The Ledger: Why Analysts Like MSG Entertainment’s Potential Sphere Spinoff

The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online.

MSG Sphere, the yet-to-be-built music venue in Las Vegas, could break away from the company that dreamed it up and funded its construction – and that may be good news for MSG Entertainment shareholders.

Last week, the MSG Entertainment board of directors approved a plan to explore a potential spin-off of its live entertainment and MSG Networks businesses into a separate, publicly traded company. That would leave MSG Entertainment with two divisions: MSG Sphere, the state-of-the-art venue under construction in Las Vegas,

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