Madison Square Garden Entertainment (MSGE) 10-Q 6 Feb 25 2025 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2024	Jan. 31, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-41627
Entity Registrant Name	MADISON SQUARE GARDEN ENTERTAINMENT CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-0318813
Entity Address, Address Line One	Two Penn Plaza
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10121
City Area Code	(212)
Local Phone Number	465-6000
Title of 12(b) Security	Class A Common Stock
Trading Symbol	MSGE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001952073
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40,974,855
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,866,754

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands		Dec. 31, 2024	Jun. 30, 2024
Current Assets:
Cash, cash equivalents, and restricted cash		$ 55,219	$ 33,555
Accounts receivable, net		93,427	77,259
Prepaid expenses and other current assets		96,181	90,801
Total current assets		269,835	219,084
Non-Current Assets:
Property and equipment, net		641,092	633,533
Right-of-use lease assets		382,691	388,658
Goodwill		69,041	69,041
Indefinite-lived intangible assets		63,801	63,801
Deferred tax assets, net		42,909	68,307
Other non-current assets		119,069	110,283
Total assets		1,588,438	1,552,707
Current Liabilities:
Accounts payable, accrued and other current liabilities		171,776	203,750
Long-term debt, current		24,375	16,250
Operating lease liabilities, current		26,741	27,736
Deferred revenue		224,289	215,581
Total current liabilities		501,685	505,823
Non-Current Liabilities:
Long-term debt, net of deferred financing costs		584,701	599,248
Operating lease liabilities, non-current		453,159	427,014
Other non-current liabilities		38,565	43,787
Total liabilities		1,578,110	1,575,872
Commitments and contingencies (see Note 8)
Equity (Deficit):
Additional paid-in-capital		34,686	33,481
Treasury stock at cost (5,047 and 4,365 shares outstanding as of December 31, 2024 and June 30, 2024, respectively)		(165,512)	(140,512)
Retained earnings		172,175	115,603
Accumulated other comprehensive loss		(31,550)	(32,262)
Total equity (deficit)		10,328	(23,165)
Total liabilities and equity (deficit)		1,588,438	1,552,707
Related Party
Current Assets:
Related party receivables, current		25,008	17,469
Current Liabilities:
Related party payables, current		54,504	42,506
Common Class A
Equity (Deficit):
Class A and Class B Common Stock	[1]	460	456
Treasury stock at cost (5,047 and 4,365 shares outstanding as of December 31, 2024 and June 30, 2024, respectively)		(25,000)
Common Class B
Equity (Deficit):
Class A and Class B Common Stock	[2]	$ 69	$ 69
[1]Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 46,007 and 45,556 shares issued as of December 31, 2024 and June 30, 2024, respectively.[2]Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued as of December 31, 2024 and June 30, 2024.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2024	Jun. 30, 2024
Treasury stock at cost (in shares)	5,047	4,365
Common Class A
Treasury stock at cost (in shares)	682
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	120,000	120,000
Common stock, shares, issued (in shares)	46,007	45,556
Common Class B
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000	30,000
Common stock, shares, issued (in shares)	6,867	6,867

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenues		$ 377,597	$ 377,037	$ 511,653	$ 516,803
Arena license fees and other leasing revenue		29,820	25,629	34,478	28,075
Total revenues	[1]	407,417	402,666	546,131	544,878
Total direct operating expenses	[1]	(197,074)	(202,761)	(294,783)	(304,438)
Selling, general, and administrative expenses	[1]	(57,189)	(48,389)	(102,935)	(97,211)
Depreciation and amortization		(14,183)	(13,205)	(27,964)	(26,789)
Restructuring credits (charges)		30	(888)	70	(12,441)
Operating income		139,001	137,423	120,519	103,999
Interest income		365	1,083	737	1,935
Interest expense		(12,955)	(15,049)	(26,998)	(29,336)
Other (expense) income, net		(1,045)	2,846	(1,814)	(1,625)
Income from operations before income taxes		125,366	126,303	92,444	74,973
Income tax expense		(49,473)	(1,054)	(35,872)	(395)
Net income		$ 75,893	$ 125,249	$ 56,572	$ 74,578
Earnings per share attributable to MSG Entertainment’s stockholders:
Basic (in dollars per share)		$ 1.57	$ 2.61	$ 1.17	$ 1.52
Diluted (in dollars per share)		$ 1.56	$ 2.59	$ 1.17	$ 1.52
Weighted-average number of shares of common stock:
Basic (in shares)		48,336	48,029	48,276	48,955
Diluted (in shares)		48,611	48,293	48,543	49,168
Revenues from entertainment offerings
Revenues	[1]	$ 318,276	$ 318,286	$ 433,357	$ 434,791
Food, beverage, and merchandise revenues
Revenues	[1]	59,321	58,751	78,296	82,012
Total direct operating expenses	[1]	(32,780)	(30,749)	(44,023)	(41,867)
Arena license fees and other leasing revenue
Arena license fees and other leasing revenue	[1]	29,820	25,629	34,478	28,075
Entertainment offerings, arena license fees, and other leasing direct operating expenses
Total direct operating expenses	[1]	$ (164,294)	$ (172,012)	$ (250,760)	$ (262,571)
[1] See Note 12 . Related Party Transactions for further information on related party arrangements.

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 75,893	$ 125,249	$ 56,572	$ 74,578
Other comprehensive income, before income taxes:
Pension plans and postretirement plans	543	662	1,084	899
Other comprehensive income, before income taxes	543	662	1,084	899
Income tax expense	(187)	(117)	(372)	(157)
Other comprehensive income, net of income taxes	356	545	712	742
Comprehensive income	$ 76,249	$ 125,794	$ 57,284	$ 75,320

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES:
Net income	$ 56,572	$ 74,578
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,964	26,789
Share-based compensation expense	15,584	20,738
Deferred income tax expense	25,026	394
Amortization of deferred financing costs	1,703	1,663
Related party paid in kind interest	0	(512)
Net unrealized and realized losses on equity investments with readily determinable fair value	38	758
Other non-cash adjustments	730	305
Change in assets and liabilities:
Accounts receivable, net	(16,898)	(38,362)
Related party receivables and payables, net	4,459	33,544
Prepaid expenses and other current and non-current assets	(13,114)	1,479
Accounts payable, accrued and other current, and non-current liabilities	(56,389)	(29,771)
Deferred revenue	8,708	10,494
Operating lease right-of-use assets and lease liabilities	31,116	3,135
Net cash provided by operating activities	85,499	105,232
INVESTING ACTIVITIES:
Capital expenditures	(15,192)	(11,215)
Proceeds from sale of investments	55	13,484
Loan to related parties	0	(65,000)
Other investing activities	(1,145)	0
Net cash used in investing activities	(16,282)	(62,731)
FINANCING ACTIVITIES:
Proceeds from revolving credit facility	55,000	73,000
Principal repayment on long-term debt	(63,125)	(98,225)
Repayments on related party loan, net	0	(305)
Payments for debt financing costs	0	(633)
Taxes paid in lieu of shares issued for equity-based compensation	(14,375)	(12,247)
Repurchases of Class A common stock	(25,000)	(50,874)
Other financing activities	(53)	0
Net cash used in financing activities	(47,553)	(89,284)
Net increase (decrease) in cash, cash equivalents, and restricted cash	21,664	(46,783)
Cash, cash equivalents, and restricted cash, beginning of period	33,555	84,355
Cash, cash equivalents, and restricted cash, end of period	55,219	37,572
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid or paid by landlord	22,159	12,858
Non-cash repurchases of Class A common stock in lieu of payment of loan due from related party	0	65,512
Non-cash financing activities	$ (148)	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at the beginning of the period at Jun. 30, 2023	$ (69,472)	$ 519	$ 17,727	$ (25,000)	$ (28,697)	$ (34,021)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	74,578				74,578
Other comprehensive income	742					742
Share-based compensation	20,738		20,738
Tax withholding associated with shares issued for share-based compensation	(12,247)	5	(12,252)
Repurchases of Class A common stock, inclusive of tax	(116,386)		(874)	(115,512)
Balance at the end of the period at Dec. 31, 2023	(102,047)	524	25,339	(140,512)	45,881	(33,279)
Balance at the beginning of the period at Sep. 30, 2023	(235,201)	523	17,980	(140,512)	(79,368)	(33,824)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	125,249
Other comprehensive income	545					545
Share-based compensation	7,773		7,773
Tax withholding associated with shares issued for share-based compensation	(413)	1	(414)
Balance at the end of the period at Dec. 31, 2023	(102,047)	524	25,339	(140,512)	45,881	(33,279)
Balance at the beginning of the period at Jun. 30, 2024	(23,165)	525	33,481	(140,512)	115,603	(32,262)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56,572				56,572
Other comprehensive income	712					712
Share-based compensation	15,584		15,584
Tax withholding associated with shares issued for share-based compensation	(14,375)	4	(14,379)
Repurchases of Class A common stock, inclusive of tax	(25,000)			(25,000)
Balance at the end of the period at Dec. 31, 2024	10,328	529	34,686	(165,512)	172,175	(31,550)
Balance at the beginning of the period at Sep. 30, 2024	(48,698)	529	26,909	(140,512)	96,282	(31,906)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	75,893				75,893
Other comprehensive income	356					356
Share-based compensation	9,322		9,322
Tax withholding associated with shares issued for share-based compensation	(1,545)		(1,545)
Repurchases of Class A common stock, inclusive of tax	(25,000)			(25,000)
Balance at the end of the period at Dec. 31, 2024	$ 10,328	$ 529	$ 34,686	$ (165,512)	$ 172,175	$ (31,550)

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Madison Square Garden Entertainment Corp. (together with its subsidiaries, as applicable, the “Company” or “MSG Entertainment”), is a live entertainment company comprised of iconic venues and marquee entertainment content. Utilizing the Company’s powerful brands and live entertainment expertise, the Company delivers unique experiences that set the standard for excellence and innovation while forging deep connections with diverse and passionate audiences. The Company operates and reports financial information in one reportable segment. The Company’s portfolio of venues includes: Madison Square Garden (“The Garden”), The Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and The Chicago Theatre. The Company also owns and produces the original production, the Christmas Spectacular Starring the Radio City Rockettes (the “ Christmas Spectacular ”). The Company also books other entertainment and sports events, which showcases a broad array of compelling concerts, family shows and special events, as well as a diverse mix of sporting events, for millions of guests annually. MSG Entertainment Distribution On April 20, 2023, Sphere Entertainment Co. (together with its subsidiaries, as applicable, “Sphere Entertainment”) distributed approximately 67% of the outstanding common stock of the Company to its stockholders (the “Distribution”), with Sphere Entertainment retaining approximately 33% of the outstanding common stock of the Company in the form of Class A common stock, $0.01 par value per share (“Class A Common Stock”) immediately following the Distribution. As a result, the Company became an independent publicly traded company on April 21, 2023. Following the completion of the secondary offering by Sphere Entertainment of the Company’s Class A Common Stock on September 22, 2023, Sphere Entertainment no longer owns any of the Company’s outstanding common stock. See Note 1. Description of Business and Basis of Presentation to the Company’s audited consolidated and combined financial statements and notes thereto as of June 30, 2024 and 2023 and for the three years ended June 30, 2024, 2023 and 2022 (the “Audited Consolidated and Combined Annual Financial Statements”) included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024 filed with the Securities and Exchange Commission (the “SEC”) on August 16, 2024 (the “2024 Form 10-K”) for more information regarding the Distribution. Basis of Presentation The Company reports on a fiscal year basis ending on June 30 th (“Fiscal Year”). In these unaudited condensed consolidated financial statements, the years ending and ended on June 30, 2026, June 30, 2025 and 2024, respectively, are referred to as “Fiscal Year 2026,” “Fiscal Year 2025” and “Fiscal Year 2024,” respectively. The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and Article 10 of Regulation S-X of the SEC, and should be read in conjunction with the Company’s Audited Consolidated and Combined Annual Financial Statements. In the opinion of the Company, the accompanying financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of December 31, 2024 and its results of operations for the three and six months ended December 31, 2024 and 2023 and cash flows for the six months ended December 31, 2024 and 2023. The condensed consolidated balance sheet as of June 30, 2024 was derived from the Audited Consolidated and Combined Annual Financial Statements but does not contain all of the footnote disclosures from the Audited Consolidated and Combined Annual Financial Statements. 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. As a result of the production of the Christmas Spectacular , arena license fees in connection with the use of The Garden by the New York Knicks (the “Knicks”) of the National Basketball Association and the New York Rangers (the “Rangers”) of the National Hockey League, the Company generally earns a disproportionate share of its annual revenues in the second and third quarters of its fiscal year. Reclassifications For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation in accordance with GAAP. The accompanying unaudited condensed consolidated financial information for the three and six months ended December 31, 2023 has been revised to change the presentation of the Company’s revenue and direct operating expenses from an aggregated to a disaggregated basis and other related disclosures.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies A. Principles of Consolidation All significant intercompany accounts and balances within the Company’s consolidated businesses have been eliminated. B. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the provision for credit losses, goodwill, intangible assets, other long-lived assets, deferred tax assets, pension and other postretirement benefit obligations and the related net periodic benefit cost, and other liabilities. In addition, estimates are used in revenue recognition, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the 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 condensed consolidated financial statements in future periods. C. Revenue Recognition and Direct Operating Expenses The Company generates revenue from the provision of services and sale of tangible products, as well as leasing transactions. Revenues are presented under these three categories in the condensed consolidated statements of operations, as described below. Service revenue, presented as “Revenues from entertainment offerings” primarily includes: • Ticket sales and other ticket-related revenue • Venue license fees for events held at the Company’s venues that the Company does not produce or promote/co-promote • Sponsorship and signage • Suite licenses and single night suite rentals • Advertising commissions and related service fees • Commissions related to the sale of merchandise for which the Company is not the principal in the underlying transaction Direct operating expenses related to the provision of services and leasing, presented as “Entertainment offerings, arena license fees, and other leasing direct operating expenses”, primarily include: • Event production costs including direct personnel expenses • Venue operations and infrastructure costs (a) • Venue rental costs for venues not owned by the Company • Sponsorship and signage fulfillment costs • Contractual revenue sharing expenses related to suite licenses and certain internal signage • Event-related marketing and advertising costs Product revenue, presented as “Food, beverage, and merchandise revenues”, includes: • Sales of food and beverage during events held at the Company’s venues • Sales of the Company’s merchandise at the Company’s venues and via traditional retail channels Direct operating expenses related to the sale of products, presented as “Food, beverage, and merchandise direct operating expenses” include: • Costs of goods sold including direct personnel expenses • Contractual revenue sharing expenses related to food and beverage sold at events held by Madison Square Garden Sports Corp. (together with its subsidiaries, as applicable, “MSG Sports”) at The Garden Lease revenue, presented as “Arena license fees and other leasing revenue”, includes: • Rental fees related to the arena license agreements that require the Knicks and the Rangers to play their home games at The Garden (the “Arena License Agreements”) with MSG Sports • Sublease income _________________ (a) Venue operations and infrastructure costs are not specifically allocated to each revenue category, but are instead attributed in their entirety to service revenue, which is the Company’s principal revenue category. Leasing direct operating expenses materially consist of venue operations and infrastructure costs. As a result, the Company combines service and leasing direct operating expenses within “Entertainment offerings, arena license fees, and other leasing direct operating expenses” for presentation purposes. The Company recognizes revenue when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of promised goods or services is transferred to customers. Revenue is measured as the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services (“transaction price”). To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and the determination of whether to include such estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information that is reasonably available. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and excludes these amounts from revenues. In addition, the Company defers certain costs to fulfill the Company’s contracts with customers to the extent such costs relate directly to the contracts, are expected to generate resources that will be used to satisfy the Company’s performance obligations under the contracts, and are expected to be recovered through revenue generated under the contracts. Contract fulfillment costs are expensed as the Company satisfies the related performance obligations. Arrangements with Multiple Performance Obligations The Company enters into arrangements with multiple performance obligations, such as multi-year sponsorship agreements, which may derive revenues for the Company, as well as Sphere Entertainment and MSG Sports within a single arrangement. The Company also derives revenue from similar types of arrangements which are entered into by Sphere Entertainment and MSG Sports. Payment terms for such arrangements can vary by contract, but payments are generally due in installments throughout the contractual term. The performance obligations included in each sponsorship agreement vary and may include advertising and other benefits such as, but not limited to, signage at The Garden and the Company’s other venues, digital advertising, event or property-specific advertising, as well as non-advertising benefits such as suite licenses and event tickets. To the extent the Company’s multi-year arrangements provide for performance obligations that are consistent over the multi-year contractual term, such performance obligations generally meet the definition of a series as provided for under the accounting guidance. If performance obligations are concluded to meet the definition of a series, the contractual fees for all years during the contract term are aggregated and the related revenue is recognized proportionately as the underlying performance obligations are satisfied. The timing of revenue recognition for each performance obligation is dependent upon the facts and circumstances surrounding the Company’s satisfaction of its respective performance obligation. The Company allocates the transaction price for such arrangements to each performance obligation within the arrangement based on the estimated relative standalone selling price of the performance obligation. The Company’s process for determining its estimated standalone selling prices involves management’s judgment and considers multiple factors including company specific and market specific factors that may vary depending upon the unique facts and circumstances related to each performance obligation. Key factors considered by the Company in developing an estimated standalone selling price for its performance obligations include, but are not limited to, prices charged for similar performance obligations, the Company’s ongoing pricing strategy and policies, and consideration of pricing of similar performance obligations sold in other arrangements with multiple performance obligations. The Company may incur costs such as commissions to obtain its multi-year sponsorship agreements. The Company assesses such costs for capitalization on a contract by contract basis. To the extent costs are capitalized, the Company estimates the useful life of the related contract asset, which may be the underlying contract term or the estimated customer life depending on the facts and circumstances surrounding the contract. The contract asset is amortized over the estimated useful life. Principal versus Agent Revenue Recognition The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service. Contract Balances Amounts collected in advance of the Company’s satisfaction of its contractual performance obligations are recorded as a contract liability within Deferred revenue and are recognized as the Company satisfies the related performance obligations. Amounts collected in advance of events for which the Company is not the promoter or co-promoter do not represent contract liabilities and are recorded within accrued and other current liabilities on the accompanying consolidated balance sheets. Amounts recognized as revenue for which the Company has a right to consideration for goods or services transferred to customers and for which the Company does not have an unconditional right to bill as of the reporting date are recorded as contract assets. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional. Production Costs for the Company’s Original Productions The Company defers certain costs of productions such as creative design, scenery, wardrobes, rehearsal and other related costs for the Company’s proprietary shows, reported under Prepaid expenses and other current assets and Other non-current assets. Deferred production costs are amortized on a straight-line basis over the course of a production’s performance period using the expected life of a show’s assets and are recorded as a component of Entertainment offerings, arena license fees, and other leasing direct operating expenses on the Company’s condensed consolidated statement of operations. Deferred production costs are subject to recoverability assessments whenever there is an indication of potential impairment. Revenue Sharing Expenses Revenue sharing expenses are determined based on contractual agreements between the Company and MSG Sports, primarily related to suite licenses, certain internal signage and in-venue food and beverage sales and are recorded as a component of Entertainment offerings, arena license fees, and other leasing direct operating expenses on the Company’s condensed consolidated statement of operations. D. Recently Issued and Adopted Accounting Pronouncements Recently Issued Accounting Pronouncements In November 2023 , the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvement to Reportable Segment Disclosures . This ASU aims to improve segment disclosures through enhanced disclosures about significant segment expenses. The standard requires disclosure of significant expense categories and amounts for such expenses, including those segment expenses that are regularly provided to the chief operating decision maker, easily computable from information that is regularly provided, or significant expenses that are expressed in a form other than actual amounts. This standard will be effective for the Company as of and for Fiscal Year 2025 and is required to be applied retrospectively to all prior periods presented in the financial statements. The Company continues to evaluate the impact of the additional disclosure requirements on the Company’s consolidated financial statements . In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , a final standard on improvements to income tax disclosures which applies to all entities subject to income taxes. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be helpful to understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, assess income tax information that affects cash flow forecasts and capital allocation decisions, and identify potential opportunities to increase future cash flows. This standard will be effective for the Company in Fiscal Year 2026 and should be applied prospectively. The Company is currently evaluating the impact of the additional disclosure requirements on the Company’s consolidated financial statements . In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , as amended by ASU 2025-01, which was issued in January 2025, requiring disclosu re, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. This ASU provided an effective date for the standard to be for annual periods beginning with the Company’s Fiscal Year ending June 30, 2028, and interim reporting periods beginning in the Company’s Fiscal Year Ending June 30, 2029. Early adoption of Update 2024-03 is permitted. This amended ASU may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on the Company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Contracts with Customers All revenue recognized in the condensed consolidated statements of operations is considered to be revenue from contracts with customers in accordance with FASB Accounting Standards Codification (“ASC”) Topic 606, Revenue From Contracts with Customers , except for revenues from the Arena License Agreements, leases and subleases that are accounted for in accordance with ASC Topic 842, Leases . Disaggregation of Revenue The following table disaggregates the Company’s revenue by major source based upon the timing of satisfaction of the Company’s performance obligations to the customer for the three and six months ended December 31, 2024 and 2023: Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Event-related offerings (a) $ 290,294 $ 297,106 $ 379,476 $ 392,096 Sponsorship, signage, and suite licenses (b) 78,387 69,890 117,325 109,705 Other (c) 8,916 10,041 14,852 15,002 Total revenues from contracts with customers 377,597 377,037 511,653 516,803 Arena license fees and other leasing revenue 29,820 25,629 34,478 28,075 Total revenues $ 407,417 $ 402,666 $ 546,131 $ 544,878 _________________ (a) Event-related offerings revenues are recognized at a point in time. (b) See Note 2. Summary of Significant Accounting Policies and Note 4. Revenue Recognition, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for further details on the pattern of recognition of sponsorship, signage, and suite license revenues. (c) Primarily consists of (i) revenues from sponsorship sales and representation agreements and (ii) venue tours. In addition to the disaggregation of the Company’s revenue as disclosed above, the following table disaggregates the Company’s revenues by revenue category , for the three and six months ended December 31, 2024 and 2023. Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Ticketing and venue license fee revenues (a) $ 230,974 $ 238,355 $ 301,180 $ 310,084 Sponsorship and signage, suite, and advertising commission revenues 85,692 77,728 128,582 121,064 Food, beverage, and merchandise revenues 59,321 58,751 78,296 82,012 Other 1,610 2,203 3,595 3,643 Total revenues from contracts with customers 377,597 377,037 511,653 516,803 Arena license fees and other leasing revenue 29,820 25,629 34,478 28,075 Total revenues $ 407,417 $ 402,666 $ 546,131 $ 544,878 _________________ (a) Amounts include ticket sales, including other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) the presentation of the Christmas Spectacular and (iii) other live entertainment and sporting events. Contract Balances The following table provides information about the opening and closing contract balances from the Company’s contracts with customers as of December 31, 2024 and June 30, 2024: As of December 31, June 30, Receivables from contracts with customers, net (a) $ 101,442 $ 74,113 Contract assets, current (b) $ 9,123 $ 7,844 Deferred revenue, including non-current portion (c) $ 224,289 $ 215,581 ________________ (a) Receivables from contracts with customers, net, which are reported in Accounts receivable, net and Related party receivables, current in the Company’s condensed consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers. As of December 31, 2024 and June 30, 2024, the Company’s receivables from contracts with customers above included $8,630 and $2,432, respectively, related to various related parties. See Note 12. Related Party Transactions for further details on related party arrangements. (b) Contract assets, current, which are reported as Prepaid expenses and other current assets in the Company’s condensed consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional. (c) Deferred revenue primarily relates to the Company’s receipt of consideration from customers in advance of the Company’s transfer of goods or services to the customers. Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer. Revenue recognized for the three and six months ended December 31, 2024 relating to the Deferred revenue balance as of June 30, 2024 was $155,698 and $241,174, respectively. Transaction Price Allocated to the Remaining Performance Obligations As of December 31, 2024, the Company’s remaining performance obligations under contracts were approximately $593,132, of which 49% is expected to be recognized over the next two years and an additional 51% of the balance is expected to be recognized thereafter. This primarily relates to performance obligations under sponsorship and suite license agreements that have original expected durations longer than one year and for which the consideration is not variable. In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

Restructuring Credits (Charges)

Restructuring Credits (Charges)	6 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring Credits (Charges)	Restructuring Credits (Charges) During the three and six months ended December 31, 2024, the Company recorded reductions in its restructuring liabilities of $30 and $70, respectively, related to adjustments for previously accrued termination benefits for certain corporate executives and employees, shown in Accounts payable, accrued and other current liabilities on the condensed consolidated balance sheets. During the three and six months ended December 31, 2023, the Company recorded restructuring charges of $888 and $12,441, respectively, inclusive of $0 and $6,788 of share-based compensation expenses, respectively, shown in Accounts payable, accrued and other current liabilities and Additional paid-in-capital on the condensed consolidated balance sheets. Changes to the Company’s restructuring liability through December 31, 2024 were as follows: Restructuring Liability June 30, 2024 $ 7,140 Restructuring credits (70) Payments (7,040) December 31, 2024 $ 30

Investments

Investments	6 Months Ended
	Dec. 31, 2024
Investments in and Advances to Affiliates [Abstract]
Investments	Investments As of December 31, 2024, the Company held an investment in Townsquare Media, Inc. (“Townsquare”). The Company also previously held an investment in DraftKings Inc. (“DraftKings”), which was sold during the first quarter of Fiscal Year 2024: • Townsquare is a media, entertainment and digital marketing solutions company that is listed on the New York Stock Exchange (“NYSE”) under the symbol “TSQ.” • DraftKings is a fantasy sports contest and sports gambling provider that is listed on the Nasdaq Stock Market (“NASDAQ”) under the symbol “DKNG.” As of December 31, 2024, the Company also held other equity investments held in trust under the Company’s Executive Deferred Compensation Plan. Refer to Note 10. Pension Plans and Other Postretirement Benefit Plans for further details regarding the plan. The fair value of the Company’s equity investments with readily determinable fair value was determined based on quoted market prices in active markets on the NYSE and NASDAQ, respectively, which are classified within Level I of the fair value hierarchy. The carrying value of the Company’s investments, which is reported under Other non-current assets in the accompanying condensed consolidated balance sheets as of December 31, 2024 and June 30, 2024, is as follows: As of December 31, June 30, Equity investments with readily determinable fair values: Townsquare Class A common stock $ 1,151 $ 1,438 Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan 4,938 4,226 Equity method investments and equity investments without readily determinable fair values (a) 783 656 Total investments $ 6,872 $ 6,320 _______________ (a) Inclusive of the Company’s investment in Oak View Group’s Crown Properties Collection, LLC ("CPC"). The following table summarizes the realized and unrealized gain (loss) on equity investments with readily determinable fair value, which is reported in Other (expense) income, net for the three and six months ended December 31, 2024 and 2023: Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Unrealized (loss) gain — Townsquare $ (136) $ 3,143 $ (237) $ (2,306) Unrealized (loss) gain — Executive Deferred Compensation Plan (26) 343 194 198 Realized gain from shares sold — DraftKings — — — 1,548 Realized gain from shares sold — Townsquare — — 5 — Total realized and unrealized (loss) gain $ (162) $ 3,486 $ (38) $ (560) Supplemental information on realized gain: Shares of common stock sold — DraftKings — — — 425 Cash proceeds from common stock sold — DraftKings $ — $ — $ — $ 12,844 Shares of common stock sold — Townsquare — — 5 — Cash proceeds from common stock sold — Townsquare $ — $ — $ 55 $ —

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net As of December 31, 2024 and June 30, 2024, Property and equipment, net consisted of the following: As of December 31, June 30, Land $ 62,768 $ 62,768 Buildings 1,014,788 1,011,308 Equipment, furniture, and fixtures 356,605 348,075 Leasehold improvements 166,076 133,267 Construction in progress 898 10,193 Total Property and equipment $ 1,601,135 $ 1,565,611 Less: accumulated depreciation and amortization (960,043) (932,078) Property and equipment, net $ 641,092 $ 633,533 The Company recorded depreciation and amortization expense on property and equipment of $14,183 and $27,964 for the three and six months ended December 31, 2024, respectively, and $13,205 and $26,789 for the three and six months ended December 31, 2023, respectively, which is recognized in Depreciation and amortization in the condensed consolidated statements of operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets As of December 31, 2024 and June 30, 2024, the carrying amount of Goodwill was $69,041 and does not reflect any historical impairment charges. The Company’s Indefinite-lived intangible assets as of December 31, 2024 and June 30, 2024 were as follows: As of December 31, June 30, Trademarks $ 61,881 $ 61,881 Photographic related rights 1,920 1,920 Total indefinite-lived intangible assets $ 63,801 $ 63,801 During the first quarter of Fiscal Year 2025, the Company performed its annual qualitative impairment test of Goodwill and Indefinite-lived intangible assets and determined that there were no impairments of Goodwill or Indefinite-lived intangible assets identified as of the impairment test date.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments See Note 11. Commitments and Contingencies, included in the Company’s Audited Consolidated and Combined Annual Financial Statements, for details on the Company’s commitments. The Company’s commitments as of June 30, 2024 included a total of $323,178 (primarily related to contractual obligations). During the six months ended December 31, 2024, the Company did not have any material changes in its non-cancelable contractual obligations (other than activities in the ordinary course of business). See Note 9. Credit Facilities for details of the principal repayments required under the Company’s credit facilities. Delayed Draw Term Loan Facility On April 20, 2023, a subsidiary of the Company, MSG Entertainment Holdings, LLC (“MSG Entertainment Holdings”), entered into a delayed draw term loan facility (the “DDTL Facility”) with Sphere Entertainment. Pursuant to the DDTL Facility, MSG Entertainment Holdings committed to lend up to $65,000 in delayed draw term loans to Sphere Entertainment on an unsecured basis until October 20, 2024. See Note 11. Commitments and Contingencies to the Company’s Audited Consolidated and Combined Annual Financial Statements for more information regarding the DDTL Facility. On July 14, 2023, Sphere Entertainment drew down the full amount of $65,000 under the DDTL Facility. On August 9, 2023, Sphere Entertainment repaid the full principal amount of the DDTL Facility and accrued interest and commitment fees by delivering 1,923 shares of the Company’s Class A Common Stock held by Sphere Entertainment, as permitted as payment under the DDTL Facility. Such shares have been classified by the Company pursuant to the Stock Repurchase Program (as defined and further explained in Note 13. Additional Financial Information ) as treasury shares and are no longer outstanding on the date of repayment. Legal Matters The Company is a defendant in various lawsuits. Although the outcome of these lawsuits cannot be predicted with certainty (including the extent of available insurance, if any), management does not believe that resolution of these lawsuits will have a material adverse effect on the Company.

Credit Facilities

Credit Facilities	6 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Credit Facilities	Credit Facilities See Note 12. Credit Facilities, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for more information regarding the Company’s credit facilities. The following table summarizes the presentation of the outstanding balances under the Company’s credit agreements as of December 31, 2024 and June 30, 2024: As of December 31, June 30, Current Portion National Properties Term Loan Facility $ 24,375 $ 16,250 Current portion of long-term debt $ 24,375 $ 16,250 As of December 31, 2024 June 30, 2024 Principal Unamortized Deferred Financing Costs Net Principal Unamortized Deferred Financing Costs Net Non-current Portion National Properties Term Loan Facility $ 593,125 $ (8,005) $ 585,120 $ 609,375 $ (9,624) $ 599,751 National Properties Revolving Credit Facility — (419) (419) — (503) (503) Long-term debt, net of deferred financing costs $ 593,125 $ (8,424) $ 584,701 $ 609,375 $ (10,127) $ 599,248 National Properties Facilities General. MSG National Properties, LLC (“MSG National Properties”), MSG Entertainment Holdings and certain subsidiaries of MSG National Properties are party to a credit agreement dated June 30, 2022 (as amended, the “National Properties Credit Agreement”) with JP Morgan Chase Bank, N.A., as administrative agent and the lenders and L/C issuers party thereto, providing for a five-year, $650,000 senior secured term loan facility (the “National Properties Term Loan Facility”) and a five-year, $150,000 revolving credit facility (the “National Properties Revolving Credit Facility” and, together with the National Properties Term Loan Facility, the “National Properties Facilities”). Up to $25,000 of the National Properties Revolving Credit Facility is available for the issuance of letters of credit. As of December 31, 2024, outstanding letters of credit were $18,826 and the remaining balance available under the National Properties Revolving Credit Facility was $131,174. Interest Rates. Borrowings under the current National Properties Facilities bear interest at a floating rate, which at the option of MSG National Properties may be either (a) a base rate plus an applicable margin ranging from 1.50% to 2.50% per annum, determined based on the total leverage ratio of MSG National Properties and its restricted subsidiaries, or (b) adjusted Term SOFR (i.e., Term SOFR plus 0.10%) plus an applicable margin ranging from 2.50% to 3.50% per annum, determined based on the total leverage ratio of MSG National Properties and its restricted subsidiaries. The National Properties Credit Agreement requires MSG National Properties to pay a commitment fee ranging from 0.30% to 0.50% in respect of the daily unused commitments under the National Properties Revolving Credit Facility. MSG National Properties is also required to pay customary letter of credit fees, as well as fronting fees, to banks that issue letters of credit pursuant to the National Properties Credit Agreement. The interest rate on the National Properties Facilities as of December 31, 2024 was 6.94%. Principal Repayments . Subject to customary notice and minimum amount conditions, the Company may voluntarily repay outstanding loans under the National Properties Facilities or terminate commitments under the National Properties Revolving Credit Facility, at any time, in whole or in part, subject only to customary breakage costs in the case of prepayment of Term SOFR loans. The National Properties Facilities will mature on June 30, 2027. The principal obligations under the National Properties Term Loan Facility are to be repaid in quarterly installments beginning with the fiscal quarter ended March 31, 2023, in an aggregate amount equal to 2.50% per annum (0.625% per quarter), stepping up to 5.0% per annum (1.25% per quarter) in the fiscal quarter ending September 30, 2025, with the balance due at the maturity of the facility. The principal obligations under the National Properties Revolving Credit Facility are due at the maturity of the facil ity. Under certain circumstances, MSG National Properties is required to make mandatory prepayments on loans outstanding, including prepayments in an amount equal to the net cash proceeds of certain sales of assets or casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights), subject to certain exceptions. Covenants. The National Properties Credit Agreement includes financial covenants requiring MSG National Properties and its restricted subsidiaries to maintain a specified minimum liquidity level, a specified minimum debt service coverage ratio and a specified maximum total leverage ratio. The minimum liquidity level is set at $50,000, and is tested based on the level of average daily liquidity, consisting of cash and cash equivalents and available revolving commitments, over the last month of each quarter over the life of the National Properties Facilities. The debt service coverage ratio covenant began testing in the fiscal quarter ended December 31, 2022, and was set at a ratio of 2:1 before stepping up to 2.5:1 in the fiscal quarter ended September 30, 2024. The leverage ratio covenant began testing in the fiscal quarter ended June 30, 2023. It is tested based on the ratio of MSG National Properties and its restricted subsidiaries’ consolidated total indebtedness to adjusted operating income, with an initial maximum ratio of 6:1, which stepped down to 5.5:1 in the fiscal quarter ended June 30, 2024 and steps down to 4.5:1 in the fiscal quarter ending June 30, 2026. As of December 31, 2024, MSG National Properties and its restricted subsidiaries were in compliance with the covenants of the National Properties Credit Agreement. In addition to the financial covenants discussed above, the National Properties Credit Agreement and the related security agreement contain certain customary representations and warranties, affirmative and negative covenants and events of default. The National Properties Credit Agreement contains certain restrictions on the ability of MSG National Properties and its restricted subsidiaries to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the National Properties Credit Agreement, including the following: (i) incur additional indebtedness; (ii) create liens on certain assets; (iii) make investments, loans or advances in or to other persons; (iv) pay dividends and distributions or repurchase capital stock (which will restrict the ability of MSG National Properties to make cash distributions to the Company); (v) repay, redeem or repurchase certain indebtedness; (vi) change its lines of business; (vii) engage in certain transactions with affiliates; (viii) amend their respective organizational documents; (ix) merge or consolidate; and (x) make certain dispositions. Guarantors and Collateral. All obligations under the National Properties Facilities are guaranteed by MSG Entertainment Holdings and MSG National Properties’ existing and future direct and indirect domestic subsidiaries, other than the subsidiaries that own The Garden and certain other excluded subsidiaries (the “Subsidiary Guarantors”). All obligations under the National Properties Facilities, including the guarantees of those obligations, are secured by certain of the assets of MSG National Properties and the Subsidiary Guarantors (collectively, “Collateral”) including, but not limited to, a pledge of some or all of the equity interests held directly or indirectly by MSG National Properties in each Subsidiary Guarantor. The Collateral does not include, among other things, any interests in The Garden or the leasehold interests in Radio City Music Hall and the Beacon Theatre. Interest payments and loan principal repayments made by the Company under the National Properties Credit Agreement were as follows: Interest Payments Principal Repayments Six Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 National Properties Facilities $ 25,423 $ 27,424 $ 63,125 $ 98,225 The carrying value and fair value of the Company’s debt reported in the accompanying condensed consolidated balance sheets were as follows: As of December 31, 2024 June 30, 2024 Carrying Value (a) Fair Value Carrying Value (a) Fair Value National Properties Facilities $ 617,500 $ 614,413 $ 625,625 $ 622,497 ________________ (a) The total carrying value of the Company’s debt as of December 31, 2024 and June 30, 2024 is equal to the current and non-current principal payments for the Company’s credit agreements excluding unamortized deferred financing costs of $8,424 and $10,127, respectively. The Company’s long-term debt is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar instruments for which the inputs are readily observable.

Pension Plans and Other Postret

Pension Plans and Other Postretirement Benefit Plans	6 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Pension Plans and Other Postretirement Benefit Plans	Pension Plans and Other Postretirement Benefit Plans See Note 13. Pension Plans and Other Postretirement Benefit Plans, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for more information regarding the Pension Plans, Postretirement Plan, the Madison Square Garden 401(k) Savings Plans, The Madison Square Garden 401(k) Savings Plan (the “401(k) Plan”), the MSG Entertainment Holdings, LLC Excess Savings Plan (together with the 401(k) Plan, the “Savings Plans”), together with the associated excess savings plan, and the Madison Square Garden 401(k) Union Plan (the “Union Savings Plan”). Defined Benefit Pension Plans and Other Postretirement Benefit Plans The following tables present components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the accompanying condensed consolidated statements of operations for the three and six months ended December 31, 2024 and 2023. Service cost is recognized in direct operating expenses and selling, general and administrative expenses. All other components of net periodic benefit cost are reported in Other expense, net. Pension Plans Postretirement Plan Three Months Ended Three Months Ended December 31, December 31, 2024 2023 2024 2023 Service cost $ 17 $ 17 $ 5 $ 6 Interest cost 1,669 1,469 30 24 Expected return on plan assets (1,292) (1,091) — — Recognized actuarial loss 447 662 6 — Net periodic cost $ 841 $ 1,057 $ 41 $ 30 Pension Plans Postretirement Plan Six Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Service cost $ 35 $ 34 $ 10 $ 12 Interest cost 3,337 2,938 60 48 Expected return on plan assets (2,584) (2,182) — — Recognized actuarial loss 893 899 12 — Net periodic cost $ 1,681 $ 1,689 $ 82 $ 60 Contributions for Qualified Defined Benefit Pension Plans During the three and six months ended December 31, 2024, the Company contributed $0 and $3,300, respectively, to a non-contributory, qualified cash balance retirement plan covering the Company’s non-union employees. Defined Contribution Plans For the three and six months ended December 31, 2024 and 2023, expenses related to the Savings Plans and Union Savings Plan included in the accompanying condensed consolidated statements of operations are as follows: Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Savings Plans $ 2,169 $ 2,265 $ 4,193 $ 4,299 Union Savings Plan $ 399 $ 82 $ 480 $ 132 Executive Deferred Compensation See Note 13. Pension Plans and Other Postretirement Benefit Plans, included in the Company’s Audited Consolidated and Combined Annual Financial Statements, for more information regarding the Company’s Executive Deferred Compensation Plan (the “Deferred Compensation Plan”). The Company recorded compensation income of $26 for the three months ended December 31, 2024 and compensation expense of $194 for the six months ended December 31, 2024 and compensation expense of $343 and $198, respectively, for the three and six months ended December 31, 2023, in each within Selling, general, and administrative expenses to reflect the remeasurement of the Deferred Compensation Plan liability. In addition, the Company recorded a loss of $26 for the three months ended December 31, 2024 and a gain of $194 for the six months ended December 31, 2024 and gains of $343 and $198, respectively, for the three and six months ended December 31, 2023, within Other (expense) income, net to reflect remeasurement of the fair value of assets under the Deferred Compensation Plan. The following table summarizes amounts recognized related to the Deferred Compensation Plan in the condensed consolidated balance sheets: As of December 31, June 30, Deferred Compensation Plan assets (included in Other non-current assets) $ 4,938 $ 4,226 Deferred Compensation Plan liabilities (included in Other non-current liabilities) $ (4,938) $ (4,226)

Share-based Compensation

Share-based Compensation	6 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation	Share-based Compensation The Company has two share-based compensation plans: the 2023 Employee Stock Plan and the 2023 Stock Plan for Non-Employee Directors. See Note 14. Share-based Compensation, included in the Company’s Audited Consolidated and Combined Annual Financial Statements, for more information on these plans. Share-based compensation expense for the Company’s restricted stock units (“RSUs”) and performance stock units (“PSUs”) are recognized in the condensed consolidated statements of operations as a component of direct operating expenses or selling, general, and administrative expenses. The following table summarizes the Company’s share-based compensation expense: Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Share-based compensation expense (a) $ 9,322 $ 7,773 $ 15,584 $ 13,950 Fair value of awards vested (b) $ 6,876 $ 2,750 $ 35,898 $ 29,150 ________________ (a) The expense shown excludes $6,788 for the six months ended December 31, 2023, which was reclassified to Restructuring charges in the condensed consolidated statements of operations a s detailed in Note 4. Restructuring Credits (Charges). (b) To fulfill required statutory tax withholding obligations for the applicable income and other employment taxes, RSUs and PSUs with an aggregate value of $1,561 and $14,369, and $412 and $12,229, respectively, were retained by the Company during the three and six months ended December 31, 2024 and 2023, respectively. For the three and six months ended December 31, 2024, weighted-average shares used in the calculation for diluted earnings per share (“EPS”) consisted of 48,611 and 48,543 weighted-average shares of Class A Common Stock, respectively, for basic EPS and the dilutive effect of 275 and 267 shares of Class A Common Stock, respectively, issuable under share-based compensation plans. For the three and six months ended December 31, 2024, weighted-average anti-dilutive shares primarily consisted of approximately 855 and 728 RSUs and stock options, respectively, and were excluded in the calculation of diluted EPS because their effect would have been anti-dilutive. As of December 31, 2024, there was $46,798 of unrecognized compensation cost related to unvested RSUs and PSUs held by the Company’s direct employees. The cost is expected to be recognized over a weighted-average period of approximately 2.3 years. Award Activity RSUs During the six months ended December 31, 2024 and 2023 , 481 and 620 RSUs were granted, respectively, and 509 and 624 RSUs vested, respectively. PSUs During the six months ended December 31, 2024 and 2023, 386 and 506 PSUs were granted, respectively, and 391 and 273 PSUs vested, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As of December 31, 2024 , members of the Dolan family, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, and members of the Dolan family including trusts for the benefit of members of the Dolan family (collectively, the “Dolan Family Group”) collectively beneficially owned 100% of the Company’s outstanding Class B Common Stock, $0.01 par value per share (“Class B Common Stock”) and approximately 4.1% of the Company’s outstanding Class A Common Stock (inclusive of options exercisable within 60 days of December 31, 2024) . Such shares of Class A Common Stock and Class B Common Stock, collectively, represent approximately 63.9% of the aggregate voting power of the Company’s outstanding common stock. Members of the Dolan Family Group are also the controlling stockholders of Sphere Entertainment, MSG Sports, and AMC Networks Inc. See Note 17. Related Party Transactions, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for a description of the Company’s current related party arrangements. There have been no material changes in such related party arrangements except as described below. In the third quarter of Fiscal Year 2024, the Company entered into a commercial agreement with CPC, under which CPC provided sponsorship sales services. The Company recorded commission expense of $1,009 and $1,503, and $0 and $0 for the three and six months ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and June 30, 2024, prepaid expenses associated with this arrangement were $7,312 and $5,993, respectively, and are reported under Prepaid expenses and other current assets, and Other non-current assets in the accompanying condensed consolidated balance sheets. The Company provided a notice of termination with respect to the commercial agreement on September 20, 2024 and has subsequently negotiated a wind down. From time to time the Company enters into arrangements with 605, LLC (“605”). James L. Dolan, the Company’s Executive Chairman, Chief Executive Officer and a director, and his spouse, Kristin A. Dolan, owned 605 until September 13, 2023. Kristin A. Dolan is also the founder and was the Chief Executive Officer of 605. 605 provides audience measurement and data analytics services to the Company and its subsidiaries in the ordinary course of business. In August 2022, a subsidiary of Sphere Entertainment entered into a three-year agreement with 605, valued at $750, covering several customer analysis projects per year in connection with events held at the Company’s venues, which was assigned to the Company in connection with the Distribution. Pursuant to this arrangement, the Company recognized $0 and $34 of expense for the three and six months ended December 31, 2023, respectively. On September 13, 2023, 605 was sold to iSpot.tv, and James L. Dolan and Kristin A. Dolan now hold a minority interest in iSpot.tv. As a result, as of September 13, 2023, 605 is no longer considered to be a related party. Revenues and Operating Expenses The following table summarizes the composition and amounts of the transactions with the Company’s affiliates. The significant components of these amounts are discussed below. These amounts are reflected in revenues and operating expenses in the accompanying condensed consolidated statements of operations for the three and six months ended December 31, 2024 and 2023: Three Months Six Months Ended December 31, December 31, 2024 2023 2024 2023 Revenues $ 38,878 $ 33,630 $ 46,761 $ 38,789 Operating (expenses) credits: Revenue sharing expenses $ (6,845) $ (6,315) $ (7,995) $ (7,467) Reimbursement under Arena License Arrangements 1,569 7,878 1,642 8,307 Cost reimbursement from MSG Sports 8,293 9,527 16,680 19,388 Cost reimbursement from Sphere Entertainment 22,993 26,341 45,986 56,677 Other operating credits (expenses), net 4,562 (2,142) 5,679 (2,695) Total operating (expense) credits, net (a) $ 30,572 $ 35,289 $ 61,992 $ 74,210 _________________ (a) Of the total operating credits (expenses), net, $96 and $(1,148) for the three and six months ended December 31, 2024 and $(1,246) and $(2,556) for the three and six months ended December 31, 2023 , respectively, are included in direct operating expenses in the accompanying condensed consolidated statements of operations, and $30,476 and $63,140 for the three and six months ended December 31, 2024 and $36,535 and $76,766 for the three and six months ended December 31, 2023 , respectively , are included in selling, general, and administrative expenses. Revenues The Company recorded $26,961 and $28,285 of revenues under the Arena License Agreements for the three and six months ended December 31, 2024, respectively . In addition to the Arena License Agreements, during the three and six months ended December 31, 2024, the Company’s revenues from related parties primarily reflected sponsorship sales and service representation agreements of $5,914 and $8,665, respectively , and merchandise sharing revenues of $2,724 and $2,971, respectively, with MSG Sports. The Company also earned sublease revenue from related parties of $3,079 and $6,640 during the three and six months ended December 31, 2024 , respectively. The Company recorded $24,529 and $25,853 of revenues under the Arena License Agreements for the three and six months ended December 31, 2023, respectively . In addition, during the three and six months ended December 31, 2023, the Company recorded revenues under sponsorship sales and service representation agreements of $5,506 and $8,269, and merchandise sharing revenues of $2,102 and $2,298 , respectively, with MSG Sports. The Company also earned sublease revenue from related parties of $738 and $1,497 during the three and six months ended December 31, 2023, respectively .

Additional Financial Informatio

Additional Financial Information	6 Months Ended
	Dec. 31, 2024
Additional Financial Information [Abstract]
Additional Financial Information	Additional Financial Information The following table provides a summary of the amounts recorded as Cash, cash equivalents, and restricted cash: As of December 31, June 30, Cash and cash equivalents $ 54,919 $ 33,255 Restricted cash 300 300 Total cash, cash equivalents, and restricted cash $ 55,219 $ 33,555 The Company’s Cash, cash equivalents, and restricted cash are classified within Level I of the fair value hierarchy as it is valued using observable inputs that reflect quoted prices for identical assets in active markets. The Company’s restricted cash includes cash deposited in escrow accounts. The Company has deposited cash in an interest-bearing escrow account related to credit support, debt facilities, and general liability insurance obligations. Prepaid expenses and other current assets consisted of the following: As of December 31, June 30, Prepaid revenue sharing expense $ 59,192 $ 54,326 Other prepaid expenses 20,043 19,632 Current contract assets 9,123 7,844 Inventory (a) 3,031 3,871 Other 4,792 5,128 Total prepaid expenses and other current assets $ 96,181 $ 90,801 _________________ (a) Inventory is mostly comprised of food and liquor for the venues. Other non-current assets consisted of the following: As of December 31, June 30, Unbilled lease receivable (a) $ 104,030 $ 98,473 Investments (b) 6,872 6,320 Deferred costs 6,322 3,649 Other 1,845 1,841 Total other non-current assets $ 119,069 $ 110,283 _________________ (a) Unbilled lease receivable relates to the amounts recorded under the Arena License Agreement. (b) See Note 5. Investments for more information on long-term investments. Accounts payable, accrued and other current liabilities consisted of the following: As of December 31, June 30, Accounts payable $ 27,126 $ 26,594 Accrued payroll and employee related liabilities 44,580 71,145 Cash due to promoters 39,192 67,697 Accrued expenses and other current liabilities 60,878 38,314 Total accounts payable, accrued and other current liabilities $ 171,776 $ 203,750 Other (expense) income, net includes the following: Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Gains from shares sold — DraftKings $ — $ — $ — $ 1,548 Gains from shares sold - TSQ — — 5 — Net unrealized loss on equity investments with readily determinable fair value (136) 3,143 (237) (2,306) Other (909) (297) (1,582) (867) Total other (expense) income, net $ (1,045) $ 2,846 $ (1,814) $ (1,625) Income Taxes During the six months ended December 31, 2024 and December 31, 2023, the Company made income tax payments of $480 and $58, respectively. Income tax expense for the three and six months ended December 31, 2024 of $49,473 and $35,872, respectively, reflects an effective tax rate of 39%. The estimated annual effective tax rate exceeds the statutory federal tax rate of 21% primarily due to state and local taxes and nondeductible officers’ compensation. The Company expects to utilize its net operating losses during Fiscal Year 2025 and as such will become a federal taxpayer. Income tax expense for the three and six months ended December 31, 2023 of $1,054 and $395, respectively, reflects an effective tax rate of 1%. The estimated annual effective tax rate is lower than the statutory federal tax rate of 21% primarily due to a decrease in the valuation allowance, partially offset by state taxes. Stock Repurchase Program On March 29, 2023, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $250,000 of the Company’s Class A Common Stock (the “Stock Repurchase Program”). Pursuant to the Stock Repurchase Program, shares of Class A Common Stock may be purchased from time to time in open market or private transactions, block trades or such other manner as the Company may determine in accordance with applicable insider trading and other securities laws and regulations. The timing and amount of purchases will depend on market conditions and other factors. For the three and six months ended December 31, 2024, the Company repurchased 682 shares of Class A Common Stock for approximately $25,000. As of December 31, 2024, the Company had approximately $85,000 remaining available for repurchases. Concentration of Risk Accounts receivable, net on the accompanying consolidated balance sheets as of December 31, 2024 and June 30, 2024 included amounts due from the following individual customers, which accounted for the noted percentages of the gross balance: As of December 31, 2024 June 30, 2024 Customer A 13 % N/A Customer B 11 % N/A Customer C N/A 12 % For the six months ended December 31, 2024, the Company had no customers that made up 10% of total revenues.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income	$ 75,893	$ 125,249	$ 56,572	$ 74,578

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company reports on a fiscal year basis ending on June 30 th (“Fiscal Year”). In these unaudited condensed consolidated financial statements, the years ending and ended on June 30, 2026, June 30, 2025 and 2024, respectively, are referred to as “Fiscal Year 2026,” “Fiscal Year 2025” and “Fiscal Year 2024,” respectively. The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and Article 10 of Regulation S-X of the SEC, and should be read in conjunction with the Company’s Audited Consolidated and Combined Annual Financial Statements. In the opinion of the Company, the accompanying financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of December 31, 2024 and its results of operations for the three and six months ended December 31, 2024 and 2023 and cash flows for the six months ended December 31, 2024 and 2023. The condensed consolidated balance sheet as of June 30, 2024 was derived from the Audited Consolidated and Combined Annual Financial Statements but does not contain all of the footnote disclosures from the Audited Consolidated and Combined Annual Financial Statements. 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. As a result of the production of the Christmas Spectacular , arena license fees in connection with the use of The Garden by the New York Knicks (the “Knicks”) of the National Basketball Association and the New York Rangers (the “Rangers”) of the National Hockey League, the Company generally earns a disproportionate share of its annual revenues in the second and third quarters of its fiscal year.
Reclassifications	Reclassifications For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation in accordance with GAAP. The accompanying unaudited condensed consolidated financial information for the three and six months ended December 31, 2023 has been revised to change the presentation of the Company’s revenue and direct operating expenses from an aggregated to a disaggregated basis and other related disclosures.
Principles of Consolidation	Principles of Consolidation All significant intercompany accounts and balances within the Company’s consolidated businesses have been eliminated.
Use of Estimates	Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the provision for credit losses, goodwill, intangible assets, other long-lived assets, deferred tax assets, pension and other postretirement benefit obligations and the related net periodic benefit cost, and other liabilities. In addition, estimates are used in revenue recognition, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the 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 condensed consolidated financial statements in future periods.
Revenue Recognition	The Company generates revenue from the provision of services and sale of tangible products, as well as leasing transactions. Revenues are presented under these three categories in the condensed consolidated statements of operations, as described below. Service revenue, presented as “Revenues from entertainment offerings” primarily includes: • Ticket sales and other ticket-related revenue • Venue license fees for events held at the Company’s venues that the Company does not produce or promote/co-promote • Sponsorship and signage • Suite licenses and single night suite rentals • Advertising commissions and related service fees • Commissions related to the sale of merchandise for which the Company is not the principal in the underlying transaction Product revenue, presented as “Food, beverage, and merchandise revenues”, includes: • Sales of food and beverage during events held at the Company’s venues • Sales of the Company’s merchandise at the Company’s venues and via traditional retail channels Lease revenue, presented as “Arena license fees and other leasing revenue”, includes: • Rental fees related to the arena license agreements that require the Knicks and the Rangers to play their home games at The Garden (the “Arena License Agreements”) with MSG Sports • Sublease income _________________ (a) Venue operations and infrastructure costs are not specifically allocated to each revenue category, but are instead attributed in their entirety to service revenue, which is the Company’s principal revenue category. Leasing direct operating expenses materially consist of venue operations and infrastructure costs. As a result, the Company combines service and leasing direct operating expenses within “Entertainment offerings, arena license fees, and other leasing direct operating expenses” for presentation purposes. The Company recognizes revenue when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of promised goods or services is transferred to customers. Revenue is measured as the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services (“transaction price”). To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and the determination of whether to include such estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information that is reasonably available. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and excludes these amounts from revenues. Arrangements with Multiple Performance Obligations The Company enters into arrangements with multiple performance obligations, such as multi-year sponsorship agreements, which may derive revenues for the Company, as well as Sphere Entertainment and MSG Sports within a single arrangement. The Company also derives revenue from similar types of arrangements which are entered into by Sphere Entertainment and MSG Sports. Payment terms for such arrangements can vary by contract, but payments are generally due in installments throughout the contractual term. The performance obligations included in each sponsorship agreement vary and may include advertising and other benefits such as, but not limited to, signage at The Garden and the Company’s other venues, digital advertising, event or property-specific advertising, as well as non-advertising benefits such as suite licenses and event tickets. To the extent the Company’s multi-year arrangements provide for performance obligations that are consistent over the multi-year contractual term, such performance obligations generally meet the definition of a series as provided for under the accounting guidance. If performance obligations are concluded to meet the definition of a series, the contractual fees for all years during the contract term are aggregated and the related revenue is recognized proportionately as the underlying performance obligations are satisfied. The timing of revenue recognition for each performance obligation is dependent upon the facts and circumstances surrounding the Company’s satisfaction of its respective performance obligation. The Company allocates the transaction price for such arrangements to each performance obligation within the arrangement based on the estimated relative standalone selling price of the performance obligation. The Company’s process for determining its estimated standalone selling prices involves management’s judgment and considers multiple factors including company specific and market specific factors that may vary depending upon the unique facts and circumstances related to each performance obligation. Key factors considered by the Company in developing an estimated standalone selling price for its performance obligations include, but are not limited to, prices charged for similar performance obligations, the Company’s ongoing pricing strategy and policies, and consideration of pricing of similar performance obligations sold in other arrangements with multiple performance obligations. Principal versus Agent Revenue Recognition The Company reports revenue on a gross or net basis based on management’s assessment of whether the Company acts as a principal or agent in the transaction. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of whether the Company controls the good or service before transfer to the customer. When the Company concludes that it controls the good or service before transfer to the customer, the Company is considered a principal in the transaction and records revenue on a gross basis. When the Company concludes that it does not control the good or service before transfer to the customer but arranges for another entity to provide the good or service, the Company acts as an agent and records revenue on a net basis in the amount it earns for its agency service. Contract Balances Amounts collected in advance of the Company’s satisfaction of its contractual performance obligations are recorded as a contract liability within Deferred revenue and are recognized as the Company satisfies the related performance obligations. Amounts collected in advance of events for which the Company is not the promoter or co-promoter do not represent contract liabilities and are recorded within accrued and other current liabilities on the accompanying consolidated balance sheets. Amounts recognized as revenue for which the Company has a right to consideration for goods or services transferred to customers and for which the Company does not have an unconditional right to bill as of the reporting date are recorded as contract assets. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.
Direct Operating Expenses	Direct operating expenses related to the provision of services and leasing, presented as “Entertainment offerings, arena license fees, and other leasing direct operating expenses”, primarily include: • Event production costs including direct personnel expenses • Venue operations and infrastructure costs (a) • Venue rental costs for venues not owned by the Company • Sponsorship and signage fulfillment costs • Contractual revenue sharing expenses related to suite licenses and certain internal signage • Event-related marketing and advertising costs Direct operating expenses related to the sale of products, presented as “Food, beverage, and merchandise direct operating expenses” include: • Costs of goods sold including direct personnel expenses • Contractual revenue sharing expenses related to food and beverage sold at events held by Madison Square Garden Sports Corp. (together with its subsidiaries, as applicable, “MSG Sports”) at The Garden In addition, the Company defers certain costs to fulfill the Company’s contracts with customers to the extent such costs relate directly to the contracts, are expected to generate resources that will be used to satisfy the Company’s performance obligations under the contracts, and are expected to be recovered through revenue generated under the contracts. Contract fulfillment costs are expensed as the Company satisfies the related performance obligations. The Company may incur costs such as commissions to obtain its multi-year sponsorship agreements. The Company assesses such costs for capitalization on a contract by contract basis. To the extent costs are capitalized, the Company estimates the useful life of the related contract asset, which may be the underlying contract term or the estimated customer life depending on the facts and circumstances surrounding the contract. The contract asset is amortized over the estimated useful life. Production Costs for the Company’s Original Productions The Company defers certain costs of productions such as creative design, scenery, wardrobes, rehearsal and other related costs for the Company’s proprietary shows, reported under Prepaid expenses and other current assets and Other non-current assets. Deferred production costs are amortized on a straight-line basis over the course of a production’s performance period using the expected life of a show’s assets and are recorded as a component of Entertainment offerings, arena license fees, and other leasing direct operating expenses on the Company’s condensed consolidated statement of operations. Deferred production costs are subject to recoverability assessments whenever there is an indication of potential impairment. Revenue Sharing Expenses Revenue sharing expenses are determined based on contractual agreements between the Company and MSG Sports, primarily related to suite licenses, certain internal signage and in-venue food and beverage sales and are recorded as a component of Entertainment offerings, arena license fees, and other leasing direct operating expenses on the Company’s condensed consolidated statement of operations.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements Recently Issued Accounting Pronouncements In November 2023 , the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Improvement to Reportable Segment Disclosures . This ASU aims to improve segment disclosures through enhanced disclosures about significant segment expenses. The standard requires disclosure of significant expense categories and amounts for such expenses, including those segment expenses that are regularly provided to the chief operating decision maker, easily computable from information that is regularly provided, or significant expenses that are expressed in a form other than actual amounts. This standard will be effective for the Company as of and for Fiscal Year 2025 and is required to be applied retrospectively to all prior periods presented in the financial statements. The Company continues to evaluate the impact of the additional disclosure requirements on the Company’s consolidated financial statements . In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures , a final standard on improvements to income tax disclosures which applies to all entities subject to income taxes. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be helpful to understand an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, assess income tax information that affects cash flow forecasts and capital allocation decisions, and identify potential opportunities to increase future cash flows. This standard will be effective for the Company in Fiscal Year 2026 and should be applied prospectively. The Company is currently evaluating the impact of the additional disclosure requirements on the Company’s consolidated financial statements . In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , as amended by ASU 2025-01, which was issued in January 2025, requiring disclosu re, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. This ASU provided an effective date for the standard to be for annual periods beginning with the Company’s Fiscal Year ending June 30, 2028, and interim reporting periods beginning in the Company’s Fiscal Year Ending June 30, 2029. Early adoption of Update 2024-03 is permitted. This amended ASU may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this guidance on the Company’s consolidated financial statements.
Revenue, Remaining Performance Obligation	In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates the Company’s revenue by major source based upon the timing of satisfaction of the Company’s performance obligations to the customer for the three and six months ended December 31, 2024 and 2023: Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Event-related offerings (a) $ 290,294 $ 297,106 $ 379,476 $ 392,096 Sponsorship, signage, and suite licenses (b) 78,387 69,890 117,325 109,705 Other (c) 8,916 10,041 14,852 15,002 Total revenues from contracts with customers 377,597 377,037 511,653 516,803 Arena license fees and other leasing revenue 29,820 25,629 34,478 28,075 Total revenues $ 407,417 $ 402,666 $ 546,131 $ 544,878 _________________ (a) Event-related offerings revenues are recognized at a point in time. (b) See Note 2. Summary of Significant Accounting Policies and Note 4. Revenue Recognition, included in the Company’s Audited Consolidated and Combined Annual Financial Statements for further details on the pattern of recognition of sponsorship, signage, and suite license revenues. (c) Primarily consists of (i) revenues from sponsorship sales and representation agreements and (ii) venue tours. In addition to the disaggregation of the Company’s revenue as disclosed above, the following table disaggregates the Company’s revenues by revenue category , for the three and six months ended December 31, 2024 and 2023. Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Ticketing and venue license fee revenues (a) $ 230,974 $ 238,355 $ 301,180 $ 310,084 Sponsorship and signage, suite, and advertising commission revenues 85,692 77,728 128,582 121,064 Food, beverage, and merchandise revenues 59,321 58,751 78,296 82,012 Other 1,610 2,203 3,595 3,643 Total revenues from contracts with customers 377,597 377,037 511,653 516,803 Arena license fees and other leasing revenue 29,820 25,629 34,478 28,075 Total revenues $ 407,417 $ 402,666 $ 546,131 $ 544,878 _________________ (a) Amounts include ticket sales, including other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) the presentation of the Christmas Spectacular and (iii) other live entertainment and sporting events.
Contract with Customer, Contract Assets and Liabilities	The following table provides information about the opening and closing contract balances from the Company’s contracts with customers as of December 31, 2024 and June 30, 2024: As of December 31, June 30, Receivables from contracts with customers, net (a) $ 101,442 $ 74,113 Contract assets, current (b) $ 9,123 $ 7,844 Deferred revenue, including non-current portion (c) $ 224,289 $ 215,581 ________________ (a) Receivables from contracts with customers, net, which are reported in Accounts receivable, net and Related party receivables, current in the Company’s condensed consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers. As of December 31, 2024 and June 30, 2024, the Company’s receivables from contracts with customers above included $8,630 and $2,432, respectively, related to various related parties. See Note 12. Related Party Transactions for further details on related party arrangements. (b) Contract assets, current, which are reported as Prepaid expenses and other current assets in the Company’s condensed consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional. (c) Deferred revenue primarily relates to the Company’s receipt of consideration from customers in advance of the Company’s transfer of goods or services to the customers. Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer. Revenue recognized for the three and six months ended December 31, 2024 relating to the Deferred revenue balance as of June 30, 2024 was $155,698 and $241,174, respectively.

Restructuring Credits (Charge_2

Restructuring Credits (Charges) (Tables)	6 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Changes to the Company’s restructuring liability through December 31, 2024 were as follows: Restructuring Liability June 30, 2024 $ 7,140 Restructuring credits (70) Payments (7,040) December 31, 2024 $ 30

Investments (Tables)

Investments (Tables)	6 Months Ended
	Dec. 31, 2024
Investments in and Advances to Affiliates [Abstract]
Cost And Equity Method Investments	The carrying value of the Company’s investments, which is reported under Other non-current assets in the accompanying condensed consolidated balance sheets as of December 31, 2024 and June 30, 2024, is as follows: As of December 31, June 30, Equity investments with readily determinable fair values: Townsquare Class A common stock $ 1,151 $ 1,438 Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan 4,938 4,226 Equity method investments and equity investments without readily determinable fair values (a) 783 656 Total investments $ 6,872 $ 6,320 _______________ (a) Inclusive of the Company’s investment in Oak View Group’s Crown Properties Collection, LLC ("CPC").
Gain (Loss) on Securities	The following table summarizes the realized and unrealized gain (loss) on equity investments with readily determinable fair value, which is reported in Other (expense) income, net for the three and six months ended December 31, 2024 and 2023: Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Unrealized (loss) gain — Townsquare $ (136) $ 3,143 $ (237) $ (2,306) Unrealized (loss) gain — Executive Deferred Compensation Plan (26) 343 194 198 Realized gain from shares sold — DraftKings — — — 1,548 Realized gain from shares sold — Townsquare — — 5 — Total realized and unrealized (loss) gain $ (162) $ 3,486 $ (38) $ (560) Supplemental information on realized gain: Shares of common stock sold — DraftKings — — — 425 Cash proceeds from common stock sold — DraftKings $ — $ — $ — $ 12,844 Shares of common stock sold — Townsquare — — 5 — Cash proceeds from common stock sold — Townsquare $ — $ — $ 55 $ —

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	As of December 31, 2024 and June 30, 2024, Property and equipment, net consisted of the following: As of December 31, June 30, Land $ 62,768 $ 62,768 Buildings 1,014,788 1,011,308 Equipment, furniture, and fixtures 356,605 348,075 Leasehold improvements 166,076 133,267 Construction in progress 898 10,193 Total Property and equipment $ 1,601,135 $ 1,565,611 Less: accumulated depreciation and amortization (960,043) (932,078) Property and equipment, net $ 641,092 $ 633,533

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	The Company’s Indefinite-lived intangible assets as of December 31, 2024 and June 30, 2024 were as follows: As of December 31, June 30, Trademarks $ 61,881 $ 61,881 Photographic related rights 1,920 1,920 Total indefinite-lived intangible assets $ 63,801 $ 63,801

Credit Facilities (Tables)

Credit Facilities (Tables)	6 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The following table summarizes the presentation of the outstanding balances under the Company’s credit agreements as of December 31, 2024 and June 30, 2024: As of December 31, June 30, Current Portion National Properties Term Loan Facility $ 24,375 $ 16,250 Current portion of long-term debt $ 24,375 $ 16,250 As of December 31, 2024 June 30, 2024 Principal Unamortized Deferred Financing Costs Net Principal Unamortized Deferred Financing Costs Net Non-current Portion National Properties Term Loan Facility $ 593,125 $ (8,005) $ 585,120 $ 609,375 $ (9,624) $ 599,751 National Properties Revolving Credit Facility — (419) (419) — (503) (503) Long-term debt, net of deferred financing costs $ 593,125 $ (8,424) $ 584,701 $ 609,375 $ (10,127) $ 599,248
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	Interest payments and loan principal repayments made by the Company under the National Properties Credit Agreement were as follows: Interest Payments Principal Repayments Six Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 National Properties Facilities $ 25,423 $ 27,424 $ 63,125 $ 98,225 The carrying value and fair value of the Company’s debt reported in the accompanying condensed consolidated balance sheets were as follows: As of December 31, 2024 June 30, 2024 Carrying Value (a) Fair Value Carrying Value (a) Fair Value National Properties Facilities $ 617,500 $ 614,413 $ 625,625 $ 622,497 ________________ (a) The total carrying value of the Company’s debt as of December 31, 2024 and June 30, 2024 is equal to the current and non-current principal payments for the Company’s credit agreements excluding unamortized deferred financing costs of $8,424 and $10,127, respectively.

Pension Plans and Other Postr_2

Pension Plans and Other Postretirement Benefit Plans (Tables)	6 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The following tables present components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the accompanying condensed consolidated statements of operations for the three and six months ended December 31, 2024 and 2023. Service cost is recognized in direct operating expenses and selling, general and administrative expenses. All other components of net periodic benefit cost are reported in Other expense, net. Pension Plans Postretirement Plan Three Months Ended Three Months Ended December 31, December 31, 2024 2023 2024 2023 Service cost $ 17 $ 17 $ 5 $ 6 Interest cost 1,669 1,469 30 24 Expected return on plan assets (1,292) (1,091) — — Recognized actuarial loss 447 662 6 — Net periodic cost $ 841 $ 1,057 $ 41 $ 30 Pension Plans Postretirement Plan Six Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Service cost $ 35 $ 34 $ 10 $ 12 Interest cost 3,337 2,938 60 48 Expected return on plan assets (2,584) (2,182) — — Recognized actuarial loss 893 899 12 — Net periodic cost $ 1,681 $ 1,689 $ 82 $ 60
Defined Contribution Plan Disclosures	For the three and six months ended December 31, 2024 and 2023, expenses related to the Savings Plans and Union Savings Plan included in the accompanying condensed consolidated statements of operations are as follows: Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Savings Plans $ 2,169 $ 2,265 $ 4,193 $ 4,299 Union Savings Plan $ 399 $ 82 $ 480 $ 132
Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits	The following table summarizes amounts recognized related to the Deferred Compensation Plan in the condensed consolidated balance sheets: As of December 31, June 30, Deferred Compensation Plan assets (included in Other non-current assets) $ 4,938 $ 4,226 Deferred Compensation Plan liabilities (included in Other non-current liabilities) $ (4,938) $ (4,226)

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity	The following table summarizes the Company’s share-based compensation expense: Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Share-based compensation expense (a) $ 9,322 $ 7,773 $ 15,584 $ 13,950 Fair value of awards vested (b) $ 6,876 $ 2,750 $ 35,898 $ 29,150 ________________ (a) The expense shown excludes $6,788 for the six months ended December 31, 2023, which was reclassified to Restructuring charges in the condensed consolidated statements of operations a s detailed in Note 4. Restructuring Credits (Charges). (b) To fulfill required statutory tax withholding obligations for the applicable income and other employment taxes, RSUs and PSUs with an aggregate value of $1,561 and $14,369, and $412 and $12,229, respectively, were retained by the Company during the three and six months ended December 31, 2024 and 2023, respectively.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the composition and amounts of the transactions with the Company’s affiliates. The significant components of these amounts are discussed below. These amounts are reflected in revenues and operating expenses in the accompanying condensed consolidated statements of operations for the three and six months ended December 31, 2024 and 2023: Three Months Six Months Ended December 31, December 31, 2024 2023 2024 2023 Revenues $ 38,878 $ 33,630 $ 46,761 $ 38,789 Operating (expenses) credits: Revenue sharing expenses $ (6,845) $ (6,315) $ (7,995) $ (7,467) Reimbursement under Arena License Arrangements 1,569 7,878 1,642 8,307 Cost reimbursement from MSG Sports 8,293 9,527 16,680 19,388 Cost reimbursement from Sphere Entertainment 22,993 26,341 45,986 56,677 Other operating credits (expenses), net 4,562 (2,142) 5,679 (2,695) Total operating (expense) credits, net (a) $ 30,572 $ 35,289 $ 61,992 $ 74,210 _________________ (a) Of the total operating credits (expenses), net, $96 and $(1,148) for the three and six months ended December 31, 2024 and $(1,246) and $(2,556) for the three and six months ended December 31, 2023 , respectively, are included in direct operating expenses in the accompanying condensed consolidated statements of operations, and $30,476 and $63,140 for the three and six months ended December 31, 2024 and $36,535 and $76,766 for the three and six months ended December 31, 2023 , respectively , are included in selling, general, and administrative expenses.

Additional Financial Informat_2

Additional Financial Information (Tables)	6 Months Ended
	Dec. 31, 2024
Additional Financial Information [Abstract]
Schedule Of Cash, Cash Equivalents, And Restricted Cash	The following table provides a summary of the amounts recorded as Cash, cash equivalents, and restricted cash: As of December 31, June 30, Cash and cash equivalents $ 54,919 $ 33,255 Restricted cash 300 300 Total cash, cash equivalents, and restricted cash $ 55,219 $ 33,555
Schedule of Other Current Assets	Prepaid expenses and other current assets consisted of the following: As of December 31, June 30, Prepaid revenue sharing expense $ 59,192 $ 54,326 Other prepaid expenses 20,043 19,632 Current contract assets 9,123 7,844 Inventory (a) 3,031 3,871 Other 4,792 5,128 Total prepaid expenses and other current assets $ 96,181 $ 90,801 _________________ (a) Inventory is mostly comprised of food and liquor for the venues.
Schedule of Other Assets, Noncurrent	Other non-current assets consisted of the following: As of December 31, June 30, Unbilled lease receivable (a) $ 104,030 $ 98,473 Investments (b) 6,872 6,320 Deferred costs 6,322 3,649 Other 1,845 1,841 Total other non-current assets $ 119,069 $ 110,283 _________________ (a) Unbilled lease receivable relates to the amounts recorded under the Arena License Agreement. (b) See Note 5. Investments for more information on long-term investments.
Other Current Liabilities	Accounts payable, accrued and other current liabilities consisted of the following: As of December 31, June 30, Accounts payable $ 27,126 $ 26,594 Accrued payroll and employee related liabilities 44,580 71,145 Cash due to promoters 39,192 67,697 Accrued expenses and other current liabilities 60,878 38,314 Total accounts payable, accrued and other current liabilities $ 171,776 $ 203,750
Schedule of Other Nonoperating Income (Expense)	Other (expense) income, net includes the following: Three Months Ended Six Months Ended December 31, December 31, 2024 2023 2024 2023 Gains from shares sold — DraftKings $ — $ — $ — $ 1,548 Gains from shares sold - TSQ — — 5 — Net unrealized loss on equity investments with readily determinable fair value (136) 3,143 (237) (2,306) Other (909) (297) (1,582) (867) Total other (expense) income, net $ (1,045) $ 2,846 $ (1,814) $ (1,625)
Schedules of Concentration of Risk, by Risk Factor	Accounts receivable, net on the accompanying consolidated balance sheets as of December 31, 2024 and June 30, 2024 included amounts due from the following individual customers, which accounted for the noted percentages of the gross balance: As of December 31, 2024 June 30, 2024 Customer A 13 % N/A Customer B 11 % N/A Customer C N/A 12 %

Description of Business and B_2

Description of Business and Basis of Presentation (Details)	6 Months Ended
	Dec. 31, 2024 segment $ / shares	Jun. 30, 2024 $ / shares	Apr. 20, 2023 $ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of reportable segments | segment	1
Common Class A
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par or stated value per share (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
Madison Square Garden Entertainment | Spinoff
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			33%
Madison Square Garden Entertainment | Spinoff | MSG Stockholders
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Noncontrolling interest, ownership percentage by parent			67%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues		$ 377,597	$ 377,037	$ 511,653	$ 516,803
Arena license fees and other leasing revenue		29,820	25,629	34,478	28,075
Total revenues	[1]	407,417	402,666	546,131	544,878
Event-related offerings | Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues		290,294	297,106	379,476	392,096
Sponsorship, signage, and suite licenses | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues		78,387	69,890	117,325	109,705
Other
Disaggregation of Revenue [Line Items]
Revenues		1,610	2,203	3,595	3,643
Other | Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues		8,916	10,041	14,852	15,002
Ticketing and venue license fee revenues
Disaggregation of Revenue [Line Items]
Revenues		230,974	238,355	301,180	310,084
Sponsorship and signage, suite, and advertising commission revenues
Disaggregation of Revenue [Line Items]
Revenues		85,692	77,728	128,582	121,064
Food, beverage, and merchandise revenues
Disaggregation of Revenue [Line Items]
Revenues	[1]	$ 59,321	$ 58,751	$ 78,296	$ 82,012
[1] See Note 12 . Related Party Transactions for further information on related party arrangements.

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Jun. 30, 2024
Capitalized Contract Cost [Line Items]
Receivables from contracts with customers, net	$ 101,442	$ 101,442	$ 74,113
Contract assets, current	9,123	9,123	7,844
Deferred revenue, including non-current portion	224,289	224,289	215,581
Contract with customer, deferred revenue, revenue recognized	241,174	155,698
Related Party
Capitalized Contract Cost [Line Items]
Receivables from contracts with customers, net	$ 8,630	$ 8,630	$ 2,432

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligation (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 593,132
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	49%
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	51%
Revenue, remaining performance obligation, expected timing of satisfaction, period

Restructuring Credits (Charge_3

Restructuring Credits (Charges) - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring credits	$ (30)	$ 888	$ (70)	$ 12,441
Share-based compensation expense		$ 0		$ 6,788

Restructuring Credits (Charge_4

Restructuring Credits (Charges) - Restructuring Liability Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			$ 7,140
Restructuring credits	$ (30)	$ 888	(70)	$ 12,441
Payments			(7,040)
Restructuring reserve, ending balance	$ 30		$ 30

Investments - Equity Securities

Investments - Equity Securities With Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Schedule of Investments [Line Items]
Total investments	$ 6,872	$ 6,320
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan
Schedule of Investments [Line Items]
Total investments	4,938	4,226
Equity method investments and equity investments without readily determinable fair values
Schedule of Investments [Line Items]
Total investments	783	656
Townsquare | Common Stock | Common Class A
Schedule of Investments [Line Items]
Total investments	$ 1,151	$ 1,438

Investments - Schedule With Rea

Investments - Schedule With Readily Determinable Fair Values (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Unrealized (loss) gain	$ (136)	$ 3,143	$ (237)	$ (2,306)
Total realized and unrealized (loss) gain	(162)	3,486	(38)	(560)
Supplemental information on realized gain:
Cash proceeds from common stock sold			55	13,484
Townsquare
Schedule of Investments [Line Items]
Unrealized (loss) gain	(136)	3,143	(237)	(2,306)
Realized gain from shares sold	$ 0	$ 0	$ 5	$ 0
Supplemental information on realized gain:
Shares of common stock sold (in shares)	0	0	5	0
Cash proceeds from common stock sold	$ 0	$ 0	$ 55	$ 0
Executive Deferred Compensation Plan
Schedule of Investments [Line Items]
Unrealized (loss) gain	(26)	343	194	198
Draftkings
Schedule of Investments [Line Items]
Realized gain from shares sold	$ 0	$ 0	$ 0	$ 1,548
Supplemental information on realized gain:
Shares of common stock sold (in shares)	0	0	0	425
Cash proceeds from common stock sold	$ 0	$ 0	$ 0	$ 12,844

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Property, Plant and Equipment [Line Items]
Total Property and equipment	$ 1,601,135		$ 1,601,135		$ 1,565,611
Less: accumulated depreciation and amortization	(960,043)		(960,043)		(932,078)
Property and equipment, net	641,092		641,092		633,533
Depreciation and amortization	14,183	$ 13,205	27,964	$ 26,789
Land
Property, Plant and Equipment [Line Items]
Total Property and equipment	62,768		62,768		62,768
Buildings
Property, Plant and Equipment [Line Items]
Total Property and equipment	1,014,788		1,014,788		1,011,308
Equipment, furniture, and fixtures
Property, Plant and Equipment [Line Items]
Total Property and equipment	356,605		356,605		348,075
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total Property and equipment	166,076		166,076		133,267
Construction in progress
Property, Plant and Equipment [Line Items]
Total Property and equipment	$ 898		$ 898		$ 10,193

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill		$ 69,041,000	$ 69,041,000
Goodwill and intangible asset impairment	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 63,801	$ 63,801
Trademarks
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	61,881	61,881
Photographic related rights
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 1,920	$ 1,920

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) shares in Thousands, $ in Thousands	Aug. 09, 2023	Jul. 14, 2023	Jun. 30, 2024	Apr. 20, 2023
Other Commitments [Line Items]
Contractual obligation			$ 323,178
DDTL Facility | Sphere Entertainment | MSG Entertainment | Common Class A
Other Commitments [Line Items]
Debt conversion, converted instrument, shares issued (in shares)	1,923
Secured Debt | DDTL Facility | Line of Credit | Sphere Entertainment
Other Commitments [Line Items]
Proceeds from long-term lines of credit		$ 65,000
Sphere Entertainment | Secured Debt | DDTL Facility | Line of Credit | MSG Entertainment Holdings
Other Commitments [Line Items]
Loans receivable, maximum borrowing amount				$ 65,000

Credit Facilities - Debt Outsta

Credit Facilities - Debt Outstanding and Deferred Financing Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Long-term debt, current	$ 24,375	$ 16,250
Principal	593,125	609,375
Unamortized Deferred Financing Costs	(8,424)	(10,127)
Net	584,701	599,248
Secured Debt
Debt Instrument [Line Items]
Long-term debt, current	24,375	16,250
National Properties Term Loan Facility | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Long-term debt, current	24,375	16,250
Principal	593,125	609,375
Unamortized Deferred Financing Costs	(8,005)	(9,624)
Net	585,120	599,751
National Properties Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Principal	0	0
Unamortized Deferred Financing Costs	$ (419)	$ (503)

Credit Facilities - Narrative (

Credit Facilities - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Principal		$ 593,125	$ 609,375
MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Debt covenant, minimum consolidated liquidity		$ 50,000
National Properties Facilities | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Long-term debt, percentage bearing variable interest rate, percentage rate		6.94%
National Properties Facilities | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries | Debt Instrument, Redemption, Period One | Measurement Input, Leverage Ratio
Debt Instrument [Line Items]
Debt instrument, measurement input		2
National Properties Facilities | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries | Debt Instrument, Redemption, Period Two | Measurement Input, Leverage Ratio
Debt Instrument [Line Items]
Debt instrument, measurement input		2.5
National Properties Facilities | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries | Debt Instrument, Redemption, Period Three | Measurement Input, Leverage Ratio
Debt Instrument [Line Items]
Debt instrument, measurement input		6
National Properties Facilities | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries | Debt Instrument, Redemption, Period Four | Measurement Input, Leverage Ratio
Debt Instrument [Line Items]
Debt instrument, measurement input		5.5
National Properties Facilities | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries | Debt Instrument, Redemption, Period Five | Measurement Input, Leverage Ratio
Debt Instrument [Line Items]
Debt instrument, measurement input		4.5
National Properties Facilities | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
National Properties Facilities | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
National Properties Facilities | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
National Properties Facilities | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
National Properties Facilities | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
National Properties Facilities | Secured Debt | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Prepayment premium, debt instrument, interest rate, stated percentage		2.50%
Prepayment premium, debt instrument, interest rate per quarter, stated percentage		0.625%
National Properties Facilities | Secured Debt | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Prepayment premium, debt instrument, interest rate, stated percentage		5%
Prepayment premium, debt instrument, interest rate per quarter, stated percentage		1.25%
National Properties Facilities | Secured Debt | Line of Credit | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Debt instrument term	5 years
Face amount	$ 650,000
National Properties Facilities | Revolving Credit Facility | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries | Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.30%
National Properties Facilities | Revolving Credit Facility | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries | Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.50%
National Properties Facilities | Revolving Credit Facility | Line of Credit | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Debt instrument term	5 years
Face amount	$ 150,000
Line of credit facility, remaining borrowing capacity		$ 131,174
National Properties Facilities | Letter of Credit | Line of Credit | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000
Principal		$ 18,826

Credit Facilities - Schedule of

Credit Facilities - Schedule of Credit Facilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Debt Instrument [Line Items]
Unamortized Deferred Financing Costs	$ 8,424		$ 10,127
National Properties Term Loan Facility | Debt
Debt Instrument [Line Items]
Carrying Value	617,500		625,625
Fair Value	614,413		$ 622,497
National Properties Term Loan Facility | MSG Entertainment Group, LLC. and MSG National Properties And Subsidiaries
Debt Instrument [Line Items]
Interest Payments	25,423	$ 27,424
Principal Repayments	$ 63,125	$ 98,225

Pension Plans and Other Postr_3

Pension Plans and Other Postretirement Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Recognized actuarial loss	$ 26	$ (343)	$ (194)	$ (198)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	17	17	35	34
Interest cost	1,669	1,469	3,337	2,938
Expected return on plan assets	(1,292)	(1,091)	(2,584)	(2,182)
Recognized actuarial loss	447	662	893	899
Net periodic cost	841	1,057	1,681	1,689
Postretirement Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	5	6	10	12
Interest cost	30	24	60	48
Expected return on plan assets	0	0	0	0
Recognized actuarial loss	6	0	12	0
Net periodic cost	$ 41	$ 30	$ 82	$ 60

Pension Plans and Other Postr_4

Pension Plans and Other Postretirement Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Deferred compensation arrangement with individual, compensation expense	$ (26)	$ 343	$ 194	$ 198
Defined benefit plan, amortization of gain (loss)	(26)	$ 343	194	$ 198
Cash Balance Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, plan assets, contributions by employer	$ 0		$ 3,300

Pension Plans and Other Postr_5

Pension Plans and Other Postretirement Benefit Plans - Schedule of Defined Contribution Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Savings Plans
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan (benefit) cost	$ 2,169	$ 2,265	$ 4,193	$ 4,299
Union Savings Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan (benefit) cost	$ 399	$ 82	$ 480	$ 132

Pension Plans and Other Postr_6

Pension Plans and Other Postretirement Benefit Plans - Schedule of Deferred Compensation Plan Amounts Recognized On Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Retirement Benefits [Abstract]
Deferred Compensation Plan assets (included in Other non-current assets)	$ 4,938	$ 4,226
Deferred Compensation Plan liabilities (included in Other non-current liabilities)	$ (4,938)	$ (4,226)

Share-based Compensation - Narr

Share-based Compensation - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 shares	Dec. 31, 2024 USD ($) plan shares	Dec. 31, 2023 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of share-based compensation plans | plan			2
Basic (in shares)	48,336,000	48,029,000	48,276,000	48,955,000
Diluted (in shares)	48,611,000	48,293,000	48,543,000	49,168,000
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)			481,000	620,000
Awards vested (in shares)			509,000	624,000
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)			386,000	506,000
Awards vested (in shares)			391,000	273,000
Employee | Performance Stock Units and Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 46,798		$ 46,798
Period for recognition			2 years 3 months 18 days
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average anti-dilutive shares (in shares)	855,000		855,000
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted-average anti-dilutive shares (in shares)	728,000		728,000
Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Basic (in shares)	48,611,000		48,543,000
Diluted (in shares)	275,000		267,000

Share-based Compensation - Rest

Share-based Compensation - Restricted Stock Units Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense		$ 0		$ 6,788
Share based payment arrangement, decrease for tax withholding obligation	$ 1,545	413	$ 14,375	12,247
Performance Stock Units and Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	9,322	7,773	15,584	13,950
Fair value of awards vested	6,876	2,750	35,898	29,150
Share based payment arrangement, decrease for tax withholding obligation	$ 1,561	$ 412	$ 14,369	$ 12,229

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
		Aug. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Apr. 20, 2023
Related Party Transaction [Line Items]
Total revenues	[1]		$ 407,417	$ 402,666	$ 546,131	$ 544,878
605 LLC | Audience Measurement And Data Analytics Services
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 750
MSG Sports | Sponsorship Sales And Service Representation Agreements
Related Party Transaction [Line Items]
Total revenues			5,914	5,506	8,665	8,269
MSG Sports | Merchandise Sales Revenue Sharing Arrangement
Related Party Transaction [Line Items]
Total revenues			2,724	2,102	2,971	2,298
Related Party
Related Party Transaction [Line Items]
Sales commissions and fees			1,009	0	1,503	0
Prepaid expense			7,312		7,312		$ 5,993
Revenue not from contract with customer, other			26,961	24,529	28,285	25,853
Total revenues			38,878	33,630	46,761	38,789
Sublease income			$ 3,079	738	$ 6,640	1,497
Related Party | 605 LLC
Related Party Transaction [Line Items]
Subsidiary, related party contract agreement, term		3 years
Chief Executive Officer | 605 LLC | Audience Measurement And Data Analytics Services
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction				$ 0		$ 34
Common Class B
Related Party Transaction [Line Items]
Common stock, par or stated value per share (in dollars per share)			$ 0.01		$ 0.01		$ 0.01
Common Class A
Related Party Transaction [Line Items]
Common stock, par or stated value per share (in dollars per share)			$ 0.01		$ 0.01		$ 0.01	$ 0.01
Dolan Family Group
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent			63.90%		63.90%
Common stock exercisable term					60 days
Dolan Family Group | Common Class B
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent			100%		100%
Dolan Family Group | Common Class A
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage by parent			4.10%		4.10%
[1] See Note 12 . Related Party Transactions for further information on related party arrangements.

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions by Type (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenues	[1]	$ 407,417	$ 402,666	$ 546,131	$ 544,878
Operating (expenses) credits:
Total direct operating expenses	[1]	197,074	202,761	294,783	304,438
Selling, general, and administrative expenses	[1]	57,189	48,389	102,935	97,211
Related Party
Related Party Transaction [Line Items]
Revenues		38,878	33,630	46,761	38,789
Operating (expenses) credits:
Related party costs and expenses		30,572	35,289	61,992	74,210
Total direct operating expenses		96	1,246	1,148	2,556
Selling, general, and administrative expenses		30,476	36,535	63,140	76,766
Related Party | Revenue sharing expenses
Operating (expenses) credits:
Related party costs and expenses		6,845	6,315	7,995	7,467
Related Party | Reimbursement under Arena License Arrangements
Operating (expenses) credits:
Related party costs and expenses		(1,569)	(7,878)	(1,642)	(8,307)
Related Party | Cost reimbursement from MSG Sports
Operating (expenses) credits:
Related party costs and expenses		(8,293)	(9,527)	(16,680)	(19,388)
Related Party | Cost reimbursement from Sphere Entertainment
Operating (expenses) credits:
Related party costs and expenses		(22,993)	(26,341)	(45,986)	(56,677)
Related Party | Other operating credits (expenses), net
Operating (expenses) credits:
Related party costs and expenses		$ (4,562)	$ 2,142	$ (5,679)	$ 2,695
[1] See Note 12 . Related Party Transactions for further information on related party arrangements.

Additional Financial Informat_3

Additional Financial Information - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Additional Financial Information [Abstract]
Cash and cash equivalents	$ 54,919	$ 33,255
Restricted cash	300	300
Total cash, cash equivalents, and restricted cash	$ 55,219	$ 33,555	$ 37,572	$ 84,355

Additional Financial Informat_4

Additional Financial Information - Schedule of Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Additional Financial Information [Abstract]
Prepaid revenue sharing expense	$ 59,192	$ 54,326
Other prepaid expenses	20,043	19,632
Current contract assets	9,123	7,844
Inventory	3,031	3,871
Other	4,792	5,128
Total prepaid expenses and other current assets	$ 96,181	$ 90,801

Additional Financial Informat_5

Additional Financial Information - Schedule of Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Additional Financial Information [Abstract]
Unbilled lease receivable	$ 104,030	$ 98,473
Investments	6,872	6,320
Deferred costs	6,322	3,649
Other	1,845	1,841
Total other non-current assets	$ 119,069	$ 110,283

Additional Financial Informat_6

Additional Financial Information - Schedule of Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Additional Financial Information [Abstract]
Accounts payable	$ 27,126	$ 26,594
Accrued payroll and employee related liabilities	44,580	71,145
Cash due to promoters	39,192	67,697
Accrued expenses and other current liabilities	60,878	38,314
Total accounts payable, accrued and other current liabilities	$ 171,776	$ 203,750

Additional Financial Informat_7

Additional Financial Information - Schedule of Other Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Compensating Balances [Line Items]
Net unrealized loss on equity investments with readily determinable fair value	$ (136)	$ 3,143	$ (237)	$ (2,306)
Other	(909)	(297)	(1,582)	(867)
Total other (expense) income, net	(1,045)	2,846	(1,814)	(1,625)
Draftkings
Compensating Balances [Line Items]
Gains from shares sold	0	0	0	1,548
TSQ
Compensating Balances [Line Items]
Gains from shares sold	0	0	5	0
Net unrealized loss on equity investments with readily determinable fair value	$ (136)	$ 3,143	$ (237)	$ (2,306)

Additional Financial Informat_8

Additional Financial Information - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Mar. 29, 2023
Class of Stock [Line Items]
Income taxes paid			$ 480	$ 58
Income tax expense	$ 49,473	$ 1,054	$ 35,872	$ 395
Effective income tax rate reconciliation, percent	39%	1%	39%	1%
Treasury stock at cost (in shares)	5,047		5,047		4,365
Treasury stock, common, value	$ 165,512		$ 165,512		$ 140,512
Common Class A
Class of Stock [Line Items]
Stock repurchase program, authorized amount						$ 250,000
Treasury stock at cost (in shares)	682		682
Treasury stock, common, value	$ 25,000		$ 25,000
Stock repurchase program, remaining authorized repurchase amount	$ 85,000		$ 85,000

Additional Financial Informat_9

Additional Financial Information - Schedules of Concentration of Risk, by Risk Factor (Details) - Accounts Receivable - Customer Concentration Risk	Dec. 31, 2024	Jun. 30, 2024
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	13%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	11%
Customer C
Concentration Risk [Line Items]
Concentration risk, percentage		12%