Madison Square Garden Quarterly Results Drop Amid Delayed NBA Season Start
Madison Square Garden, controlled by the Dolan family, on Wednesday reported fiscal second-quarter financials hurt by the delayed start to the NBA season.
Quarterly earnings of $25.6 million compared to $32.7 million in the year-ago period. The results exceeded Wall Street expectations.
Revenue declined 13.8 percent to $373.0 million. As a result of the delayed start to the NBA season, the company's New York Knicks only played six pre-season and regular season games in the latest quarter, compared with a combined 40 games in the year-ago period.
The company's MSG network's carriage dispute with Time Warner Cable also contributed to the challenges for the media firm in the latest period.