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Canaccord Genuity Analyst Thomas Eagan, Albert Fried & Co.’s Rich Tullo and FBN’s Dennis Kneale on Madison Square Garden’s purchase of the F...
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Rich let me get back to Madison Square Garden because that is a stock that is up 37%.
Year over here News Corp.
by the way up 27%.
Year over here.
Look you gotta give props to Hank Ratner who took that part of the company and has done things with -- Again -- bring up the fabulous forum because this thing.
Has been shut down for years -- my favorite places.
To play it when -- looked at Monsanto let me know who hasn't gone to a concert they're back in the eighties -- the seven these.
-- Elton John or something Peter Frampton Frampton comes alive c'mon but at this -- Elton John.
Here's a quote from him and this is where you find out what damage is gonna do with this -- -- at the forum is one of my favorite places to play in America.
Along with Madison Square Garden in New York it has always represented something special to me something prestigious it's a big venue.
But people are very close to you I always look forward to going back there could take on the Staples Center are -- Well there's a very savvy business deal because the Staples center on Ryan's.
Essentially -- teens.
Which take up a lot of availability.
Between the lakers to clippers.
And the the LA kings plus the women's basketball team -- it is not a whole heck of a lot of of availability.
At the Staples Center.
-- so we can think we think that -- -- going gets at least 25 to thirty.
Concerts a year through.
To form once it's finally opened second point is Madison Square Garden has -- relationship.
With Live Nation they own about 4% of Live Nation.
The global large concert promoter so we think they have a good source of concerts to get in and out of that state.
The last point I'd like to make.
Is that if you are planning a conserved.
You go to Madison Square Garden you have the two largest media markets in the country taking care -- -- before we have to play anything else we think it's gonna be a very attractive to.
Thomas -- -- let you have the last word that this is a good example of management not just saying okay now we spun off the a valuable portion of one bigger business.
They're doing something with that what does News Corp.
have to do if they eventually spin off the entertainment assets and how they grow what -- to they continue to charge ahead.
Well the the media assets in news -- have been thing that can incredible performers.
Bulletin of the ebitda -- and cable networks has been has been stellar.
You know I think what's interesting here is that even despite today's move -- percent up.
-- -- still trading below its peers and -- -- about them.
Then encapsulated in the investigation costs of -- -- hundred million next year in the and the publishing group.
Thought a lot of to to trade down even further so here we have -- and about six point seven times vs said the -- -- for its peers it's important.
And note templates were quick final irony -- -- -- did my friends at the Wall Street Journal I worked for sixteen years you know they didn't want Rupert Murdoch to -- -- originally.
I'll bet you they are terrified right now.
Because when you've had the electronic media side.
Kind of supplementing your cost if you are only 10% of the profitable company.
And now -- put up on your -- you start to feel like and -- -- on an iceberg kind of being pushed out there or you have to to really -- -- performance there -- thank you everybody Rich Thomas Dennis great to have you what the discussion.
