MSG Sports swings to $14.2 million Q3 net loss as operating income falls 59%
For the fiscal third quarter ended March 31, 2025, MSG Sports reported revenues of $424.2 million, down 1%, and operating income of $32.3 million, down 59%. It posted a net loss of $14.2 million, or $0.59 per diluted share, compared with net income of $37.9 million, or $1.57 per diluted share, a year earlier, mainly because direct operating expenses rose $43.3 million. The company also disclosed proposed amendments to Knicks and Rangers local media rights agreements with MSG Networks that would cut annual rights fees, with definitive documentation expected by June 27, 2025.
Key points
- Revenues were $424.2 million, down $5.8 million or 1% from $430.0 million a year earlier.
- Operating income was $32.3 million versus $79.7 million; adjusted operating income was $36.9 million versus $88.7 million.
- Net loss was $14.2 million, or $0.59 per share, versus net income of $37.9 million, or $1.57 per diluted share.
- Proposed MSG Networks amendments would reduce annual rights fees by 28% for the Knicks and 18% for the Rangers, with definitive documents expected by June 27, 2025.
The filing
Written by AI on Nov 8, 2026, 12:57 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 02, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.