MSG Reportedly Laid Off 60-70 Staffers Amid A Sharp Drop In Q2 Revenue

MSG has "laid off scores of staff over the past two months as part of a previously announced restructuring," according to Claire Atkinson of the N.Y. POST. Sources said that between 60-70 staffers were "let go in July and a handful of others departed in August." MSG reported "a difficult three months" at the end of Q4, which ended June 30, as it "reoriented its business." A source confirmed the departures and said, "For everybody that left, they were replaced with someone else with a different skill set." Atkinson notes the pink slips were "handed out across all divisions." MSG is "aiming to brand itself as a stand alone sports and live entertainment company." BTIG sports analyst Brandon Ross said, "They brought in new segment heads and got rid of people who didn’t serve their needs anymore and replaced them. Their goals are a little bit different. They’re trying to build out a more diversified live entertainment portfolio" (N.Y. POST, 9/9).