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The Madison Square Garden Co (MSG): JAT Capital Management Ups Stake To Nearly 10%

JAT Capital Management, managed by John Thaler, is bullish on The Madison Square Garden Co (NASDAQ:MSG). In newly amended filing with the U.S. Securities and Exchange Commission, JAT Capital reported that it upped its stake in The Madison Square Garden Co (NASDAQ:MSG) to 5.96 million Class A common stock shares from 4.93 million shares held previously. The activist stake is equal to 9.36% of the company’s shares outstanding.

The Madison Square Garden Co (NASDAQ:MSG)

Earlier this month, JAT Capital disclosed in a filing with the SEC that it boosted its stake in The Madison Square Garden Co (NASDAQ:MSG) from 4.28 million shares 4.93 million shares of Class A common stock. At the end of end of the second quarter of 2014, the fund reported ownership of 1.64 million shares of the company.

In August, JAT Capital disclosed a marked increase in its bet on The Madison Square Garden Co (NASDAQ:MSG). The fund also expressed its intention to engage in discussions with the company’s board of directors and management, regarding the creation of long-term value for shareholders.

Another fund that we track, which owns a significant position in The Madison Square Garden Co (NASDAQ:MSG) is Christian Leone‘s Luxor Capital Group. In its recent 13F, Luxor Capital disclosed ownership of around 4.88 million shares. Other major institutional investors betting on The Madison Square Garden Co (NASDAQ:MSG) are Mario Gabelli’s GAMCO Investors and John W. Rogers’ Ariel Investments.

The Madison Square Garden Co (NASDAQ:MSG) is engaged in sports, and media segments, conducting its operations through direct and indirect subsidiaries. Its sporting division includes the New York Knicks and the New York Rangers (hockey club); its sport programming business, the MSG Network; and its entertainment segment, the Madison Square Garden Arena, the Radio City Music Hall, and the Beacon Theatre, amongst others. The company has a market cap of $5.2 billion.

Last week, The Madison Square Garden Company (NASDAQ: MSG) reported that it appointed David Goodman as president of productions and live entertainment. According to the company, Mr. Goodman is a well-respected media and entertainment executive with more than 25 years of experience in original programming, distribution, new media, advertising, marketing, and new business development. His appointment became effective from September 22, 2014. Previously, Mr. Goodman worked at CBS, where he most recently served as president of live experiences.

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