Madison Square Garden Entertainment Adds CFO as It Spins Off

Getty; Madison Square Garden
Mark FitzPatrick (inset) will serve as the new CFO of MSG Entertainment.

The venue and live experiences firm began trading on the New York Stock Exchange on Monday.

As Madison Square Garden completes its spinoff of its entertainment assets from its sports teams, the Hollywood side is adding to its executive ranks. 

The newly formed MSG Entertainment Corp. has hired Mark FitzPatrick as its CFO, reporting to CEO James Dolan. The exec joins the company from WeWork, where he's served as deputy CFO since 2016. Earlier, he worked at Time Warner Cable in multiple finance roles for a decade beginning in 2006.

MSG Entertainment consists of venues that include its namesake New York arena and Tao Hospitality group, as well as Radio City Music Hall, the Upper West Side's Beacon Theatre and The Chicago Theatre, among other locations.

On March 24, the NBA's Los Angeles Clippers owner Steve Ballmer acquired Los Angeles arena The Forum from MSG in a $400 million cash deal. MSG Entertainment is also currently in construction on an arena in Las Vegas titled the MSG Sphere that the company says won't make its scheduled opening of 2021 due to "coronavirus-related disruptions."

On April 6, the company noted that "virtually all of our business operations are shut down and it is not clear when those operations will resume" due to the novel coronavirus pandemic that has limited public gatherings. MSG disclosed that it will "continue to be impacted throughout the month of May. We are not recognizing any revenue from those events and it is unclear whether and to what extent those events will be rescheduled."

After the spinoff, MSG Sports consists of the NBA's New York Knicks, the NHL's New York Rangers and esports organization Counter Logic Gaming. 

"While the current environment presents significant challenges to our industry, we are confident in the future, and look forward to MSG Entertainment building on its reputation as a leader in live experiences," Dolan said Monday in a statement.

Added the MSG mogul, "We are also very pleased to welcome Mark, a talented corporate finance executive who brings extensive experience working with well-known companies. We believe he is the ideal executive to help guide MSG Entertainment as we continue to pursue excellence across our operations."