: Madison Square Garden says Sphere Entertainment is selling 5.25 million shares

Live entertainment provider Sphere Entertainment Co. SPHR will sell 5.25 million shares of Madison Square Garden Entertainment Corp. MSGE, Madison Square Garden said on Tuesday. Sphere, which MSG spun off last month, also plans to grant the underwriters a 30-day option to buy up to an extra 787,500 shares of MSG Entertainment. MSG Entertainment will also buy back from Sphere roughly $25 million of its own shares, as part of a $250 million buyback authorization. The repurchase is expected to happen concurrently with the closing of the offering. BofA Securities, Goldman Sachs and J.P. Morgan are acting as joint book-running managers for the offering. Shares of MSG fell 5.2% after hours. Shares of Sphere were unchanged.

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