MSG Sports cuts Knicks/Rangers media rights fees 28%/18% as part of MSGN debt restructuring

Madison Square Garden Sports Corp.

Knicks annual rights fee reduced 28%, Rangers reduced 18%; escalator eliminated; contracts extended to 2028-29 season.
MSG Networks to issue penny warrants to MSGS for 19.9% equity interests in MSGN.
Transactions expected to close by June 27, 2025, pending definitive documentation.
Amendments facilitate MSGN debt work-out; ensure continued game telecasts on MSG Networks.

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