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The Madison Square Garden Co (MSG): Mason Capital Management Starts 8.14% Stake

Kenneth Mario Garschina’s Mason Capital Management disclosed today a new position in The Madison Square Garden Co (NASDAQ:MSG). According to a Schedule 13G filed with the Securities and Exchange Commission, the fund owns almost 5.18 million shares of Class A Common Stock, which represent about 8.14% of the company’s outstanding stock.

As we reported last week, John Thaler’s JAT Capital Management also seems bullish about The Madison Square Garden Co (NASDAQ:MSG). On September 24, the fund disclosed that it had upped its stake to 5.96 million shares of Class A Common Stock, up from 4.93 million shares held previously. This position, which has an activist nature, accounts for 9.36% of the company’s shares outstanding, and makes of JAT Capital Management the largest institutional shareholder in the company, amongst those we keep track of.

The Madison Square Garden Co (NASDAQ:MSG)

Other major funds betting on The Madison Square Garden Co (NASDAQ:MSG) are Christian Leone’s Luxor Capital Group and Mario Gabelli’s GAMCO Investors. According to their latest 13F filings, Luxor Capital holds approximately 4.87 million shares, worth more than $300 million, while GAMCO Investors owns 2.95 million shares, worth more than $184 million.

The Madison Square Garden Co (NASDAQ:MSG) is a $5 billion market cap company engaged in the sports, entertainment and media businesses. Its sporting division includes ownership of teams like New York Knicks and the New York Rangers. In addition, its media business contains 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 appointed, a few weeks ago, a new CFO and Executive Vice President, Sean Creamer, who had previously served as Arbitron Inc’s President. According to the management, the new CFO should help create value for the company and its shareholders, and explore new business opportunities. Most recently, The Madison Square Garden Co (NASDAQ:MSG) re-appointed Richard D. Parsons as a Board Director, and a man decided to sue the company arguing that he was ejected from a Knicks game for saying “Carmelo, you stink.”


Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned

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