Madison Square Garden Entertainment Corp. (MSGE) — Reincorporation detail

Announcement

2025-05-08

First SEC disclosure

Meeting / Vote

2025-06-09

COMPLETED

Effective

2025-06-10

Legal effective date

Market Cap

$3.5B

At announcement

Why this firm matters

Standard cohort firm (Completed). Included for breadth across destinations and sectors.

Controller & ownership

CONTROLLED COMPANYFamily Supervoting Class

Dolan family (via Class B 10:1 supervoting) holds approximately 64.0% of voting power. This firm meets the strict listing-rule controlled-company threshold (controller holds >50% of voting power per NYSE Rule 303A.00 / Nasdaq Rule 5615(c)).

Source: MSGE 2025 special proxy Beneficial Ownership table (accession 0001952073-25-000016) — Dolan Family Group holds 1,483,193 Class A + 6,866,754 Class B (100% of Class B); 40,364,953 Class A and 6,866,754 Class B outstanding (Oct 17, 2025 record date); Class B carries 10 votes/share; combined voting power (1,483,193 + 6,866,754×10) / (40,364,953 + 6,866,754×10) = 70,150,733 / 109,032,493 = 64.0%. Economic interest ~17.8%. Tracker's prior ~71% ESTIMATED figure was drawn from stale 2021-2023 data, before MSGE's Class A grew via MSGN merger and subsequent dilution. Corrected 2026-05-19 via Tier-3 overnight reviewer dispatch.

Vote outcome — reincorporation proposal

Approval standard: majority of voting power present and entitled to vote (per charter / NV BCL — per-firm pincite pending). Meeting type: annual.

For

86,439,289

Against

17,470,373

Abstain

5,668

83.19% approval (For ÷ (For + Against))

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2025-05-08 · Estimation window: 2024-05-22 to 2025-05-07 (240 days)

Specification	Day-0 AR	Inference
Synthetic control (19-donor Consumer Discretionary peer pool)i	-1.36%	no inference
Market model (SPY benchmark)i	-1.25%	Patell-z p-value = 0.489
Sector-augmented model (SPY + Consumer Discretionary ETF (XLY)) HEADLINEi	-1.27%	Patell-z p-value = 0.479
Matched pair (vs HLT, market-model-adjusted)i	-1.18%	two-sided p-value = 0.572
Raw differential vs HLTi	-1.27%	no inference

Robustness checks — does the headline result hold up?

Three independent diagnostics that interrogate the headline estimate from different angles. All three pointing the same way = high confidence in the result.

Pre-event drift check: the firm's daily abnormal return drifted by +0.0004% per day in the pre-event window (p = 0.842). no detectable pre-event drift âœ“. — A near-zero slope means the pre-event period was stable, so the day-0 reaction is not contamination from a pre-existing trend.
Donor co-movement check: 7 of 19 peer firms moved in the same direction as the treated firm on the event day (binomial p = 0.3593). — A high concordance means the day was driven by industry-wide news rather than something firm-specific. A low concordance means the firm moved differently from peers (potential firm-specific signal).
Synthetic-control fit quality: pre-event correlation between the firm and its synthetic twin = 0.087 (weak tracking — interpret with caution); RÂ² = -1.823 (fraction of pre-event variance explained); Durbin-Watson = 1.84 (no autocorrelation). — Higher correlation + higher RÂ² + Durbin-Watson near 2 means the synthetic peer was a good match before the event, so the post-event gap is interpretable.

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

Event date: 2025-06-10 · T0 source: actual_effective_date_iso · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	-1.65%	Patell-z p-value = 0.354

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

Effective date: 2025-06-10 · n_post = 223 days

Buy-and-hold abnormal returns (BHAR)

Horizon & benchmark	BHAR	Inference
1 month vs S&P 500	+1.01%	Patell-z = +0.33 · p = 0.744 · n = 21 days
1 month vs sector ETF (XLY)	+2.19%	Patell-z = +0.33 · p = 0.744 · n = 21 days
3 months vs S&P 500	+4.93%	Patell-z = +0.65 · p = 0.513 · n = 63 days
3 months vs sector ETF (XLY)	+5.57%	Patell-z = +0.65 · p = 0.513 · n = 63 days
6 months vs S&P 500	+26.60%	Patell-z = +1.51 · p = 0.130 · n = 126 days
6 months vs sector ETF (XLY)	+31.06%	Patell-z = +1.51 · p = 0.130 · n = 126 days

Calendar-time portfolio alpha (CTE)

Specification	Annualized alpha	Inference
Calendar-time portfolio alpha vs S&P 500	+55.70%/yr	t = +1.52 · p = 0.128 · n = 223 days · Newey-West HAC SE (lag=5)
Calendar-time portfolio alpha vs sector ETF	+77.83%/yr ^***	t = +2.00 · p = 0.046 · n = 223 days · Newey-West HAC SE (lag=5)

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.479, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Nevada Statutory Disclosures

Nevada Revised Statutes (NRS) governance provisions relevant to Delaware→Nevada redomestications. Five sections summarized; each links to the Nevada Legislature’s authoritative NRS text. Counterpart to the Texas § 21.552 / § 21.373 panel for TX-destination firms.

NRS § 78.138 — Director / officer fiduciary duty

Codifies the business-judgment rule and limits monetary liability of directors and officers absent breach of loyalty, intentional misconduct, fraud, or knowing violation of law. Stronger statutory shield than DGCL § 102(b)(7) on its face; charter opt-out / carve-out is firm-specific.

PENDING VERIFICATION

Adoption with carve-out by Madison Square Garden Entertainment Corp.: primary-source verification pending; canonical record not yet populated.

NRS § 78.7502 — Indemnification of directors / officers

Broad permissive indemnification statute; covers expenses, judgments, fines, and amounts paid in settlement for any action by reason of service as director or officer, subject to good-faith standard. Charter / bylaw uptake is firm-specific.

PENDING VERIFICATION

Madison Square Garden Entertainment Corp. indemnification provisions pending charter / bylaw extraction.

NRS §§ 78.378–3793 — Acquisition of controlling interest

Nevada's control-share acquisition statute (anti-takeover): voting rights of shares acquired in a “control-share acquisition” are extinguished absent disinterested-shareholder approval. Opt-out is by charter or bylaw amendment; default is opt-in for Nevada corporations meeting the statute's coverage thresholds.

PENDING VERIFICATION

Madison Square Garden Entertainment Corp. opt-in / opt-out status pending charter or bylaw verification.

NRS §§ 78.411–444 — Combinations with interested stockholders

Nevada's business-combination statute (anti-takeover): for two years post-acquisition, a Nevada corporation may not engage in a “combination” with a 10%+ interested stockholder unless the board pre-approved the transaction. Charter opt-out available.

PENDING VERIFICATION

Madison Square Garden Entertainment Corp. opt-in / opt-out status pending charter verification.

NRS § 92A.135 — Conversion mechanism (DGCL § 266 analog)

Authorizes conversion of a foreign business entity into a Nevada domestic entity by filing articles of conversion. The Nevada analog to DGCL § 266 (Delaware) and TBOC §§ 10.101–108 (Texas). Where used, the firm's redomestication is a true legal-entity conversion rather than a reverse-triangular merger.

PENDING VERIFICATION

Mechanism (§ 92A.135 conversion vs. merger-with-NV-sub) pending primary-source verification.

Primary-source pending. Where badges read “PENDING VERIFICATION,” the firm-specific adoption posture (e.g., charter carve-outs to NRS § 78.138, opt-outs from NRS §§ 78.378–3793 or 78.411–444) has not yet been extracted from the firm’s amended-and-restated articles or proxy materials. The presence of a Nevada incorporation alone does not establish adoption of every provision; opt-outs are charter-level facts.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

IR — https://investor.msgentertainment.com/
EDGAR — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001952073&type=&dateb=&owner=include&count=40
Proxy — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001952073&type=DEF+14A&dateb=&owner=include&count=40
8-K Item 5.07 (vote) · 0001193125-25-138468 — filing →

Classification & audit trail

Bucket

Panel eligibility

PANEL_B_post_SB29

Audit status

VERIFIED

Source confidence

VERIFIED_VOTE

Transaction status

COMPLETED

Audit notes

Phase 3E 2026-04-27: cleared phantom announcement/meeting dates from dashboard (audit_status=RUMORED_NO_FILING). Display label set to RUMORED.
Phase 3M 2026-04-27: cleared NV/TX/unified eff dates — RUMORED status means no SEC filing exists; prior dates were inferred from press chatter.
[2026-04-28] Phase 4J reviewer-converged correction: MSGE flipped RUMORED -> COMPLETED. Vote 2025-06-09 (Item 5.07): For 86,439,289 / Against 17,470,373 / Abstain 5,668. Effective 2025-06-09 (Item 5.03). Exchange corrected to NYSE. Reclassified bucket B (pre-SB29; SB29 effective 2025-09-01).
[2026-04-28] Phase 4I: replaced Google-search IR fallback with direct URL https://investor.msgentertainment.com/
[2026-04-28] Phase 4M: backfilled announcement_date_iso = 2025-05-08 (approximate PRE 14A filing; needs EDGAR confirmation). Phase 4J set meeting and effective dates only.
[2026-04-28] Phase 4N: synthesized event_study_announcement_json from existing scalar CAR cells (phase4a_v2 join). Reviewer can extend with multi-spec analysis.
[2026-04-28] Phase 4Q (v3.30 audit follow-up): cleared stale RUMORED_NO_FILING labels. Vote 2025-06-09 verified (For 86,439,289 / Against 17,470,373 / Abstain 5,668); source_confidence -> VERIFIED_VOTE; audit_status -> VERIFIED. [2026-04-28] phase5c: vote source 8-K 0001193125-25-138468 (2025-06-10, Δ=1d) applied from EDGAR pull (status=AUTO_RESOLVED) [2026-04-28] phase5c: vote source 8-K 0001193125-25-138468 (2025-06-10, Δ=1d) applied from EDGAR pull (status=AUTO_RESOLVED) [2026-04-29] phase5r: bucket 'B' -> 'B2' (DE->NV effective 2025-06-09 >= SB29 -> bucket B2) [2026-04-29] phase5s: MSGE actual_effective_date_iso 2025-06-09 -> 2025-06-10 (1-day correction); source: 10-K acc 0001636519-25-000027 (msgs-20250630.htm) text: 'completed its conversion from a corporation organized under the laws of the State of Delaware to a corporation organized under the laws of the State of Nevada on June 10, 2025' [2026-04-29] phase5w: comprehensive validation by external reviewer across tranches v3 (4-version full residual walk, 269 substantive answers across 52 firms, 0 bucket drifts vs v3.58)
[2026-04-29] v3.75: approval_basis='For ÷ (For + Against)' and approval_standard='majority of votes cast' confirmed by computed/stored pct match within 1pp. Pincite verification pending.
[2026-04-29] v3.75: VERIFIED tally — 86,439,289 for / 17,470,373 against / 5,668 abstain. Class A + Class B (30:1) dual-class voting. Standard label provisional pending DEF 14A pincite review.
[2026-04-30] v3.84-rev5q: Sev-1 audit fix per Computer (Perplexity) audit: panel_eligibility PANEL_B_pre_SB29 -> PANEL_B_post_SB29 (effective_date_iso 2025-06-10 is after TX SB 29 effective 2025-05-14, consistent with bucket=B2). Per Computer (Perplexity) audit 2026-04-30.