Madison Square Garden Rises as Jeremy Lin Fuels Knicks Sales
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Madison Square Garden Co., the sports and entertainment company that owns the New York Knicks, rose the most in more than five months after third-quarter profit topped analysts’ estimates.
The sports division delivered its most profitable quarter since MSG was spun off from Cablevision Systems Corp. two years ago. Ticket and merchandise sales from the National Basketball Association’s Knicks, helped by point guard Jeremy Lin’s success, fueled a 37 percent increase in sales to $216.1 million. The unit’s operating income rose to $25.4 million.