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Loss of carriage would severely impact MSGN's revenue and profitability, similar to past DISH and Comcast issues.
What happened, with direct paths to the underlying reporting
MSGN's carriage agreement with Optimum expired, impacting revenues significantly. Optimum accounted for 27% of MSGN's revenue and 14% of SPHR's. Loss of Optimum could erase MSGN's segment profits in FY25. Lower local rights fees may affect Madison Square Garden Sports cash flow. Analyst maintains Overweight rating for MSGS, expects $240 price target.
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