.00% |
Cliff Vesting [Member] | Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Percent of Awards Type | 50.00% |
Share-Based Compensation (Sch49
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, 2017 | Mar. 31, 2016 | |
Unvested award (in shares): | ||
RSUs shares witheld for tax withholding for share-based compensation | 125 | |
Payments Related to Tax Withholding for Share-based Compensation | $ 2,271 | $ 11,114 |
RSUs vested in period, fair value | $ 5,601 | |
Weighted-Average Fair Value Per Share at Date of Grant - RSUs (in dollars per share): | ||
ShareBasedCompensationArrangementbyShareBasedPaymentAwardExtensiontoExpirationDate | 1 year | |
Restricted Stock Units (RSUs) [Member] | ||
Unvested award (in shares): | ||
Non-Employee Director Restricted Share Units | 59 | |
Weighted-Average Fair Value Per Share at Date of Grant - RSUs (in dollars per share): | ||
Unvested award balance (beginning balance) | $ 38.57 | |
Granted | 19.27 | |
Vested | 38.27 | |
Forfeitures | 37.35 | |
Unvested award balance (ending balance) | $ 26.46 | |
Restricted Stock Units (RSUs) [Member] | Performance Vesting [Member] | ||
Unvested award (in shares): | ||
Unvested award balance (beginning balance) | 431 | |
Granted | 262 | |
Vested | (103) | |
Forfeited | (14) | |
Unvested award balance (ending balance) | 576 | |
Restricted Stock Units (RSUs) [Member] | Non-Performance Vesting [Member] | ||
Unvested award (in shares): | ||
Unvested award balance (beginning balance) | 321 | |
Granted | 442 | |
Vested | (195) | |
Forfeited | (32) | |
Unvested award balance (ending balance) | 536 | |
Cliff Vesting [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Unvested award (in shares): | ||
Granted | 169 | |
Ratable Vesting [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Unvested award (in shares): | ||
Granted | 476 |
Related Party Transactions (Own
Related Party Transactions (Ownership Percentage) (Details) | 9 Months Ended |
Mar. 31, 2017 | |
Related Party Ownership Percentage [Line Items] | |
Aggregate Voting Power Held By Related Party | 69.60% |
Advertising sales representation agreement with MSG | 7 years |
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, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | ||||
Advertising sales representation agreement with MSG | 7 years | |||
Interest Income | $ 0 | $ 0 | $ 0 | $ 635 |
Operating Expenses [Abstract] | ||||
Equity in earnings of equity-method investments | 0 | 0 | 0 | 2,679 |
Continuing Operations [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 0 | 42,142 | 0 | 124,264 |
Operating Expenses [Abstract] | ||||
Rights Fees | 34,720 | 32,906 | 101,557 | 98,206 |
Origination, master control and technical services | 1,565 | 1,508 | 4,556 | 4,384 |
Commissions | 6,067 | 5,861 | 11,661 | 11,359 |
Other | $ 2,372 | 1,889 | $ 6,681 | 2,446 |
Discontinued Operations [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 33,559 | |||
Interest Income | 635 | |||
Operating Expenses [Abstract] | ||||
Operating expenses | 40 | 1,004 | ||
Equity in earnings of equity-method investments | 2,679 | |||
Cablevision [Member] | Continuing Operations [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenues | 42,136 | 123,583 | ||
Operating Expenses [Abstract] | ||||
Operating expenses | $ 2,425 | $ 7,794 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ 29,436 | $ 29,573 | $ 82,173 | $ 58,878 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 5,384 | 5,485 | 14,978 | 13,216 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | 209 | 4,489 | ||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount | 2,388 | 1,939 | 6,330 | 4,703 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 683 | $ 28 | 253 | 179 |
Effective Tax Rate Reconciliation, Change in deferred tax valuation due to distribution of assets to stockholders | 16,941 | |||
Income Taxes Paid | $ 54,053 | 142,430 | ||
AdditionalTaxPaidonAcceleratedRevenue | $ 120,000 |
Concentration of Risk (Details)
Concentration of Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | |
Concentration Risk [Line Items] | |||||
Customer Concentration In Prepaid Expenses | $ 3,000 | $ 3,000 | $ 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 | $ 46,000 | $ 46,000 | $ 44,000 | ||
Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration at period end, AR | 26.00% | 26.00% | 25.00% | ||
Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration at period end, AR | 25.00% | 25.00% | 26.00% | ||
Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration at period end, AR | 23.00% | 23.00% | 22.00% | ||
Customer D [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration at period end, AR | 14.00% | 14.00% | 14.00% | ||
Customer 1 [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage Revenues | 23.00% | 23.00% | 25.00% | 25.00% | |
Customer 2 [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage Revenues | 22.00% | 23.00% | 23.00% | 23.00% | |
Customer 3 [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage Revenues | 20.00% | 19.00% | 20.00% | 20.00% | |
Customer 4 [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration Risk, Percentage Revenues | 10.00% | 10.00% | 10.00% | 10.00% |