The Madison Square Garden Company has officially split into two entities, separating sports from entertainment.

The spin-off was announced earlier this week, with the new entities now dubbed the Madison Square Garden Sports Corp. and the Madison Square Garden Entertainment Corp. MSG Sports began trading with the new symbol “MSGS” with the entertainment company going by “MSGE.” The move had reportedly been in the works since 2018.

Executive chairman and CEO of MSG Entertainment, James Dolan, is expected to be executive chairman of MSG Sports.

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“While the current environment presents significant challenges to our industry, we are confident in the future, and look forward to MSG Entertainment building on its reputation as a leader in live experiences,” Dolan said in a press release.

Other changes include Mark FitzPatrick filling the role as the MSG’s executive vice president and chief financial officer of the new company. FitzPatrick, who previously worked in various roles including WeWork’s deputy chief financial officer, is described by Dolan in the release as “a talented corporate executive” who will “help guide MSG Entertainment as we continue to pursue excellence across our operations.” He will work alongside MSG Entertainment president Andrew Lustgarten.

Aside from the company splitting into separate entities, MSG is still working on developing its state-of-the-art Sphere venues in both Las Vegas in London. The venues will feature 360-degree sound throughout the giant sphere, as well as massive LED screens inside and outside the venue.

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