Entertainment’s board has agreed to settle for $85 million a shareholder suit accusing it of failing to protect stockholders’ interests when it merged with MSG Networks.
The deal will be covered by the board’s insurers, according to a securities form filed on Wednesday. There was no admission of wrongdoing. The suit filed in 2021 accused the Dolan family of engineering the merger, “overpaying for MSGN and diluting MSGE’s public stockholders,” to further their own interests and enhance their voting stake. Shareholders alleged that the deal was meant to fund, among other projects, the $1.9 billion, which is set to open this year.
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