MSG's Q2 Profits, Revenue Take Hit Due To NBA Work Stoppage

MSG Co. today said that the "shortened NBA season drove its second-quarter profit down" nearly 22%. The company reported Q2 earnings of $25.6M, or $0.33 per share, for the period ending Dec. 31. That is down from $32.7M, or $0.42 per share, in the year-ago period. Revenue fell nearly 14% to $373M, with the MSG Sports unit's revenue down 31%, "almost entirely due to the NBA work stoppage." The company's media segment revenue fell 1.2% due to lower ad revenue "tied to fewer NBA games being televised on its network and the expiration of an affiliate agreement" (AP, 2/8).