Overview

• MSG Networks and lenders, led by JPMorgan Chase, agreed to restructure $804 million in debt, reducing it to $210 million through payments and debt forgiveness.
• The Knicks and Rangers accepted 28% and 18% reductions in media rights fees, removed annual escalators, and shortened contract terms to expire after the 2028-29 season.
• MSG Networks will pay $65 million at closing, Sphere Entertainment will contribute $15 million, and creditors will forgive $514 million of the debt.
• Sphere Entertainment plans to market MSG Networks for sale, potentially paving the way for a merger with the YES Network.
• The restructuring agreement includes a June 27, 2025, deadline for implementation, with provisions for extension or waiver if needed.