MSG swings to Q2 profit
Revenue at firm's media unit jumps 18% to $134.5 millionNEW YORK -- Madison Square Garden swung to a second-quarter profit to beat Wall Street estimates driven by gains at its cable TV networks.
Revenue at the firm's media unit, which includes MSG's cable TV networks, jumped 18% to $134.5 million driven mainly by higher affiliate fees and, to a lesser degree, a $1 million advertising improvement.
At its sports segment, which includes the New York Knicks and Rangers basketball and hockey team, revenue declined 7%, but cost cuts helped it swing to a quarterly profit.
MSG reported an overall profit of $14 million, compared with a year-ago loss of $3.9 million, on a 10% revenue gain to $227.1 million. MSG was spun off in February from Cablevision Systems.