Madison Square Garden Entertainment Settles Investor Lawsuit Over Merger
- Company reaches tentative $85 million pact over 2021 merger
- Claims by MSG Networks shareholders are still headed to trial
The New York Knicks at Madison Square Garden in New York.
Photographer: David Dow/NBAE/Getty ImagesThis article is for subscribers only.
Madison Square Garden Entertainment directors have reached a tentative $85 million settlement of investors’ challenge to a 2021 deal that combined the owner of the NBA’s New York Knicks with the company that broadcasts the team’s games, according to a court filing.
The settlement will be paid by insurance covering MSGE directors and will go back to the company rather than in the pockets of by suing shareholders, company officials said Wednesday in a securities filing. The accord also was made public in a Delaware Chancery Court filing late Wednesday.