Clarification of Madison Square Garden Segment

I want to clarify something that came up in my conversation with Mario Gabelli on Monday regarding Madison Square Garden ("MSG"). Blue Harbour's Cliff Robbins did not seek an outright sale of the New York Knicks and Rangers.

At one point, Mr. Robbins said he would be supportive of a sale of a minority stake in the sports teams, for the purposes of establishing a valuation prior to the partial spin-off that was planned at the time.

Subsequently, however, MSG announced a change to its plans so that the sports teams would be fully spun-off from MSG's entertainment business in a tax-free transaction.

Blue Harbour supports this strategy by MSG.

The spinoff of the sports franchises is expected to be completed in the first quarter of 2020 per to MSG.