New York Knicks, LLC and New York Rangers, LLC, both subsidiaries of Madison Square Garden Sports Corp., have amended their media rights agreements with MSG Networks Inc. subsidiaries. The agreements, effective as of January 1, 2025, include a 28% reduction in the annual rights fee for the New York Knicks and an 18% reduction for the New York Rangers. Additionally, the annual rights fee escalator has been eliminated for both teams. The contract expiration dates have been adjusted to the end of the 2028-29 season, with MSG Networks retaining a right of first refusal. Alongside these amendments, MSG Networks issued penny warrants to Madison Square Garden Sports Corp., allowing the company to acquire 19.9% equity in MSG Networks.
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