10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM 10-Q

________________________

(Mark One)

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2013

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to

Commission File Number: 1-34434

________________________

The Madison Square Garden Company

(Exact name of registrant as specified in its charter)

Delaware	27-0624498
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

_______________________ 

Two Penn Plaza

New York, NY 10121

(212) 465-6000

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

_______________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ Accelerated filero Non-accelerated filer o Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

Number of shares of common stock outstanding as of April 30, 2013:

Class A Common Stock par value $0.01 per share	—	63,261,912
Class B Common Stock par value $0.01 per share	—	13,588,555

THE MADISON SQUARE GARDEN COMPANY

INDEX TO FORM 10-Q

	Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of March 31, 2013 (unaudited) and June 30, 2012	1
Consolidated Statements of Operations for the three and nine months ended March 31, 2013 and 2012 (unaudited)	2
Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended March 31, 2013 and 2012 (unaudited)	3
Consolidated Statements of Cash Flows for the nine months ended March 31, 2013 and 2012 (unaudited)	4
Consolidated Statements of Stockholders' Equity for the nine months ended March 31, 2013 and 2012 (unaudited)	5
Notes to Consolidated Financial Statements (unaudited)	6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3. Quantitative and Qualitative Disclosures About Market Risk	47
Item 4. Controls and Procedures	47
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	48
Item 6. Exhibits	48

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

	March 31, 2013			June 30, 2012
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	228,417		$	206,500
Restricted cash	4,948			5,789
Accounts receivable, net of allowance for doubtful accounts of $2,063 and $2,434 as of March 31, 2013 and    June 30, 2012, respectively	174,844			126,565
Net related party receivables	27,193			27,277
Prepaid expenses	35,699			29,700
Other current assets	17,474			19,980
Total current assets	488,575			415,811
Property and equipment, net	1,092,694			969,528
Amortizable intangible assets, net	93,305			101,814
Indefinite-lived intangible assets	158,636			158,636
Goodwill	742,492			742,492
Other assets	94,845			136,403
	$	2,670,547		$	2,524,684
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	6,956		$	33,048
Net related party payables	737			362
Accrued liabilities:
Employee related costs	67,056			82,886
Other accrued liabilities	212,760			188,410
Deferred revenue	240,219			211,639
Total current liabilities	527,728			516,345
Defined benefit and other postretirement obligations	64,644			58,817
Other employee related costs	44,236			36,689
Other liabilities	57,708			60,438
Deferred tax liability	539,371			532,382
Total liabilities	1,233,687			1,204,671
Commitments and contingencies (Note 10)
Stockholders' Equity:
Class A Common stock, par value $0.01, 360,000 shares authorized; 63,262 and 62,016 shares outstanding as of    March 31, 2013 and June 30, 2012, respectively	638			628
Class B Common stock, par value $0.01, 90,000 shares authorized; 13,589 shares outstanding as of March 31,    2013 and June 30, 2012	136			136
Preferred stock, par value $0.01, 45,000 shares authorized; none outstanding	—			—
Additional paid-in capital	1,069,261			1,070,046
Treasury stock, at cost, 597 and 927 shares as of March 31, 2013 and June 30, 2012, respectively	(14,191		)	(22,047		)
Retained earnings	401,377			295,412
Accumulated other comprehensive loss	(20,361		)	(24,162		)
Total stockholders' equity	1,436,860			1,320,013
	$	2,670,547		$	2,524,684

See accompanying notes to consolidated financial statements.

1

THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Revenues (including related party revenues of $46,169 and $44,648 for the three months ended March 31, 2013 and 2012, respectively, and $131,271 and $126,143 for the nine months ended March 31, 2013 and 2012, respectively)	$	412,406		$	400,451		$	1,004,458		$	951,097
Operating expenses:
Direct operating (including related party expenses of $3,497 and $3,205 for the three months ended March 31, 2013 and 2012, respectively, and $9,892 and $9,743 for the nine months ended March 31, 2013 and 2012, respectively)	246,442			244,087			526,360			540,485
Selling, general and administrative (including related party expenses of $3,232 and $4,001 for the three months ended March 31, 2013 and 2012, respectively, and $9,754 and $8,548 for the nine months ended March 31, 2013 and 2012, respectively)	79,183			80,505			228,660			219,976
Depreciation and amortization (including impairments)	22,995			22,536			64,439			62,994
	348,620			347,128			819,459			823,455
Operating income	63,786			53,323			184,999			127,642
Other income (expense):
Interest income	530			606			1,682			1,733
Interest expense	(1,723		)	(1,694		)	(5,289		)	(5,334		)
Miscellaneous	3,373			6,590			3,475			6,590
	2,180			5,502			(132		)	2,989
Income from operations before income taxes	65,966			58,825			184,867			130,631
Income tax expense	(27,517		)	(27,750		)	(78,902		)	(52,649		)
Net income	$	38,449		$	31,075		$	105,965		$	77,982
Basic earnings per common share	$	0.50		$	0.41		$	1.39		$	1.04
Diluted earnings per common share	$	0.49		$	0.40		$	1.36		$	1.01
Weighted-average number of common shares outstanding:
Basic	76,537			75,007			76,022			74,717
Diluted	78,041			77,612			77,900			77,392

See accompanying notes to consolidated financial statements.

2

THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(in thousands)

	Three Months Ended										Nine Months Ended
	March 31,										March 31,
	2013					2012					2013					2012
Net income				$	38,449				$	31,075				$	105,965				$	77,982
Other comprehensive income (loss), net of tax:
Pension plans and postretirement plan:
Amortization of net actuarial loss included in net periodic benefit cost	$	287				$	291				$	915				$	874
Amortization of net prior service credit included in net periodic benefit cost	(20		)	267		(22		)	269		(60		)	855		(66		)	808
Net changes related to available-for-sale securities				2,654					2,452					2,946					(4,659		)
Other comprehensive income (loss)				2,921					2,721					3,801					(3,851		)
Comprehensive income				$	41,370				$	33,796				$	109,766				$	74,131

See accompanying notes to consolidated financial statements.

3

THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

	Nine Months Ended
	March 31,
	2013			2012
Cash flows from operating activities:
Net income	$	105,965		$	77,982
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including impairments)	64,439			62,994
Impairment of deferred costs	4,982			—
Amortization of deferred financing costs	1,635			1,635
Share-based compensation expense related to equity classified awards	13,854			14,923
Gain on sale of investment	(3,130		)	—
Excess tax benefit on share-based awards	(8,298		)	(6,935		)
Provision for doubtful accounts	(145		)	234
Change in assets and liabilities:
Accounts receivable, net	(48,134		)	(44,812		)
Net related party receivables	(347		)	(5,135		)
Prepaid expenses and other assets	(3,630		)	(8,584		)
Accounts payable	(23,793		)	2,835
Net related party payables	375			498
Accrued and other liabilities	44,194			61,534
Deferred revenue	28,580			55,713
Deferred income taxes	4,215			22,685
Net cash provided by operating activities	180,762			235,567
Cash flows from investing activities:
Capital expenditures	(196,687		)	(352,139		)
Proceeds from sale of investment	44,136			—
Payments for acquisition of assets	—			(4,334		)
Net cash used in investing activities	(152,551		)	(356,473		)
Cash flows from financing activities:
Principal payments on capital lease obligations	(211		)	(792		)
Proceeds from stock option exercises	6,767			2,751
Acquisition of restricted shares	—			(11,768		)
Taxes paid in lieu of shares issued for equity-based compensation	(21,148		)	—
Excess tax benefit on share-based awards	8,298			6,935
Net cash used in financing activities	(6,294		)	(2,874		)
Net increase (decrease) in cash and cash equivalents	21,917			(123,780		)
Cash and cash equivalents at beginning of period	206,500			304,876
Cash and cash equivalents at end of period	$	228,417		$	181,096
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid	$	25,267		$	70,581
Asset retirement obligations	1,722			—
Leasehold improvements paid by landlord	—			1,437

See accompanying notes to consolidated financial statements.

4

THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)

(in thousands)

	Common Stock Issued		Additional Paid-In Capital			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)			Total
Balance as of June 30, 2012	$	764	$	1,070,046		$	(22,047	)	$	295,412	$	(24,162	)	$	1,320,013
Net income	—		—			—			105,965		—			105,965
Other comprehensive income	—		—			—			—		3,801			3,801
Comprehensive income														109,766
Exercise of options	10		6,757			—			—		—			6,767
Share-based compensation expense	—		13,854			—			—		—			13,854
Tax withholding associated with shares issued for equity-based compensation	—		(21,148		)	—			—		—			(21,148		)
Excess tax benefit on share-based      awards, net	—		7,608			—			—		—			7,608
Shares issued upon Restricted Stock Units vesting	—		(7,856		)	7,856			—		—			—
Balance as of March 31, 2013	$	774	$	1,069,261		$	(14,191	)	$	401,377	$	(20,361	)	$	1,436,860

	Common Stock Issued		Additional Paid-In Capital		Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Loss			Total
Balance as of June 30, 2011	$	761	$	1,041,769	$	(10,279	)	$	188,867	$	(15,233	)	$	1,205,885
Net income	—		—		—			77,982		—			77,982
Other comprehensive loss	—		—		—			—		(3,851		)	(3,851		)
Comprehensive income													74,131
Exercise of options	3		2,748		—			—		—			2,751
Share-based compensation expense	—		14,923		—			—		—			14,923
Treasury stock acquired from acquisition      of restricted shares	—		—		(11,768		)	—		—			(11,768		)
Excess tax benefit on share-based      awards	—		6,935		—			—		—			6,935
Balance as of March 31, 2012	$	764	$	1,066,375	$	(22,047	)	$	266,849	$	(19,084	)	$	1,292,857

See accompanying notes to consolidated financial statements.

5

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

All amounts included in the following Notes to Consolidated Financial Statements are presented in thousands, except per share data or as otherwise noted.

Note 1. Description of Business and Basis of Presentation

Description of Business

The Madison Square Garden Company (together with its subsidiaries, the "Company" or "Madison Square Garden") was incorporated on July 29, 2009 as an indirect, wholly-owned subsidiary of Cablevision Systems Corporation ("Cablevision"). On January 12, 2010, Cablevision's board of directors approved the distribution of all the outstanding common stock of The Madison Square Garden Company to Cablevision shareholders (the "Distribution") and the Company thereafter acquired the subsidiaries of Cablevision that owned, directly and indirectly, all of the partnership interests in MSG Holdings, L.P. ("MSG L.P."). MSG L.P. was the indirect, wholly-owned subsidiary of Cablevision through which Cablevision held the Company's businesses until the Distribution occurred on February 9, 2010. Each holder of record of Cablevision NY Group Class A Common Stock as of close of business on January 25, 2010 (the "Record Date") received one share of the Company's Class A Common Stock for every four shares of Cablevision NY Group Class A Common Stock held. Each holder of record of Cablevision NY Group Class B Common Stock as of the Record Date received one share of the Company's Class B Common Stock for every four shares of Cablevision NY Group Class B Common Stock held. MSG L.P. is now a wholly-owned subsidiary of The Madison Square Garden Company through which the Company conducts substantially all of its business activities.

The Company is a fully integrated sports, entertainment and media business. The Company classifies its business interests into three reportable segments: MSG Media, MSG Entertainment, and MSG Sports. MSG Media produces, develops and acquires content for multiple distribution platforms, including content originating from the Company's venues. MSG Media includes the Company's regional sports networks, MSG Network and MSG+, collectively the "MSG Networks," and "Fuse", a national television network dedicated to music. MSG Networks also include high-definition channels, MSG HD and MSG+ HD, and Fuse includes its high-definition channel, Fuse HD. MSG Entertainment presents or hosts live entertainment events, such as concerts, family shows, performing arts and special events, in the Company's diverse collection of venues. MSG Entertainment also creates, produces and/or presents live productions, including the Radio City Christmas Spectacular featuring the Radio City Rockettes (the "Rockettes"), that are performed in the Company's and other venues. MSG Sports owns and operates the following sports franchises: the New York Knicks (the "Knicks") of the National Basketball Association (the "NBA"), the New York Rangers (the "Rangers") of the National Hockey League (the "NHL"), the New York Liberty (the "Liberty") of the Women's National Basketball Association (the "WNBA"), and the Connecticut Whale of the American Hockey League (the "AHL"), which is the primary player development team for the Rangers. MSG Sports also promotes, produces and/or presents a broad array of other live sporting events outside of Knicks, Rangers and Liberty games.

The Company conducts a significant portion of its operations at venues that it either owns or operates under long-term leases. The Company owns the Madison Square Garden Arena ("The Garden") and The Theater at Madison Square Garden in New York City, the Forum in Inglewood, California, and The Chicago Theatre in Chicago. In addition, the Company leases Radio City Music Hall and the Beacon Theatre in New York City, and has a booking agreement with respect to the Wang Theatre in Boston.

Unaudited Interim Financial Statements

The accompanying interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and the instructions to Rule 10-01 of Regulation S-X, and should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended June 30, 2012. The financial statements as of March 31, 2013 and for the three and nine months ended March 31, 2013 and 2012 presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year. The dependence of the MSG Sports segment on revenues from its NBA and NHL sports teams generally means it earns a disproportionate share of its revenues in the second and third quarters of the Company's fiscal year. However, results for fiscal 2013 were impacted by the shortened NHL regular season as a result of the NHL work stoppage, which delayed the start of the 2012-13 regular season by approximately three months to January 19, 2013 and led to a shortened 48-game regular season. As a result, the Rangers (as well as other NHL teams whose games are telecast on MSG Networks) played fewer regular season home and away games during the three and nine months ended March 31, 2013 as compared to the comparable periods of the prior year. In addition, the late start of the season resulted in a disproportionately higher percentage of Rangers-related revenues and expenses being recognized during the

6

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

current year quarter as compared to the prior year quarter. With respect to the nine months ended March 31, 2013, the impact of the change in the Rangers schedule resulted in a disproportionately lower percentage of Rangers-related revenues and expenses being recognized as compared to the comparable period of the prior year.

In addition, the comparability of the fiscal 2013 results of operations of the Company and the MSG Media and MSG Sports segments to the prior year was impacted by last year's NBA work stoppage, which resulted in a shortened 66-game 2011-12 regular season, with those games primarily taking place in the fiscal 2012 third quarter.  As a result of last year's compressed regular season schedule, the Knicks played fewer regular season home and away games during the fiscal 2013 third quarter as compared to the prior year quarter. In addition, the delayed start of the 2011-12 season resulted in a disproportionately lower percentage of Knicks-related revenues and expenses being recognized during the current fiscal quarter as compared to the prior year quarter. With respect to the nine months ended March 31, 2013, the Knicks played more regular season home and away games as compared to the comparable period of the prior year. In addition, the delayed start of the season resulted in a disproportionately higher percentage of Knicks-related revenues and expenses being recognized during the nine months ended March 31, 2013 as compared to the comparable period of the prior year.

The dependence of the MSG Entertainment segment on revenues from the Radio City Christmas Spectacular generally means it earns a disproportionate share of its revenues and operating income in the second quarter of the Company's fiscal year.

In addition, the Company closed The Garden and The Theater at Madison Square Garden for the off-season following the Knicks' and Rangers' playoffs in calendar years 2011 and 2012 and the Company plans to close these venues after the conclusion of the Knicks' and Rangers' seasons, including the playoffs, in calendar 2013 due to the comprehensive transformation of The Garden into a state-of-the-art arena (the "Transformation").

Note 2. Accounting Policies

Principles of Consolidation

The consolidated financial statements of the Company include the accounts of The Madison Square Garden Company and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, goodwill, intangible assets, other long-lived assets, tax accruals and other liabilities. In addition, estimates are used in revenue recognition, revenue sharing expense (net of escrow), luxury tax expense, income tax expense, performance and share-based compensation, depreciation and amortization, litigation matters, the allowance for losses, and other matters. Management believes its use of estimates in the consolidated financial statements to be reasonable.

Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management's best judgment at a point in time and as such these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company's control could be material and would be reflected in the Company's financial statements in future periods.

New NHL CBA and Revenue Sharing Arrangements

The predecessor NHL collective bargaining agreement ("CBA") expired September 15, 2012 and, effective September 16, 2012, the NHL declared a lockout of NHL players. In January 2013, the NHL and the National Hockey League Players' Association ("NHLPA") entered into a new CBA effective retroactively to September 16, 2012.

Set forth below is a summary of the principal aspects of the new NHL CBA and revenue sharing plan.

NHL CBA. The new NHL CBA expires September 15, 2022 (although the NHL and NHLPA each have the right to terminate the CBA effective following the 2019-20 season). The new NHL CBA continues to provide for a "hard" salary cap (i.e., teams may not exceed a stated maximum that has been negotiated for the 2012-13 and 2013-14 seasons and is adjusted each season thereafter based upon league-wide revenues).

7

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

NHL Escrow System/Revenue Sharing. The new NHL CBA provides that each season the players receive as player compensation 50% of that season's league-wide revenues, excluding the impact of agreed-upon aggregate transition payments of $300,000 to be paid on a deferred basis over three years beginning in 2014. Because the percentage to be paid to the players is based upon league-wide revenues and not on a team-by-team basis, the Rangers may pay its players a higher or lower portion of its revenues than other NHL teams pay of their own revenues. In order to implement the salary cap system, NHL teams withhold a portion of each player's salary and contribute the withheld amounts to an escrow account. If the league's aggregate player compensation for a season exceeds the designated percentage (50%) of that season's league-wide revenues, the excess is retained by the league. For the shortened 2012-13 season, any such excess funds will be utilized or distributed by the NHL in its sole discretion. Beginning with the 2013-14 season, any such excess funds will be distributed to all teams in equal shares.

The new NHL CBA also continues to provide for a revenue sharing plan. The new plan generally requires the distribution of a pool of funds approximating 6.055% of league-wide revenues to certain qualifying lower-revenue teams. The pool of funds distributed under the prior revenue sharing plan for the 2011-12 season was $152,600. If the new plan had been in effect during the 2011-12 season, the pool would have been approximately $200,000. Under the new CBA, the pool will be funded as follows: (a) 50% from contributions by the top ten revenue earning teams (based on preseason and regular season revenues) in accordance with a formula; (b) then from payments by teams participating in the playoffs, with each team contributing 35% of its gate receipts for each home playoff game, and (c) the remainder from centrally-generated NHL sources. The Rangers are consistently among the top ten revenue teams and, accordingly, have consistently contributed to the top ten revenue teams component of the prior plan. The Company anticipates that the Rangers will be required to contribute a greater amount under the top ten revenue teams component of the new plan compared to the prior plan. Given the Rangers' expectation of continued revenue growth, it expects its revenue sharing obligations to grow as well.

The Company believes that the changes resulting from the new NHL CBA will not have a significant impact on the results of operations of the Company.

Recently Adopted Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-05, Comprehensive Income (Topic 220) - Presentation of Comprehensive Income, which is intended to improve the overall quality of financial reporting by increasing the prominence of items reported in other comprehensive income, and to additionally align the presentation of other comprehensive income in financial statements prepared in accordance with GAAP with those prepared in accordance with International Financial Reporting Standards. An entity now has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Additionally, in December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220) - Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05, to indefinitely defer the effective date of the specific requirement to present items that are reclassified out of accumulated other comprehensive income to net income alongside their respective components of net income and other comprehensive income. During the deferral period, the existing requirements in GAAP for the presentation of reclassification adjustments are required to be followed. These standards were retrospectively adopted by the Company in the first quarter of fiscal year 2013 and the Company elected to present two separate but consecutive statements. The adoption of these standards resulted only in changes in the presentation of its financial statements and did not have an impact on the Company's financial position, results of operations, or cash flows.

In September 2011, the FASB issued ASU No. 2011-08, Intangibles - Goodwill and Other (Topic 350) - Testing Goodwill for Impairment, which amends Accounting Standards Codification ("ASC") Topic 350, Intangibles - Goodwill and Other. This guidance permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit's fair value is less than its carrying amount before applying a two-step goodwill impairment test. If an entity can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it would not need to perform the two-step impairment test for that reporting unit. If an entity does not elect to perform the qualitative assessment then the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. This standard was adopted by the Company in the first quarter of fiscal year 2013. The adoption of this standard did not have an impact on the Company's financial position, results of operations, or cash flows.

In July 2012, the FASB issued ASU No. 2012-02, Intangibles - Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment, to establish an optional two-step analysis for impairment testing of indefinite-lived intangibles

8

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

other than goodwill. In particular, the two-step analysis establishes an optional qualitative assessment to precede the quantitative assessment, if necessary. In the qualitative assessment, the entity must evaluate the totality of qualitative factors, including any recent fair value measurements, that impact whether an indefinite-lived intangible asset other than goodwill has a carrying amount that more likely than not exceeds its fair value. The entity must proceed to conduct a quantitative analysis, according to which the entity would record an impairment charge for the amount of the asset's carrying amount exceeding the fair value, if (1) the entity determines that such an impairment is more likely than not to exist, or (2) the entity forgoes the qualitative assessment entirely. The standard's update brings the accounting treatment for determining impairment charges on other intangible assets in conformity with the treatment of goodwill, as established by ASU No. 2011-08. This standard was adopted by the Company in the first quarter of fiscal year 2013. The adoption of this standard did not have an impact on the Company's financial position, results of operations, or cash flows.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2011, the FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which creates new disclosure requirements regarding the nature of an entity's rights of offset and related arrangements associated with its financial instruments and derivative instruments. In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies the scope of transactions that are subject to disclosures required by FASB ASC 210-20-50, Balance Sheet - Offsetting - Disclosure, concerning offsetting. In particular the ASU addresses implementation issues about the scope of ASU No. 2011-11 and clarifies that the scope of the disclosure is limited to derivatives, repurchase agreements, and securities borrowing and securities lending transactions that are either offset in the financial statements or are subject to a master netting arrangement or similar arrangement. These standards will be effective for the Company beginning in its first quarter of fiscal year 2014 with retrospective application required. The Company believes that the adoption of these standards will not have any impact on the Company's financial position, results of operations, or cash flows.

In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which will require an entity to provide information about amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This standard will be effective prospectively for the Company beginning in its first quarter of fiscal year 2014. The Company believes that the adoption of this standard may impact the Company's disclosures only and will not have any impact on the Company's financial position, results of operations, or cash flows.

Note 3. Computation of Earnings per Common Share

Basic earnings per common share ("EPS") is based upon net income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted shares and restricted stock units ("RSUs") only in the periods in which such effect would have been dilutive. The calculation of diluted EPS for the three and nine months ended March 31, 2012 also reflects the effect of assumed vesting of shares restricted on the same basis as underlying Cablevision restricted shares.

The following table presents a reconciliation of weighted-average shares used in the calculations of basic and diluted EPS.

	Three Months Ended		Nine Months Ended
	March 31,		March 31,
	2013	2012	2013	2012
Weighted-average shares for basic EPS	76,537	75,007	76,022	74,717
Dilutive effect of shares issuable under share-based compensation plans     and shares restricted on the same basis as underlying Cablevision     restricted shares	1,504	2,605	1,878	2,675
Weighted-average shares for diluted EPS	78,041	77,612	77,900	77,392
Anti-dilutive shares	—	—	24	—

9

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

Note 4. Impairment Charges

As a result of the financial performance of a theatrical production of the Radio City Christmas Spectacular that played in three markets outside of New York during the quarter ended December 31, 2012, the Company evaluated whether or not an impairment of the deferred costs related to that production had occurred. Consequently, the Company's MSG Entertainment segment recorded a pre-tax impairment charge of $4,982 for the remaining unamortized deferred costs of assets related to this theatrical production outside of New York, which is reflected in direct operating expenses in the accompanying consolidated statement of operations for the nine months ended March 31, 2013.

Effective July 1, 2010 DISH Network's ("DISH") license to carry Fuse expired and effective October 1, 2010, DISH's license to carry MSG Network and MSG+ expired. While MSG Network and MSG+ have not been carried by DISH since those dates, DISH restored carriage of Fuse on November 1, 2012. As discussions through December 2011 had not resulted in new carriage agreements being reached to restore DISH's carriage of any of the networks, during the quarter ended December 31, 2011, the Company's MSG Media segment recorded a pre-tax impairment charge of $3,112 to write-off the remaining carrying value of the affiliation agreements and affiliate relationships intangible assets associated with DISH. This pre-tax impairment charge is reflected in depreciation and amortization (including impairments) in the accompanying consolidated statement of operations for the nine months ended March 31, 2012.

Note 5. Team Personnel Transactions and Insurance Recoveries

Direct operating and selling, general and administrative expenses in the accompanying consolidated statements of operations include net provisions for transactions relating to players and certain other team personnel on the Company's sports teams for (i) season-ending injuries, (ii) trades and (iii) waivers and contract termination costs ("Team Personnel Transactions").

The following table sets forth provisions for Team Personnel Transactions and insurance recoveries recorded by the Company's MSG Sports segment:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Provisions for Team Personnel Transactions	$	15,238	$	4,649	$	18,368	$	14,544
Insurance recoveries related to non season-ending player injuries	—		—		—		323

Note 6. Investments

In February 2011, the Company exchanged its interest in Front Line Management Group, Inc. for approximately 3,913 shares of Live Nation Entertainment, Inc. ("Live Nation") common stock, with a fair value of approximately $41,000 as of that date. In March 2013, the Company sold all of its holdings of Live Nation common stock for $44,136. Other income in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2013 includes a pre-tax gain of $3,130, which reflects an unrealized gain reclassified from accumulated other comprehensive income to net income partially offset by block sale costs.

Prior to the sale, this investment was reported in the consolidated balance sheet in other assets, and was classified as available-for-sale. The fair value of the investment in Live Nation common stock was $35,919 as of June 30, 2012.

The pre-tax unrealized gain (loss) on available-for-sale securities that have been included in other comprehensive income (loss) and pre-tax gain reclassified from accumulated other comprehensive income to net income were as follows:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Unrealized gain (loss) arising during the period	$	9,078	$	4,265	$	9,587	$	(8,100	)
Unrealized gain reclassified from accumulated other    comprehensive income to net income	4,500		—		4,500		—

10

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

Note 7. Goodwill and Intangible Assets

The carrying amount of goodwill, by reportable segment, as of March 31, 2013 and June 30, 2012 is as follows:

MSG Media	$	465,326
MSG Entertainment	58,979
MSG Sports	218,187
	$	742,492

During the quarter ended September 30, 2012, the Company performed its annual impairment test of goodwill, and there was no impairment of goodwill identified for any of its reportable segments.

The Company's indefinite-lived intangible assets as of March 31, 2013 and June 30, 2012 are as follows:

Sports franchises (MSG Sports segment)	$	96,215
Trademarks (MSG Entertainment segment)	62,421
	$	158,636

During the quarter ended September 30, 2012, the Company performed its annual impairment test of identifiable indefinite-lived intangible assets, and there were no impairments identified.

The Company's intangible assets subject to amortization as of March 31, 2013 and June 30, 2012 are as follows:

March 31, 2013	Gross		Accumulated Amortization			Net
Affiliate relationships	$	83,044	$	(27,675	)	$	55,369
Season ticket holder relationships	73,124		(42,086		)	31,038
Suite holder relationships	15,394		(11,192		)	4,202
Other intangibles	4,217		(1,521		)	2,696
	$	175,779	$	(82,474	)	$	93,305

June 30, 2012	Gross		Accumulated Amortization			Net
Affiliation agreements and affiliate relationships	$	106,677	$	(48,357	)	$	58,320
Season ticket holder relationships	75,005		(39,994		)	35,011
Suite holder relationships	15,394		(10,142		)	5,252
Broadcast rights	15,209		(14,992		)	217
Other intangibles	11,739		(8,725		)	3,014
	$	224,024	$	(122,210	)	$	101,814

The recorded amounts for the gross carrying values of certain intangible assets subject to amortization, and the related accumulated amortization, decreased during the nine months endedMarch 31, 2013 as those intangible assets became fully amortized.

The estimated useful lives of the Company's intangible assets subject to amortization as of March 31, 2013 are as follows:

	Estimated Useful Lives
Affiliate relationships	24 years
Season ticket holder relationships	12 to 15 years
Suite holder relationships	11 years
Other intangibles	15 years

11

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

Amortization expense was $2,600 and $4,130 for the three months ended March 31, 2013 and 2012, respectively. For the nine months endedMarch 31, 2013 and 2012 amortization expense was $8,509 and $15,827, respectively. Amortization expense for the nine months endedMarch 31, 2012 includes a pre-tax impairment charge of $3,112, which reflects the write-off of the remaining carrying value of certain intangible assets (see Note 4).

Note 8. Property and Equipment

As of March 31, 2013 and June 30, 2012, property and equipment (including equipment under capital leases) consisted of the following assets:

	March 31, 2013			June 30, 2012
Land	$	92,828		$	92,828
Buildings	800,392			604,504
Equipment	326,639			287,841
Aircraft	42,961			42,961
Furniture and fixtures	37,436			25,592
Leasehold improvements	152,162			148,572
Construction in progress (a)	97,591			202,926
	1,550,009			1,405,224
Less accumulated depreciation and amortization	(457,315		)	(435,696		)
	$	1,092,694		$	969,528

______________________

^(a)  Construction in progress primarily relates to the Transformation.

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to equipment under capital leases and leasehold improvements, amortized over the shorter of the lease term or the asset's estimated useful life. Depreciation is being accelerated for The Garden assets that are being removed as a result of the Transformation. Depreciation and amortization expense on property and equipment (including equipment under capital leases) amounted to $20,395 and $18,406 for the three months ended March 31, 2013 and 2012, respectively. Depreciation and amortization expense on property and equipment (including equipment under capital leases) amounted to $55,930 and $47,167 for the nine months endedMarch 31, 2013 and 2012, respectively. During the nine months endedMarch 31, 2013 the Company removed from its property and equipment accounts fully depreciated assets of The Garden.

The Company has recorded asset retirement obligations related to the Transformation and the Forum. The asset retirement obligations have been recorded in accordance with ASC 410, which requires companies to recognize an obligation along with an offsetting increase to the carrying value of the related property and equipment when an obligation or commitment exists to perform remediation efforts and its fair value is reasonably estimable. These obligations were necessitated by the Transformation and the acquisition and planned renovation of the Forum.

The following is a summary of the change in the carrying amount of the asset retirement obligations during thenine months endedMarch 31, 2013:

Balance as of June 30, 2012	$	12,218
Revisions in estimated liabilities	1,722
Accretion expense	11
Payments	(2,605		)
Balance as of March 31, 2013	$	11,346

As of March 31, 2013 and June 30, 2012, $11,134 and $10,377, respectively, of the total asset retirement obligations were recorded in other accrued liabilities, with the remaining balances recorded in other liabilities, in the accompanying consolidated balance sheets.

12

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

Note 9. Debt

Total debt of the Company consists of the following:

	March 31, 2013		June 30, 2012
Revolving Credit Facility	$	—	$	—
Related party capital lease obligations (a)	2,285		3,361
Total	$	2,285	$	3,361

__________________

^(a)  Classified in other accrued liabilities and other liabilities in the accompanying consolidated balance sheets. During the nine months ended March 31, 2013, an adjustment was made, in accordance with the agreement, which reduced the Company's capital lease obligations and the carrying value of the corresponding capital lease asset.

Revolving Credit Facility

On January 28, 2010, MSG L.P. and certain of its subsidiaries entered into a credit agreement with a syndicate of lenders (the "Credit Agreement"), providing for a senior secured revolving credit facility of up to $375,000 with a term of five years (the "Revolving Credit Facility"). The Revolving Credit Facility contains certain customary representations and warranties, affirmative covenants and events of default. The Revolving Credit Facility requires MSG L.P. to comply with the following financial covenants: (i) a maximum total secured leverage ratio of 3.50:1.00 and (ii) a maximum total leverage ratio of 6.00:1.00. In addition, there is a minimum interest coverage ratio of 2.50:1.00 for the Company. As of March 31, 2013, the Company was in compliance with the financial covenants in the Revolving Credit Facility. The proceeds of borrowings under the Revolving Credit Facility are available for working capital and capital expenditures, including, but not limited to, the Transformation, and for general corporate purposes. All borrowings under the Revolving Credit Facility are subject to the satisfaction of customary conditions, including covenant compliance, absence of a default and accuracy of representations and warranties. As of March 31, 2013, there was $7,000 in letters of credit issued and outstanding under the Revolving Credit Facility. Available borrowing capacity under the Revolving Credit Facility as of March 31, 2013 was $368,000.

Note 10. Commitments and Contingencies

Commitments

As more fully described in Notes 11 and 12 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended June 30, 2012, the Company's commitments primarily consist of the MSG Media segment's obligations related to professional team rights, acquired under license agreements, to telecast certain live sporting events, the MSG Sports segment's obligations under employment agreements that the Company has with its professional sports teams' personnel, long-term noncancelable operating lease agreements primarily for entertainment venues and office and storage space, and minimum purchase requirements. These arrangements result from the Company's normal course of business and represent obligations that may be payable over several years.

Legal Matters

In March 2012, the Company was named as a defendant in two purported class action antitrust lawsuits brought in the United States District Court for the Southern District of New York against the NHL and certain NHL member clubs, regional sports networks and cable and satellite distributors. The complaints, which are substantially identical, primarily assert that certain of the NHL's current rules and agreements entered into by defendants, which are alleged by the plaintiffs to provide certain territorial and other exclusivities with respect to the television and online distribution of live hockey games, violate Sections 1 and 2 of the Sherman Antitrust Act. The complaints seek injunctive relief against the defendants' continued violation of the antitrust laws, treble damages, attorneys' fees and pre- and post-judgment interest. On July 27, 2012, the Company and the other defendants filed a motion to dismiss the complaints (which have been consolidated for procedural purposes). On December 5, 2012, the Court issued an Opinion and Order largely denying the motion to dismiss and the case is now in the discovery phase. The Company intends to vigorously defend the claims against the Company. Management does not believe this matter will have a material adverse effect on the Company.

In addition to the matter discussed above, the Company is a defendant in various lawsuits. Although the outcome of these matters cannot be predicted with certainty, management does not believe that resolution of these lawsuits will have a material adverse effect on the Company.

13

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

Note 11. Fair Value Measurements

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels:

• Level I — Quoted prices for identical instruments in active markets.

• Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level III — Instruments whose significant value drivers are unobservable.

The following table presents for each of these hierarchy levels, the Company's assets that are measured at fair value on a recurring basis:

	Level I		Level II		Level III		Total
March 31, 2013
Assets:
Money market accounts	$	168,278	$	—	$	—	$	168,278
Time deposits	40,259		—		—		40,259
Total assets measured at fair value	$	208,537	$	—	$	—	$	208,537
June 30, 2012
Assets:
Money market accounts	$	79,994	$	—	$	—	$	79,994
Time deposits	120,629		—		—		120,629
Available-for-sale securities (in other assets)	35,919		—		—		35,919
Total assets measured at fair value	$	236,542	$	—	$	—	$	236,542

Money market accounts and time deposits

Money market accounts and time deposits are classified within Level 1 of the fair value hierarchy as they are valued using observable inputs that reflect quoted prices for identical assets in active markets. The carrying amount of the Company's money market accounts and time deposits approximates fair value due to their short-term maturities.

Available-for-sale securities (in other assets)

The available-for-sale securities category includes available-for-sale marketable equity securities, whose fair value is determined using quoted market prices. Such items are classified in Level 1 (see Note 6).

14

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

Note 12. Accumulated Other Comprehensive Income (Loss)

The following table details the components of accumulated other comprehensive income (loss):

	Pension Plans  and Postretirement Plan			Unrealized Gain (Loss) on Available-for-sale Securities			Accumulated Other Comprehensive Income (Loss)
Balance as of June 30, 2012	$	(21,216	)	$	(2,946	)	$	(24,162	)
Other comprehensive income, before income taxes	1,488			5,087			6,575
Income tax expense	(633		)	(2,141		)	(2,774		)
Balance as of March 31, 2013	$	(20,361	)	$	—		$	(20,361	)
Balance as of June 30, 2011	$	(17,441	)	$	2,208		$	(15,233	)
Other comprehensive income (loss), before income taxes	1,403			(8,100		)	(6,697		)
Income tax benefit (expense)	(595		)	3,441			2,846
Balance as of March 31, 2012	$	(16,633	)	$	(2,451	)	$	(19,084	)

Note 13. Pension Plans and Other Postretirement Benefit Plan

The Company sponsors a non-contributory qualified cash balance retirement plan covering its non-union employees (the "Cash Balance Pension Plan") and an unfunded non-contributory non-qualified excess cash balance plan covering certain employees who participate in the underlying qualified plan (collectively, the "Cash Balance Plans"). In addition, the Company sponsors two non-contributory qualified defined benefit pension plans covering certain of its union employees ("Union Plans"). Benefits payable to retirees under the Union Plans are based upon years of service and, for one plan, participants' compensation.

Additionally, the Company sponsors an unfunded non-contributory non-qualified defined benefit pension plan for the benefit of certain employees who participated in an underlying frozen qualified plan that was previously merged into the Cash Balance Pension Plan (the "Excess Plan"). As of December 31, 2007, the Excess Plan's benefits were frozen and the ability of participants to earn benefits for future services under this plan was eliminated.

The Cash Balance Plans, Union Plans, and Excess Plan are collectively referred to as the "Pension Plans."

The Company also sponsors a contributory welfare plan which provides certain postretirement healthcare benefits to certain eligible employees hired prior to January 1, 2001 and their eligible dependents, as well as certain union employees ("Postretirement Plan").

Components of net periodic benefit cost for the Company's Pension Plans and Postretirement Plan for the three and nine months ended March 31, 2013 and 2012 are as follows:

	Pension Plans						Postretirement Plan
	Three Months Ended						Three Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Service cost	$	1,691		$	1,639		$	76		$	54
Interest cost	1,705			1,724			93			89
Expected return on plan assets	(939		)	(651		)	—			—
Recognized actuarial loss (gain)	497			509			3			(5		)
Amortization of prior service cost (credit)	6			6			(41		)	(44		)
Net periodic benefit cost	$	2,960		$	3,227		$	131		$	94

15

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

	Pension Plans						Postretirement Plan
	Nine Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Service cost	$	5,053		$	4,918		$	196		$	161
Interest cost	5,150			5,172			261			269
Expected return on plan assets	(2,814		)	(1,954		)	—			—
Recognized actuarial loss (gain)	1,578			1,532			15			(16		)
Amortization of prior service cost (credit)	19			19			(124		)	(132		)
Net periodic benefit cost	$	8,986		$	9,687		$	348		$	282

In addition, the Company sponsors qualified and non-qualified savings plans (the "Savings Plans") in which employees of the Company participate. Expenses related to the Savings Plans included in the accompanying consolidated statements of operations were $1,016 and $899 for the three months endedMarch 31, 2013 and 2012, respectively. For the nine months endedMarch 31, 2013 and 2012 expenses related to the Savings Plans were $2,658 and $2,333, respectively.

Note 14. Share-based Compensation

See Note 17 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended June 30, 2012 for more information regarding The Madison Square Garden Company 2010 Employee Stock Plan (the "Employee Stock Plan") and The Madison Square Garden Company 2010 Stock Plan for Non-Employee Directors (the "Non-Employee Director Plan"), as well as the treatment after the Distribution of share-based payment awards initially granted under Cablevision equity award programs.

Share-based Compensation Expense

Share-based compensation expense, which is recognized as selling, general and administrative expense, was $4,958 and $4,371 for the three months endedMarch 31, 2013 and 2012, respectively. Share-based compensation expense was $13,898 and $14,817 for the nine months endedMarch 31, 2013 and 2012, respectively.

Share-based Payment Award Activity

The following table summarizes activity relating to holders (including Company, Cablevision and AMC Networks Inc. ("AMC Networks") employees and directors) of the Company's stock options for the nine months endedMarch 31, 2013:

	Number of				Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
	Non-Performance Vesting Options		Performance Vesting Options (a)
Balance, June 30, 2012	1,371		103		$	9.55	2.82	$	41,113
Exercised (b)	(1,033	)	(68	)	$	8.53
Balance, March 31, 2013	338		35		$	12.56	2.92	$	16,817
Exercisable at March 31, 2013	313		35		$	11.84	2.71	$	15,944

_____________________

^(a)  The Cablevision performance objective with respect to these awards has been achieved.

^(b)  Stock options exercised during the nine months ended March 31, 2013 include 340 Company stock options that were exercised pursuant to a cashless exercise, of which approximately 189 Company stock options were surrendered to the Company in order to meet tax withholding requirements and for the exercise price of the stock options. The Company remitted to Cablevision $5,637, which represents the aggregate value on the exercise date of the stock options that were surrendered to the Company to meet tax withholding requirements. This amount is reflected as a financing activity in the accompanying consolidated statement of cash flows for the nine months endedMarch 31, 2013 and has been classified as additional paid-in capital.

16

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of the Company's Class A Common Stock for the options outstanding (and all exercisable) which were all in-the-money at March 31, 2013 and June 30, 2012, as applicable. For the nine months endedMarch 31, 2013 the aggregate intrinsic value of the Company's stock options exercised was $39,406, determined as of the date of option exercise.

The following table summarizes activity relating to a holder of the Company's Class A Common Stock restricted shares issued under the Employee Stock Plan for the nine months endedMarch 31, 2013:

	Restricted  Shares		Weighted-Average Fair Value Per Share at Date of Grant
Unvested award balance, June 30, 2012	119		$	21.90
Vested	(119	)	$	21.90
Unvested award balance, March 31, 2013	—		—

This award was subject to the achievement of a performance target and three-year cliff vesting, both of which have been achieved. The fair value of the shares vested during the nine months endedMarch 31, 2013 was $6,826.

The following table summarizes activity relating to holders of the Company's RSUs for the nine months endedMarch 31, 2013:

	Number of
	Non-Performance Vesting RSUs		Performance Vesting RSUs		Weighted-Average Fair Value Per Share At Date of Grant
Unvested award balance, June 30, 2012	1,171		674		$	24.11
Granted	333		120		$	42.00
Vested	(332	)	(301	)	$	22.87
Forfeited	(155	)	—		$	25.83
Unvested award balance, March 31, 2013	1,017		493		$	29.82

The fair value of RSUs that vested during the nine months ended March 31, 2013 was $35,913. Upon vesting, RSUs granted under the Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations and the remaining number of shares were issued from the Company's treasury shares. To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes, 270 of these RSUs, with an aggregate value of $15,511 were retained by the Company and reflected as financing activity in the accompanying consolidated statement of cash flows for the nine months ended March 31, 2013.

RSUs that were awarded under the Employee Stock Plan are subject to three-year cliff vesting, and certain RSUs are also subject to certain performance conditions. RSUs that were awarded by the Company to its employees will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash.

RSUs that were awarded to non-employee directors under the Non-Employee Director Plan were fully vested upon the date of grant and will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash, on the first business day after ninety days from the date the director's service on the Board of Directors ceases or, if earlier, upon the director's death.

Note 15. Related Party Transactions

Members of the Dolan family group, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, including trusts for the benefit of the Dolan family group, collectively beneficially own all of the Company's outstanding Class B Common Stock and own approximately 1.7% of the Company's outstanding Class A Common Stock. Such shares of the Company's Class A Common Stock and Class B Common Stock, collectively, represent approximately 69% of the aggregate voting power of the Company's outstanding common stock. Members of the Dolan family are also the controlling stockholders of both Cablevision and AMC Networks.

17

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

The Company has entered into various agreements with Cablevision in connection with, and subsequent to, the Distribution. These agreements include arrangements with respect to a number of ongoing commercial relationships including affiliation agreements for carriage of MSG Networks and Fuse. As a result of the distribution by Cablevision of all the outstanding common stock of AMC Networks to Cablevision shareholders (the "AMC Networks Distribution"), certain of those arrangements between Cablevision and the Company, as well as arrangements entered into subsequent to the AMC Networks Distribution, are with AMC Networks.

Revenues from related parties primarily consist of revenues recognized from the distribution of programming services to subsidiaries of Cablevision and include sponsorship revenue as well as in-kind advertising and promotional support received which is recognized as the benefits are realized. Revenues from related parties amounted to $46,169 and $44,648 for the three months ended March 31, 2013 and 2012, respectively. Revenues from related parties amounted to $131,271 and $126,143 for the nine months endedMarch 31, 2013 and 2012, respectively.

AMC Networks provide certain origination, master control and post production services to the Company. Amounts charged to the Company by AMC Networks for origination, master control and post production services amounted to $2,279 and $2,492 for the three months ended March 31, 2013 and 2012, respectively, and $6,952 and $7,470 for the nine months endedMarch 31, 2013 and 2012, respectively.

The Company incurs advertising expenses for services rendered by its related parties, primarily Cablevision, most of which are related to the utilization of in-kind advertising and promotional support, with an equal amount being recognized as revenue when the benefits are realized. Amounts recorded by the Company for such advertising expenses amounted to $3,027 and $2,827 for the three months ended March 31, 2013 and 2012, respectively, and $8,237 and $5,486 for the nine months endedMarch 31, 2013 and 2012, respectively.

Amounts charged to the Company by its related parties for corporate general and administrative expenses, primarily pursuant to transition/administrative services agreements with Cablevision, amounted to $417 and $682 for the three months ended March 31, 2013 and 2012, respectively, and $1,546 and $2,319 for the nine months endedMarch 31, 2013 and 2012, respectively.

In addition, the Company and its related parties enter into transactions with each other in the ordinary course of business. Amounts charged to the Company for other transactions with its related parties, net of amounts charged to the Knickerbocker Group, LLC, an entity owned by James L. Dolan, the Executive Chairman and a director of the Company, by the Company for office space equal to the allocated cost of such space, amounted to $1,006 and $1,205 for the three months ended March 31, 2013 and 2012, respectively, and $2,911 and $3,016 for the nine months endedMarch 31, 2013 and 2012, respectively.

Other

See Note 9 for information on the Company's capital lease obligations due to a related party.

See Note 14 for information on share-based payment awards initially granted under Cablevision equity award programs.

Note 16. Income Taxes

Income tax expense for the three and nine months ended March 31, 2013 was $27,517 and $78,902, respectively. The effective tax rate for the three months ended March 31, 2013 of 41.7% differs from the statutory federal rate of 35% due principally to state and local income taxes and the impact of nondeductible expenses partially offset by the tax benefit resulting from the domestic production activities deduction. The effective tax rate for the nine months endedMarch 31, 2013 of 42.7% differs from the statutory federal rate of 35% due principally to state and local income taxes, nondeductible expenses and an increase in federal income tax expense recorded in connection with the filing of the Company's 2011 income tax returns offset by the tax benefit resulting from the domestic production activities deduction.

Income tax expense for the three and nine months ended March 31, 2012 was $27,750 and $52,649, respectively. The effective tax rate for the three months ended March 31, 2012 of 47.2% differs from the statutory federal rate of 35% due primarily to state and local income taxes and to a lesser extent, the impact of nondeductible expenses. The effective tax rate for the nine months endedMarch 31, 2012 of 40.3% differs from the the statutory federal rate of 35% due to state and local income taxes and, to a lesser extent, the impact of nondeductible expenses partially offset by the impact of lower state tax rates on deferred tax liabilities.

The current federal tax liability of $40,291 and $25,582 as of March 31, 2013 and June 30, 2012, respectively, is reflected in other accrued liabilities in the accompanying consolidated balance sheets.

18

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

Note 17. Segment Information

The Company classifies its business interests into three reportable segments which are MSG Media, MSG Entertainment and MSG Sports. The Company allocates certain corporate costs to all of its reportable segments. In addition, the Company allocates its venue operating expenses to its MSG Entertainment and MSG Sports segments. Allocated venue operating expenses include the non-event related costs of operating the Company's venues, and include such costs as rent, real estate taxes, insurance, utilities, repairs and maintenance, and labor related to the overall management of the venues. Depreciation expense related to The Garden and The Theater at Madison Square Garden is not allocated to the reportable segments and is reported in "All other."

The Company conducts a significant portion of its operations at venues that it either owns or operates under long-term leases. The Company owns The Garden and The Theater at Madison Square Garden in New York City, the Forum in Inglewood, California, and The Chicago Theatre in Chicago. In addition, the Company leases Radio City Music Hall and the Beacon Theatre in New York City, and has a booking agreement with respect to the Wang Theatre in Boston.

The Company evaluates segment performance based on several factors, of which the key financial measure is their operating income (loss) before (i) depreciation, amortization and impairments of property and equipment and intangible assets, (ii) share-based compensation expense or benefit and (iii) restructuring charges or credits, which is referred to as adjusted operating cash flow ("AOCF"), a non-GAAP measure. The Company has presented the components that reconcile AOCF to operating income (loss), an accepted GAAP measure. Information as to the operations of the Company's reportable segments is set forth below.

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Revenues
MSG Media	$	184,666		$	166,180		$	500,974		$	447,218
MSG Entertainment	35,491			34,342			217,390			213,168
MSG Sports	208,080			216,131			329,547			333,567
All other	124			82			335			82
Inter-segment eliminations (a)	(15,955		)	(16,284		)	(43,788		)	(42,938		)
	$	412,406		$	400,451		$	1,004,458		$	951,097

_________________

^(a)  Primarily represents local media rights recognized by the Company's MSG Sports segment from the licensing of team related programming to the Company's MSG Media segment which are eliminated in consolidation. Local media rights are generally recognized on a straight-line basis over the fiscal year.

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Inter-segment revenues
MSG Entertainment	$	27	$	27	$	63	$	69
MSG Sports	15,928		16,257		43,725		42,869
	$	15,955	$	16,284	$	43,788	$	42,938

19

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

Reconciliation (by Segment and in Total) of AOCF to Operating Income (Loss)

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
AOCF
MSG Media	$	95,390		$	65,347		$	267,712		$	192,718
MSG Entertainment	(13,078		)	(12,764		)	4,399			10,617
MSG Sports	11,649			29,316			(1,374		)	8,933
All other (a)	(2,222		)	(1,669		)	(7,401		)	(6,815		)
	$	91,739		$	80,230		$	263,336		$	205,453

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Depreciation and amortization (including impairments)
MSG Media	$	3,860	$	5,238	$	12,314	$	19,393
MSG Entertainment	2,354		2,353		7,145		7,261
MSG Sports	2,364		2,742		7,962		8,209
All other (b)	14,417		12,203		37,018		28,131
	$	22,995	$	22,536	$	64,439	$	62,994

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Share-based compensation expense
MSG Media	$	1,744	$	1,564	$	4,416	$	4,488
MSG Entertainment	1,670		1,298		4,158		4,000
MSG Sports	1,142		1,193		2,943		3,673
All other	402		316		2,381		2,656
	$	4,958	$	4,371	$	13,898	$	14,817

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Operating income (loss)
MSG Media	$	89,786		$	58,545		$	250,982		$	168,837
MSG Entertainment	(17,102		)	(16,415		)	(6,904		)	(644		)
MSG Sports	8,143			25,381			(12,279		)	(2,949		)
All other	(17,041		)	(14,188		)	(46,800		)	(37,602		)
	$	63,786		$	53,323		$	184,999		$	127,642

20

THE MADISON SQUARE GARDEN COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(Continued)

A reconciliation of reportable segment operating income to the Company's consolidated income from operations before income taxes is as follows:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Total operating income for reportable segments	$	80,827		$	67,511		$	231,799		$	165,244
Other operating loss	(17,041		)	(14,188		)	(46,800		)	(37,602		)
Operating income	63,786			53,323			184,999			127,642
Items excluded from operating income:
Interest income	530			606			1,682			1,733
Interest expense	(1,723		)	(1,694		)	(5,289		)	(5,334		)
Miscellaneous income(c)	3,373			6,590			3,475			6,590
Income from operations before income taxes	$	65,966		$	58,825		$	184,867		$	130,631

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Capital expenditures
MSG Media	$	1,613	$	1,664	$	10,114	$	4,738
MSG Entertainment	5,648		1,014		9,389		2,940
MSG Sports	843		322		2,160		1,276
All other (d)	29,270		83,268		175,024		343,185
	$	37,374	$	86,268	$	196,687	$	352,139

_________________

^(a)  Consists of unallocated corporate general and administrative costs.

^(b)  Principally includes depreciation and amortization expense on The Garden and The Theater at Madison Square Garden and certain corporate property, equipment and leasehold improvement assets not allocated to the Company's reportable segments.

^(c)  Miscellaneous income for the three and nine months ended March 31, 2013 consists principally of a gain from the sale of all of the Company's holdings of Live Nation common stock. Miscellaneous income for the three and nine months ended March 31, 2012 consists principally of the recovery of certain claims in connection with a third party bankruptcy proceeding.

^(d)  Consists principally of capital expenditures associated with the Transformation.

Substantially all revenues and assets of the Company's reportable segments are attributed to or located in the United States and are primarily concentrated in the New York metropolitan area.

Note 18. Concentration of Risk

In connection with the Company's license agreement with the New Jersey Devils, the Company has approximately $43,000 and $2,000 recorded in other assets and other current assets, respectively, in the accompanying consolidated balance sheets as of March 31, 2013 and June 30, 2012. In addition, as of March 31, 2013 the Company has approximately $5,000 recorded in prepaid expenses in the accompanying consolidated balance sheet in connection with this license agreement.

21

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning our future operating and future financial performance, including: the timing and anticipated cost and benefits of the comprehensive Transformation; the impact of the new NBA CBA and revenue sharing plan; the impact of the new NHL CBA; and expected increased programming costs. Words such as "expects", "anticipates", "believes", "estimates", "may", "will", "should", "could", "potential", "continue", "intends", "plans", and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to:

• the level of our revenues, which depends in part on the popularity and competitiveness of our sports teams and the level and popularity of the Radio City Christmas Spectacular and other entertainment events which are presented in our venues;

• costs associated with player injuries, and waivers or contract terminations of players and other team personnel;

• changes in professional sports teams' compensation, including the impact of signing of free agents and trades, subject to league salary caps;

• the level and timing of our capital expenditures, including the comprehensive Transformation of The Garden;

• the impact of the comprehensive Transformation of The Garden or the renovation of the Forum on our operations, including any unexpected delays, costs or other matters associated with the Transformation or the renovation of the Forum;

• the demand for our programming among cable television systems and satellite, telephone and other multichannel video programming distributors, and our ability to renew affiliation agreements with them;

• general economic conditions especially in the New York City metropolitan area where we conduct the majority of our operations;

• the demand for sponsorship arrangements and for advertising and viewer ratings for our programming;

• competition, for example, from other regional sports networks, other teams, other venues and other entertainment options;

• changes in laws, NBA or NHL rules, regulations, guidelines, bulletins, directives, policies and agreements (including the leagues' respective collective bargaining agreements with their players' associations, salary caps, revenue sharing and NBA luxury tax thresholds) or other regulations under which we operate;

• any NBA or NHL work stoppage;

• the relocation or insolvency of professional sports teams with which we have a rights agreement;

• our ability to maintain, obtain or produce content for our MSG Media segment, together with the cost of such content;

• future acquisitions and dispositions of assets;

• the costs associated with, and the outcome of, litigation and other proceedings to the extent uninsured;

• the impact of governmental regulations, including the ability to maintain necessary permits or licenses;

• financial community and rating agency perceptions of our business, operations, financial condition and the industry in which we operate;

• our ownership of professional sports franchises in the NBA and NHL and certain transfer restrictions on our common stock; and

22

• the factors described under "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended June 30, 2012.

We disclaim any obligation to update or revise the forward-looking statements contained herein, except as otherwise required by applicable federal securities laws.

All dollar amounts included in the following MD&A are presented in thousands, except as otherwise noted.

Introduction

MD&A is provided as a supplement to, and should be read in conjunction with, our unaudited consolidated financial statements and accompanying notes thereto included in this Quarterly Report on Form 10-Q, as well as our Annual Report on Form 10-K for the year ended June 30, 2012 to help provide an understanding of our financial condition, changes in financial condition and results of our operations. Unless the context otherwise requires, all references to "we", "us", "our", "Madison Square Garden" or the "Company" refer collectively to The Madison Square Garden Company, a holding company, and its direct and indirect subsidiaries through which substantially all of our operations are actually conducted. The Company classifies its business interests into three reportable segments: MSG Media, MSG Entertainment, and MSG Sports. MSG Media produces, develops and acquires content for multiple distribution platforms, including content originating from the Company's venues. MSG Media includes the Company's regional sports networks, MSG Network and MSG+, collectively the "MSG Networks," and "Fuse", a national television network dedicated to music. MSG Networks also include high-definition channels, MSG HD and MSG+ HD, and Fuse includes its high-definition channel, Fuse HD. MSG Entertainment presents or hosts live entertainment events, such as concerts, family shows, performing arts and special events, in the Company's diverse collection of venues. MSG Entertainment also creates, produces and/or presents live productions, including the Radio City Christmas Spectacular featuring the Rockettes, that are performed in the Company's and other venues. MSG Sports owns and operates the following sports franchises: the Knicks of the NBA, the Rangers of the NHL, the Liberty of the WNBA, and the Connecticut Whale of the AHL, which is the primary player development team for the Rangers. MSG Sports also promotes, produces and/or presents a broad array of other live sporting events outside of Knicks, Rangers and Liberty games.

The Company conducts a significant portion of its operations at venues that it either owns or operates under long-term leases. The Company owns The Garden and The Theater at Madison Square Garden in New York City, the Forum in Inglewood, California, and The Chicago Theatre in Chicago. In addition, the Company leases Radio City Music Hall and the Beacon Theatre in New York City, and has a booking agreement with respect to the Wang Theatre in Boston.

This MD&A is organized as follows:

Results of Operations. This section provides an analysis of our results of operations for the three and nine months ended March 31, 2013 compared to the three and nine months ended March 31, 2012 on both a consolidated and segment basis.

Liquidity and Capital Resources. This section provides a discussion of our financial condition and liquidity as well as an analysis of our cash flows for the nine months endedMarch 31, 2013 compared to the nine months endedMarch 31, 2012.

Seasonality of Our Business. This section discusses the seasonal performance of our MSG Sports and MSG Entertainment segments.

Other. This section discusses other matters.

Recently Adopted Accounting Pronouncements, Recently Issued Accounting Pronouncements Not Yet Adopted and Critical Accounting Policies. This section discusses accounting pronouncements that have been adopted by the Company, as well as recently issued accounting pronouncements not yet adopted by the Company. In addition, we have included a discussion of our critical accounting policy in respect of goodwill and identifiable indefinite-lived intangible assets in order to provide the results of our annual impairment testing performed during the quarter ended September 30, 2012. This section should be read together with our critical accounting policies, which are discussed in our Annual Report on Form 10-K for the year ended June 30, 2012 under "Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations" and in the notes to the consolidated financial statements of the Company included therein.

23

Results of Operations

Comparison of the Three Months Ended March 31, 2013 versus the Three Months Ended March 31, 2012

Consolidated Results of Operations

The table below sets forth, for the periods presented, certain historical financial information and the percentage that those items bear to revenues.

	Three Months Ended March 31,										Increase (Decrease) in Net Income
	2013					2012
	Amount			% of Revenues		Amount			% of Revenues
Revenues	$	412,406		100	%	$	400,451		100	%	$	11,955
Operating expenses:
Direct operating	246,442			60	%	244,087			61	%	(2,355		)
Selling, general and administrative	79,183			19	%	80,505			20	%	1,322
Depreciation and amortization	22,995			6	%	22,536			6	%	(459		)
Operating income	63,786			15	%	53,323			13	%	10,463
Other income (expense):
Interest expense, net	(1,193		)	NM		(1,088		)	NM		(105		)
Miscellaneous	3,373			1	%	6,590			2	%	(3,217		)
Income from operations before income taxes	65,966			16	%	58,825			15	%	7,141
Income tax expense	(27,517		)	(7	)%	(27,750		)	(7	)%	233
Net income	$	38,449		9	%	$	31,075		8	%	$	7,374

_________________ 

NM – Percentage is not meaningful

The NHL CBA expired on September 15, 2012, and effective September 16, 2012, the NHL declared a lockout of NHL players. The delay in reaching an agreement with the NHLPA on the terms of a new CBA delayed the start of the 2012-13 NHL regular season by approximately three months until January 19, 2013. In addition to the delayed start, the resolution of the NHL work stoppage resulted in the 2012-13 regular season being shortened by 34 games, or approximately 41%, to a 48 game season.

As a result, the Rangers (as well as other NHL teams whose games are telecast on MSG Networks) played fewer regular season home and away games during the three months ended March 31, 2013 as compared to the comparable period of the prior year. During the three months ended March 31, 2013, the Rangers played 34 regular season games, of which 18 were home games and 16 were away games, as compared to 42 regular season games in the prior year quarter, of which 23 were home games and 19 were away games. In addition, the late start of the season resulted in a disproportionately higher percentage of Rangers-related revenues and expenses being recognized during the current year quarter as compared to the prior year quarter. While the NHL work stoppage and the waiver of a Rangers player which was allowed under the terms of the new NHL CBA, together, negatively impacted the Company's and MSG Sports segments' AOCF and operating income during the three months ended March 31, 2013, the NHL work stoppage contributed to an increase in AOCF and operating income in the MSG Media segment as compared to the comparable period of the prior year.

A disproportionately higher percentage of Rangers-related revenues and expenses will be recognized during the fourth quarter of our fiscal 2013 year as compared to the comparable period of the prior year.

In addition, the comparability of the results of operations of the Company and the MSG Media and MSG Sports segments for the three months ended March 31, 2013 as compared to the prior year quarter was impacted by last year's NBA work stoppage, which resulted in a shortened 66-game 2011-12 regular season, with those games primarily taking place in the third quarter of our fiscal 2012 year. As a result of last year's compressed regular season schedule, the Knicks played fewer regular season home and away games during the three months ended March 31, 2013 as compared to the comparable period of the prior year. During the three months ended March 31, 2013, the Knicks played 42 regular season games, of which 23 were home games and 19 were away games, as compared to 49 regular season games in the prior year quarter, of which 27 were home games and 22 were away games. In addition, the delayed start of the 2011-12 season resulted in a disproportionately lower percentage of Knicks-related revenues and expenses being recognized during the current fiscal quarter as compared to the prior year quarter.

24

A disproportionately lower percentage of Knicks-related revenues and expenses will be recognized during the fourth quarter of our fiscal 2013 year as compared to the comparable period of the prior year.

See "Business Segment Results" for a more detailed discussion relating to the operating results of our segments. The business segment results do not reflect inter-segment eliminations.

Revenues

Revenues for the three months ended March 31, 2013increased$11,955, or 3%, to $412,406 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in MSG Media segment revenues	$	18,486
Increase in MSG Entertainment segment revenues	1,149
Decrease in MSG Sports segment revenues	(8,051		)
Increase in other revenues	42
Inter-segment eliminations	329
	$	11,955

See above for a discussion of the NHL work stoppage during the 2012-13 season and the NBA work stoppage during the 2011-12 season.

Direct operating expenses

Direct operating expenses for the three months ended March 31, 2013increased$2,355, or 1%, to $246,442 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Decrease in MSG Media segment expenses	$	(7,373	)
Increase in MSG Entertainment segment expenses	655
Increase in MSG Sports segment expenses	8,745
Increase in other expenses	1
Inter-segment eliminations	327
	$	2,355

Selling, general and administrative expenses

Selling, general and administrative expenses for the three months ended March 31, 2013decreased$1,322, or 2%, to $79,183 as compared to the comparable period of the prior year. The net decrease is attributable to the following:

Decrease in MSG Media segment expenses	$	(4,004	)
Increase in MSG Entertainment segment expenses	1,180
Increase in MSG Sports segment expenses	820
Increase in other expenses	680
Inter-segment eliminations	2
	$	(1,322	)

The increase in other expenses was primarily driven by higher employee compensation and related benefits and professional fees.

Depreciation and amortization

Depreciation and amortization for the three months ended March 31, 2013increased$459, or 2%, to $22,995 as compared to the comparable period of the prior year due to an increase in depreciation and amortization expense on property and equipment significantly offset by lower amortization of intangible assets. The increase in depreciation and amortization expense on property and equipment was primarily due to the ongoing Transformation, which resulted in higher depreciation expense on property and equipment placed into service partially offset by lower depreciation expense of capitalized costs associated with asset retirement obligations (see Note 8 to the consolidated financial statements included in Part I — Item 1. of this Quarterly Report on Form 10-Q). The decrease in amortization of intangible assets was due to the lower amortization resulting from certain intangible assets becoming fully amortized.

25

Miscellaneous income

Miscellaneous income for the three months ended March 31, 2013 includes a pre-tax gain of approximately $3,100 from the sale of all of the Company's holdings of Live Nation common stock (see Note 6 to the consolidated financial statements included in Part I — Item 1. of this Quarterly Report on Form 10-Q). Miscellaneous income for the three months ended March 31, 2012 reflects approximately $6,600 related to the recovery of certain claims in connection with a third party bankruptcy proceeding.

Income taxes

Income tax expense for the three months ended March 31, 2013 was $27,517. The effective tax rate of 41.7% differs from the statutory federal rate of 35% due principally to state and local income taxes and the impact of nondeductible expenses partially offset by the tax benefit resulting from the domestic production activities deduction.

Income tax expense for the three months ended March 31, 2012 was $27,750. The effective tax rate of 47.2% differs from the statutory federal rate of 35% primarily due to state and local income taxes and, to a lesser extent, the impact of nondeductible expenses.

AOCF

The Company evaluates segment performance based on several factors, of which the key financial measure is their operating income (loss) before (i) depreciation, amortization and impairments of property and equipment and intangible assets, (ii) share-based compensation expense or benefit and (iii) restructuring charges or credits, which is referred to as AOCF, a non-GAAP measure. The Company has presented the components that reconcile AOCF to operating income, an accepted GAAP measure. The following is a reconciliation of operating income to AOCF:

	Three Months Ended				Increase in AOCF
	March 31,
	2013		2012
Operating income	$	63,786	$	53,323	$	10,463
Share-based compensation	4,958		4,371		587
Depreciation and amortization	22,995		22,536		459
AOCF	$	91,739	$	80,230	$	11,509

AOCF for the three months ended March 31, 2013increased$11,509, or 14%, to $91,739 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in AOCF of the MSG Media segment	$	30,043
Decrease in AOCF of the MSG Entertainment segment	(314		)
Decrease in AOCF of the MSG Sports segment	(17,667		)
Other net decreases	(553		)
	$	11,509

Other net decreases were primarily driven by higher employee compensation and related benefits and professional fees.

See above for a discussion of the NHL work stoppage during the 2012-13 season and the NBA work stoppage during the 2011-12 season.

26

Business Segment Results

MSG Media

The table below sets forth, for the periods presented, certain historical financial information and the percentage that those items bear to revenues for the Company's MSG Media segment.

	Three Months Ended March 31,								Increase in Operating Income
	2013				2012
	Amount		% of Revenues		Amount		% of Revenues
Revenues	$	184,666	100	%	$	166,180	100	%	$	18,486
Direct operating expenses	62,033		34	%	69,406		42	%	7,373
Selling, general and administrative expenses	28,987		16	%	32,991		20	%	4,004
Depreciation and amortization	3,860		2	%	5,238		3	%	1,378
Operating income	$	89,786	49	%	$	58,545	35	%	$	31,241

The following is a reconciliation of operating income to AOCF:

	Three Months Ended				Increase (Decrease) in AOCF
	March 31,
	2013		2012
Operating income	$	89,786	$	58,545	$	31,241
Share-based compensation	1,744		1,564		180
Depreciation and amortization	3,860		5,238		(1,378		)
AOCF	$	95,390	$	65,347	$	30,043

Revenues

Revenues for the three months ended March 31, 2013increased$18,486, or 11%, to $184,666 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in affiliation fee revenue	$	16,792
Increase in advertising revenue	1,785
Other net decreases	(91		)
	$	18,486

The increase in affiliation fee revenue was primarily due to the impact of MSG Networks being carried by Time Warner Cable (“TWC”) for the entire fiscal 2013 third quarter versus not being carried from January 1st through February 16th of the prior year quarter and higher affiliation rates, with the overall increase being partially offset by the impact of revenue recognized in the prior year quarter related to TWC's carriage of Fuse during calendar 2011 in connection with the TWC carriage agreement entered into in February 2012.

The increase in advertising revenue was primarily due to higher advertising sales at Fuse. Advertising revenue at MSG Networks decreased slightly as compared to the comparable period of the prior year largely driven by the impact of fewer NBA telecasts as a result of the Knicks' compressed schedule in the prior year quarter combined with the impact of fewer NHL telecasts as a result of the NHL work stoppage, as well as other advertising revenue decreases, largely offset by higher Knicks per-game advertising revenue.

See “— Comparison of the Three Months Ended March 31, 2013versus the Three Months Ended March 31, 2012 — Consolidated Results of Operations” for a discussion of the NHL work stoppage during the 2012-13 season and the NBA work stoppage during the 2011-12 season.

27

Direct operating expenses

Direct operating expenses for the three months ended March 31, 2013decreased$7,373, or 11%, to $62,033 as compared to the comparable period of the prior year. The net decrease is attributable to the following:

Decrease in programming acquisition costs (rights fees)	$	(7,261	)
Decrease in non-rights related programming costs	(112		)
	$	(7,373	)

The decrease in programming acquisition costs (rights fees) was primarily due to the NHL work stoppage.

The decrease in non-rights related programming costs was primarily due to a decrease in programming costs at MSG Networks largely offset by higher costs associated with Fuse programming.

Fuse programming expenses have increased year-over-year in each of the first three quarters of this fiscal year and are expected to increase in the fourth quarter relative to the third quarter.  However, we now expect that the year-over-year increase for the full fiscal year will be the result of the increase in the first half of fiscal 2013. 

Selling, general and administrative expenses

Selling, general and administrative expenses for the three months ended March 31, 2013decreased$4,004, or 12%, to $28,987 as compared to the comparable period of the prior year primarily due to a decrease in marketing costs partially offset by higher allocated corporate general and administrative costs. The decrease in marketing costs was primarily driven by the absence of certain marketing expenses related to an affiliate dispute which were incurred during the prior year quarter.

Depreciation and amortization

Depreciation and amortization for the three months ended March 31, 2013decreased$1,378, or 26%, to $3,860 as compared to the comparable period of the prior year primarily due to lower amortization of intangible assets resulting from certain intangible assets becoming fully amortized.

AOCF

AOCF for the three months ended March 31, 2013increased$30,043, or 46%, to $95,390 as compared to the comparable period of the prior year primarily driven by an increase in revenues and lower direct operating expenses and selling, general and administrative expenses, as discussed above.

See “— Comparison of the Three Months Ended March 31, 2013versus the Three Months Ended March 31, 2012 — Consolidated Results of Operations” for a discussion of the NHL work stoppage during the 2012-13 season and the NBA work stoppage during the 2011-12 season.

MSG Entertainment

The table below sets forth, for the periods presented, certain historical financial information and the percentage that those items bear to revenues for the Company's MSG Entertainment segment.

	Three Months Ended March 31,										(Increase) Decrease in Operating Loss
	2013					2012
	Amount			% of Revenues		Amount			% of Revenues
Revenues	$	35,491		100	%	$	34,342		100	%	$	1,149
Direct operating expenses	32,796			92	%	32,141			94	%	(655		)
Selling, general and administrative expenses	17,443			49	%	16,263			47	%	(1,180		)
Depreciation and amortization	2,354			7	%	2,353			7	%	(1		)
Operating loss	$	(17,102	)	(48	)%	$	(16,415	)	(48	)%	$	(687	)

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The following is a reconciliation of operating loss to AOCF:

	Three Months Ended						Increase (Decrease) in AOCF
	March 31,
	2013			2012
Operating loss	$	(17,102	)	$	(16,415	)	$	(687	)
Share-based compensation	1,670			1,298			372
Depreciation and amortization	2,354			2,353			1
AOCF	$	(13,078	)	$	(12,764	)	$	(314	)

Revenues

Revenues for the three months ended March 31, 2013increased$1,149, or 3%, to $35,491 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in event-related revenues at The Theater at Madison Square Garden	$	2,635
Increase in venue related sponsorship and signage and suite rental fee revenues	1,826
Increase in event-related revenues at the Beacon Theatre	1,651
Decrease in revenues from the presentation of the Radio City Christmas Spectacular franchise	(2,687		)
Decrease in event-related revenues at Radio City Music Hall, excluding Radio City Christmas Spectacular	(1,234		)
Decrease in event-related revenues at The Chicago Theatre	(785		)
Other net decreases	(257		)
	$	1,149

The increases in event-related revenues at The Theater at Madison Square Garden and the Beacon Theatre were primarily due to the increases in the number of events held at these venues during the three months endedMarch 31, 2013 as compared to the comparable period of the prior year.

The increase in venue related sponsorship and signage and suite rental fee revenues primarily reflects higher suite rental fee revenues as a result of new suite/club products which have come online partially offset by the impact of the planned reduction in certain suite products as a result of the Transformation.

The decrease in revenues from the presentation of the Radio City Christmas Spectacular franchise was primarily due to no scheduled performances at Radio City Music Hall during the fiscal 2013 third quarter versus performances during the prior year quarter.

The decrease in event-related revenues at Radio City Music Hall, excluding Radio City Christmas Spectacular, was primarily driven by the decrease in the number of events held at the venue partially offset by an increase in revenues due to a change in the mix of events during the three months endedMarch 31, 2013 as compared to the comparable period of the prior year.

The decrease in event-related revenues at The Chicago Theatre was primarily due to fewer events held at the venue during the three months endedMarch 31, 2013 as compared to the comparable period of the prior year.

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Direct operating expenses

Direct operating expenses for the three months ended March 31, 2013increased$655, or 2%, to $32,796 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in venue operating costs, primarily associated with Radio City Music Hall and the Forum (which the    Company acquired in June 2012)	$	1,651
Increase in event-related direct operating expenses at The Theater at Madison Square Garden	1,367
Increase in event-related direct operating expenses at the Beacon Theatre	858
Decrease in direct operating expenses related to the presentation of the Radio City Christmas Spectacular     franchise	(1,808		)
Decrease in event-related direct operating expenses at The Chicago Theatre	(563		)
Decrease in event-related direct operating expenses at Radio City Music Hall, excluding Radio City Christmas     Spectacular	(495		)
Other net decreases	(355		)
	$	655

Selling, general and administrative expenses

Selling, general and administrative expenses for the three months ended March 31, 2013increased$1,180, or 7%, to $17,443 as compared to the comparable period of the prior year primarily due to an increase in employee compensation and related benefits, which includes costs associated with MSG Entertainment business development initiatives, and higher allocated corporate general and administrative costs.

AOCF

AOCF loss increased for the three months ended March 31, 2013 as compared to the comparable period of the prior year by $314, or 2%, to $13,078 primarily attributable to an increase in selling, general and administrative expenses and higher direct operating expenses, partially offset by an increase in revenues, as discussed above.

MSG Sports

The table below sets forth, for the periods presented, certain historical financial information and the percentage that those items bear to revenues for the Company's MSG Sports segment.

	Three Months Ended March 31,								Increase (Decrease) in Operating Income
	2013				2012
	Amount		% of Revenues		Amount		% of Revenues
Revenues	$	208,080	100	%	$	216,131	100	%	$	(8,051	)
Direct operating expenses	167,447		80	%	158,702		73	%	(8,745		)
Selling, general and administrative expenses	30,126		14	%	29,306		14	%	(820		)
Depreciation and amortization	2,364		1	%	2,742		1	%	378
Operating income	$	8,143	4	%	$	25,381	12	%	$	(17,238	)

The following is a reconciliation of operating income to AOCF:

	Three Months Ended				Decrease in AOCF
	March 31,
	2013		2012
Operating income	$	8,143	$	25,381	$	(17,238	)
Share-based compensation	1,142		1,193		(51		)
Depreciation and amortization	2,364		2,742		(378		)
AOCF	$	11,649	$	29,316	$	(17,667	)

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Revenues

Revenues for the three months ended March 31, 2013decreased$8,051, or 4%, to $208,080 as compared to the comparable period of the prior year. The net decrease is attributable to the following:

Decrease in professional sports teams' pre/regular season ticket-related revenue	$	(5,582	)
Decrease in revenues from NHL and NBA distributions	(4,522		)
Decrease in event-related revenues from other live sporting events	(4,213		)
Decrease in professional sports teams' food, beverage and merchandise sales	(2,127		)
Increase in suite rental fee revenue	7,853
Increase in professional sports teams' sponsorship and signage revenues	2,661
Other net decreases	(2,121		)
	$	(8,051	)

The decrease in professional sports teams' pre/regular season ticket-related revenue was primarily due to the Knicks having played a compressed schedule in the prior year quarter as compared to the current year quarter as the Knicks returned to a full regular season schedule and, to a lesser extent, the impact of the NHL work stoppage, partially offset by higher average per-game revenue for our professional sports teams, inclusive of the impact of the temporary reduction in seating capacity due to the Transformation.

The decrease in revenues from NHL and NBA distributions reflects the impact of the compressed 2011-12 NBA season during the comparable period of the prior year.

The decrease in event-related revenues from other live sporting events was primarily due to a decrease in the number of events during the three months ended March 31, 2013 as compared to the comparable period of the prior year. Event-related revenues from other live sporting events include ticket-related revenues, venue license fees we charge to promoters for the use of our venues, single night suite rental fees, and food, beverage and merchandise sales.

The decrease in professional sports teams' food, beverage and merchandise sales was primarily due to fewer NHL and NBA home games played during the three months ended March 31, 2013 as compared to the comparable period of the prior year partially offset by higher average spending per patron (per caps).

The increase in suite rental fee revenue was primarily due to new suite/club products which have come online partially offset by the impact of the planned reduction in certain suite products as a result of the Transformation and, to a lesser extent, the impact of the NHL work stoppage.

The increase in professional sports teams' sponsorship and signage revenues was primarily attributable to expanded inventory and new sponsor relationships as a result of the Transformation and, to a lesser extent, the impact of the compressed 2011-12 NBA season during the comparable period of the prior year. These increases were partially offset by the impact of the NHL work stoppage.

See “— Comparison of the Three Months Ended March 31, 2013versus the Three Months Ended March 31, 2012 — Consolidated Results of Operations” for a discussion of the NHL work stoppage during the 2012-13 season and the NBA work stoppage during the 2011-12 season.

Direct operating expenses

Direct operating expenses for the three months ended March 31, 2013increased$8,745, or 6%, to $167,447 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in net provisions for certain team personnel transactions (including the impact of NBA luxury tax)	$	10,589
Increase in team personnel compensation	2,891
Increase in net provisions for NBA luxury tax and NBA and NHL revenue sharing expense	368
Decrease in event-related expenses associated with other live sporting events	(2,537		)
Decrease in professional sports teams' expense associated with food, beverage and merchandise sales	(910		)
Other net decreases	(1,656		)
	$	8,745

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Net provisions for certain team personnel transactions (including the impact of NBA luxury tax), NBA luxury tax and NBA and NHL revenue sharing expense were as follows:

	Three Months Ended
	March 31,
	2013		2012		Increase
Net provisions for certain team personnel transactions (including the impact of NBA luxury tax)	$	15,238	$	4,649	$	10,589
Net provisions for NBA luxury tax and NBA and NHL revenue sharing     expense	12,365		11,997		368

Team personnel transactions for the three months endedMarch 31, 2013 reflect provisions recorded for waivers/contract terminations and season-ending player injuries of $9,967 and $5,018, respectively, and player trades of $253. Team personnel transactions for the three months ended March 31, 2012 reflect provisions recorded for waivers/contract terminations and season-ending player injuries of $4,242 and $407, respectively.

The increase in net provisions for NBA luxury tax (excluding the impact of team personnel transactions) and NBA and NHL revenue sharing expense reflects higher NBA luxury tax of $3,499 largely offset by lower net provisions for NBA and NHL revenue sharing expense of $3,131. The increase in net provisions for NBA luxury tax for the three months endedMarch 31, 2013 was due to the Knicks not being a gross luxury tax payer for the 2011-12 season; we expect the Knicks to be a luxury tax payer for the 2012-13 season. The decrease in net provisions for NBA and NHL revenue sharing expense was primarily attributable to higher estimated NBA player escrow recoveries, including the impact of the compressed 2011-12 NBA season, and the impact of the NHL work stoppage. The actual amounts for the 2012-13 season may vary significantly from the recorded provision based on actual operating results for the league and the teams for the season and other factors.

See Note 2 to the consolidated financial statements included in Part I — Item 1. of this Quarterly Report on Form 10-Q for a discussion of the principal aspects of the new NHL CBA.

The increase in team personnel compensation was primarily due to overall salary increases and the impact of roster changes and, to a lesser extent, the impact of the NHL work stoppage, including the amortization of the NHL transition payments as required under the new NHL CBA, largely offset by the impact of the compressed 2011-12 NBA season.

Other net decreases reflect the impact of the compressed 2011-12 NBA season and, to a lesser extent, the NHL work stoppage on team operating expenses, with the overall decline being largely offset by the impact of other team operating expense increases.

Selling, general and administrative expenses

Selling, general and administrative expenses for the three months ended March 31, 2013increased$820, or 3%, to $30,126 as compared to the comparable period of the prior year. The increase was primarily driven by an increase in allocated corporate general and administrative costs and higher professional fees partially offset by a decrease in employee compensation and related benefits.

AOCF

AOCF for the three months ended March 31, 2013 decreased $17,667, or 60%, to $11,649 as compared to the comparable period of the prior year, primarily attributable to an increase in direct operating expenses and lower revenues, as discussed above.

See “— Comparison of the Three Months Ended March 31, 2013versus the Three Months Ended March 31, 2012 — Consolidated Results of Operations” for a discussion of the NHL work stoppage during the 2012-13 season and the NBA work stoppage during the 2011-12 season.

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Comparison of the Nine Months EndedMarch 31, 2013 versus the Nine Months EndedMarch 31, 2012

Consolidated Results of Operations

The table below sets forth, for the periods presented, certain historical financial information and the percentage that those items bear to revenues.

	Nine Months Ended March 31,										Increase (Decrease) in Net Income
	2013					2012
	Amount			% of Revenues		Amount			% of Revenues
Revenues	$	1,004,458		100	%	$	951,097		100	%	$	53,361
Operating expenses:
Direct operating	526,360			52	%	540,485			57	%	14,125
Selling, general and administrative	228,660			23	%	219,976			23	%	(8,684		)
Depreciation and amortization (including     impairments)	64,439			6	%	62,994			7	%	(1,445		)
Operating income	184,999			18	%	127,642			13	%	57,357
Other income (expense):
Interest expense, net	(3,607		)	NM		(3,601		)	NM		(6		)
Miscellaneous	3,475			NM		6,590			1	%	(3,115		)
Income from operations before income taxes	184,867			18	%	130,631			14	%	54,236
Income tax expense	(78,902		)	(8	)%	(52,649		)	(6	)%	(26,253		)
Net income	$	105,965		11	%	$	77,982		8	%	$	27,983

_________________ 

NM – Percentage is not meaningful

The NHL CBA expired on September 15, 2012, and effective September 16, 2012, the NHL declared a lockout of NHL players. The delay in reaching an agreement with the NHLPA on the terms of a new CBA delayed the start of the 2012-13 NHL regular season by approximately three months until January 19, 2013. In addition to the delayed start, the resolution of the NHL work stoppage resulted in the 2012-13 regular season being shortened by 34 games, or approximately 41%, to a 48 game season.

As a result, the Rangers (as well as other NHL teams whose games are telecast on MSG Networks) played fewer regular season home and away games during the nine months ended March 31, 2013 as compared to the comparable period of the prior year. During the nine months ended March 31, 2013, the Rangers played 34 regular season games, of which 18 were home games and 16 were away games, as compared to 78 regular season games in the prior year period, of which 39 were home games and 39 were away games. In addition, the impact of the change in the Rangers schedule resulted in a disproportionately lower percentage of Rangers-related revenues and expenses being recognized during the nine months ended March 31, 2013 as compared to the prior year period. While the NHL work stoppage and the waiver of a Rangers player which was allowed under the terms of the new NHL CBA, together, negatively impacted the Company's and the MSG Sports and MSG Media segments' revenues and the Company's and MSG Sports segment's AOCF and operating income during the nine months ended March 31, 2013, the NHL work stoppage contributed to an increase in AOCF and operating income in the MSG Media segment as compared to the comparable period of the prior year.

A disproportionately higher percentage of Rangers-related revenues and expenses will be recognized during the fourth quarter of our fiscal 2013 year as compared to the comparable period of the prior year.

In addition, the comparability of the results of operations of the Company and the MSG Media and MSG Sports segments for the nine months ended March 31, 2013 as compared to the prior year period was impacted by last year's NBA work stoppage, which resulted in a shortened 66-game 2011-12 regular season. As a result, the Knicks played more regular season home and away games during the nine months ended March 31, 2013 as compared to the comparable period of the prior year. During the nine months ended March 31, 2013, the Knicks played 72 regular season games, of which 37 were home games and 35 were away games, as compared to 53 regular season games in the prior year period, of which 28 were home games and 25 were away games. In addition, the delayed start of the 2011-12 season resulted in a disproportionately higher percentage of Knicks-related revenues and expenses being recognized during the nine months ended March 31, 2013 as compared to the comparable period of the prior year.

33

A disproportionately lower percentage of Knicks-related revenues and expenses will be recognized during the fourth quarter of our fiscal 2013 year as compared to the comparable period of the prior year.

See "Business Segment Results" for a more detailed discussion relating to the operating results of our segments. The business segment results do not reflect inter-segment eliminations.

Revenues

Revenues for the nine months endedMarch 31, 2013increased$53,361, or 6%, to $1,004,458 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in MSG Media segment revenues	$	53,756
Increase in MSG Entertainment segment revenues	4,222
Decrease in MSG Sports segment revenues	(4,020		)
Increase in other revenues	253
Inter-segment eliminations	(850		)
	$	53,361

See above for a discussion of the NHL work stoppage during the 2012-13 season and the NBA work stoppage during the 2011-12 season.

Direct operating expenses

Direct operating expenses for the nine months endedMarch 31, 2013decreased$14,125, or 3%, to $526,360 as compared to the comparable period of the prior year. The net decrease is attributable to the following:

Decrease in MSG Media segment expenses	$	(22,146	)
Increase in MSG Entertainment segment expenses	7,623
Increase in MSG Sports segment expenses	1,276
Decrease in other expenses	(1		)
Inter-segment eliminations	(877		)
	$	(14,125	)

Selling, general and administrative expenses

Selling, general and administrative expenses for the nine months endedMarch 31, 2013increased $8,684, or 4%, to $228,660 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in MSG Media segment expenses	$	836
Increase in MSG Entertainment segment expenses	2,975
Increase in MSG Sports segment expenses	4,281
Increase in other expenses	565
Inter-segment eliminations	27
	$	8,684

The increase in other expenses was primarily driven by higher charitable contributions and employee compensation and related benefits, partially offset by a decrease in professional fees.

Depreciation and amortization (including impairments)

Depreciation and amortization (including impairments) for the nine months endedMarch 31, 2013increased$1,445, or 2%, to $64,439 as compared to the comparable period of the prior year due to higher depreciation and amortization expense on property and equipment significantly offset by lower amortization of intangible assets. The increase in depreciation and amortization expense on property and equipment was primarily due to the ongoing Transformation, which resulted in higher depreciation expense on property and equipment placed into service partially offset by lower depreciation expense of capitalized costs associated with asset retirement obligations (see Note 8 to the consolidated financial statements included in Part I — Item 1. of this Quarterly Report on Form 10-Q). The decrease in amortization of intangible assets was due to lower amortization resulting from certain intangible assets becoming fully amortized and the absence of an impairment charge of $3,112 which was recorded during the nine months ended March 31, 2012 to write-off the remaining carrying value of certain

34

intangible assets (see Note 4 to the consolidated financial statements included in Part I — Item 1. of this Quarterly Report on Form 10-Q).

Miscellaneous income

Miscellaneous income for the nine months endedMarch 31, 2013 includes a pre-tax gain of approximately $3,100 from the sale of all of the Company's holdings of Live Nation common stock (see Note 6 to the consolidated financial statements included in Part I — Item 1. of this Quarterly Report on Form 10-Q). Miscellaneous income for the nine months ended March 31, 2012 reflects approximately $6,600 related to the recovery of certain claims in connection with a third party bankruptcy proceeding.

Income taxes

Income tax expense for the nine months endedMarch 31, 2013 was $78,902. The effective tax rate of 42.7% differs from the statutory federal rate of 35% due principally to state and local income taxes, nondeductible expenses and an increase in federal income tax expense recorded in connection with the filing of the Company's 2011 income tax returns offset by the tax benefit resulting from the domestic production activities deduction.

Income tax expense for the nine months endedMarch 31, 2012 was $52,649. The effective tax rate of 40.3% differs from the statutory federal rate of 35% due to state and local income taxes and, to a lesser extent, the impact of nondeductible expenses partially offset by the impact of lower state tax rates on deferred tax liabilities.

AOCF

The following is a reconciliation of operating income to AOCF:

	Nine Months Ended				Increase (Decrease) in AOCF
	March 31,
	2013		2012
Operating income	$	184,999	$	127,642	$	57,357
Share-based compensation	13,898		14,817		(919		)
Depreciation and amortization (including impairments)	64,439		62,994		1,445
AOCF	$	263,336	$	205,453	$	57,883

AOCF for the nine months endedMarch 31, 2013increased$57,883, or 28%, to $263,336 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in AOCF of the MSG Media segment	$	74,994
Decrease in AOCF of the MSG Entertainment segment	(6,218		)
Decrease in AOCF of the MSG Sports segment	(10,307		)
Other net decreases	(586		)
	$	57,883

Other net decreases were primarily driven by higher charitable contributions and employee compensation and related benefits partially offset by a decrease in professional fees.

See above for a discussion of the NHL work stoppage during the 2012-13 season and the NBA work stoppage during the 2011-12 season.

35

Business Segment Results

MSG Media

The table below sets forth, for the periods presented, certain historical financial information and the percentage that those items bear to revenues for the Company's MSG Media segment.

	Nine Months Ended March 31,								Increase (Decrease) in Operating Income
	2013				2012
	Amount		% of Revenues		Amount		% of Revenues
Revenues	$	500,974	100	%	$	447,218	100	%	$	53,756
Direct operating expenses	152,362		30	%	174,508		39	%	22,146
Selling, general and administrative expenses	85,316		17	%	84,480		19	%	(836		)
Depreciation and amortization (including      impairments)	12,314		2	%	19,393		4	%	7,079
Operating income	$	250,982	50	%	$	168,837	38	%	$	82,145

The following is a reconciliation of operating income to AOCF:

	Nine Months Ended				Increase (Decrease) in AOCF
	March 31,
	2013		2012
Operating income	$	250,982	$	168,837	$	82,145
Share-based compensation	4,416		4,488		(72		)
Depreciation and amortization (including impairments)	12,314		19,393		(7,079		)
AOCF	$	267,712	$	192,718	$	74,994

Revenues

Revenues for the nine months endedMarch 31, 2013increased$53,756, or 12%, to $500,974 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in affiliation fee revenue	$	38,920
Increase in advertising revenue	6,605
Other net increases	8,231
	$	53,756

The increase in affiliation fee revenue was primarily due to higher affiliation rates and, to a lesser extent, the impact of MSG Networks being carried by TWC for the entire fiscal 2013 period versus not being carried from January 1st through February 16th of the prior fiscal period, with the overall increase being partially offset by the net impact of recorded provisions, principally related to the NHL work stoppage, and the impact of revenue recognized in the comparable period of the prior year related to TWC's carriage of Fuse during calendar 2011 with the TWC carriage agreement entered into in February 2012.

The increase in advertising revenue was primarily driven by higher advertising sales at both MSG Networks and Fuse. The increase at MSG Networks reflects higher Knicks per-game advertising revenue and more NBA telecasts as the Knicks returned to a full regular season schedule partially offset by the fewer NHL telecasts as a result of the NHL work stoppage.

Other net increases were primarily due to a short-term programming licensing agreement entered into during the third quarter of the prior fiscal year for which revenue will be recognized until the agreement's expiration in April 2013.

See “— Comparison of the Nine Months Ended March 31, 2013versus the Nine Months Ended March 31, 2012 — Consolidated Results of Operations” for a discussion of the NHL work stoppage during the 2012-13 season and the NBA work stoppage during the 2011-12 season.

36

Direct operating expenses

Direct operating expenses for the nine months endedMarch 31, 2013decreased$22,146, or 13%, to $152,362 as compared to the comparable period of the prior year. The net decrease is attributable to the following:

Decrease in programming acquisition costs (rights fees)	$	(23,722	)
Increase in non-rights related programming costs	1,576
	$	(22,146	)

The decrease in programming acquisition costs (rights fees) was primarily due to a decline in professional sports teams rights fees driven mainly by the NHL work stoppage partially offset by the Knicks' return to a full regular season schedule, including rights fees from the licensing of team related programming to MSG Media from the MSG Sports segment.

The increase in non-rights related programming costs was primarily driven by higher costs associated with Fuse programming significantly offset by the impact of the NHL work stoppage.

Fuse programming expenses have increased year-over-year in each of the first three quarters of this fiscal year and are expected to increase in the fourth quarter relative to the third quarter.  However, we now expect that the year-over-year increase for the full fiscal year will be the result of the increase in the first half of fiscal 2013. 

Selling, general and administrative expenses

Selling, general and administrative expenses for the nine months endedMarch 31, 2013increased$836, or 1%, to $85,316 as compared to the comparable period of the prior year primarily due to an increase in employee compensation and related benefits and, to a lesser extent, higher allocated corporate general and administrative costs largely offset by a decrease in marketing costs. The decrease in marketing costs was primarily driven by the absence of certain marketing expenses related to an affiliate dispute which were incurred during the prior year period partially offset by higher marketing of programming initiatives.

Depreciation and amortization (including impairments)

Depreciation and amortization (including impairments)for the nine months endedMarch 31, 2013decreased$7,079, or 37%, to $12,314 as compared to the comparable period of the prior year primarily due to lower amortization of intangible assets resulting from certain intangible assets becoming fully amortized and the absence of an impairment charge of $3,112 recorded during the nine months endedMarch 31, 2012 to write-off the remaining carrying value of certain intangible assets (see Note 4 to the consolidated financial statements included in Part I — Item 1. of this Quarterly Report on Form 10-Q).

AOCF

AOCF for the nine months endedMarch 31, 2013increased$74,994, or 39%, to $267,712 as compared to the comparable period of the prior year primarily driven by an increase in revenues and lower direct operating expenses, as discussed above.

See “— Comparison of the Nine Months Ended March 31, 2013versus the Nine Months Ended March 31, 2012 — Consolidated Results of Operations” for a discussion of the NHL work stoppage during the 2012-13 season and the NBA work stoppage during the 2011-12 season.

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MSG Entertainment

The table below sets forth, for the periods presented, certain historical financial information and the percentage that those items bear to revenues for the Company's MSG Entertainment segment.

	Nine Months Ended March 31,										(Increase) Decrease in Operating Loss
	2013					2012
	Amount			% of Revenues		Amount			% of Revenues
Revenues	$	217,390		100	%	$	213,168		100	%	$	4,222
Direct operating expenses	166,770			77	%	159,147			75	%	(7,623		)
Selling, general and administrative expenses	50,379			23	%	47,404			22	%	(2,975		)
Depreciation and amortization	7,145			3	%	7,261			3	%	116
Operating loss	$	(6,904	)	(3	)%	$	(644	)	NM		$	(6,260	)

_________________ 

NM – Percentage is not meaningful

The following is a reconciliation of operating loss to AOCF:

	Nine Months Ended						Increase (Decrease) in AOCF
	March 31,
	2013			2012
Operating loss	$	(6,904	)	$	(644	)	$	(6,260	)
Share-based compensation	4,158			4,000			158
Depreciation and amortization	7,145			7,261			(116		)
AOCF	$	4,399		$	10,617		$	(6,218	)

Revenues

Revenues for the nine months endedMarch 31, 2013increased$4,222, or 2%, to $217,390 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in event-related revenues at The Theater at Madison Square Garden	$	7,593
Increase in venue related sponsorship and signage and suite rental fee revenues	4,054
Decrease in revenues from the presentation of the Radio City Christmas Spectacular franchise	(5,704		)
Decrease in event-related revenues at Radio City Music Hall, excluding Radio City Christmas Spectacular	(2,494		)
Other net increases	773
	$	4,222

The increase in event-related revenues at The Theater at Madison Square Garden was primarily due to the increase in the number of events held at the venue during the nine months endedMarch 31, 2013 as compared to the comparable period of the prior year.

The increase in venue related sponsorship and signage and suite rental fee revenues primarily reflects higher suite rental fee revenue as a result of new suite/club products which have come online combined with the impact of more sponsor relationships partially offset by the impact of the planned reduction in certain suite products as a result of the Transformation.

The decrease in revenues from the presentation of the Radio City Christmas Spectacular franchise, which reflects the Radio City Music Hall production of the show as well as the theatrical productions presented outside of New York, was primarily due to lower attendance partially offset by a higher average ticket price at the Radio City Music Hall. The Radio City Music Hall production of the show was significantly impacted by Hurricane Sandy, which occurred in late October 2012, about ten days prior to the start of the show's run. Nearly 1,000 tickets were sold for the Radio City Music Hall production during the 2012 holiday season as compared to nearly 1,100 tickets during the 2011 holiday season.

The decrease in event-related revenues at Radio City Music Hall, excluding Radio City Christmas Spectacular, was primarily due to fewer scheduled performances of Cirque du Soleil's Zarkana largely offset by an increase in revenues associated with other events.

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Direct operating expenses

Direct operating expenses for the nine months endedMarch 31, 2013increased$7,623, or 5%, to $166,770 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in event-related direct operating expenses at The Theater at Madison Square Garden	$	4,806
Increase in venue operating costs, primarily associated with the Forum (which the Company acquired in June     2012)	1,468
Increase in direct operating expenses related to the presentation of the Radio City Christmas Spectacular     franchise	629
Decrease in event-related direct operating expenses at Radio City Music Hall, excluding Radio City Christmas      Spectacular	(2,126		)
Other net increases	2,846
	$	7,623

The increase in direct operating expenses related to the presentation of the Radio City Christmas Spectacular franchise was primarily due to a pre-tax impairment charge of $4,982 recorded during the nine months endedMarch 31, 2013 related to a theatrical production of the show that played in three markets outside of New York during the 2012 holiday season. As a result of the financial performance of these markets, the Company recorded a pre-tax impairment charge for the remaining unamortized deferred costs of assets related to this theatrical production outside of New York. The impact of the impairment charge was largely offset by a decrease in direct operating expenses associated with the Radio City Music Hall production and the theatrical production of the show outside of New York.

Other net increases reflect increased costs associated with MSG Entertainment business development initiatives.

Selling, general and administrative expenses

Selling, general and administrative expenses for the nine months endedMarch 31, 2013increased$2,975, or 6%, to $50,379 as compared to the comparable period of the prior year primarily due to an increase in employee compensation and related benefits, which includes costs associated with MSG Entertainment business development initiatives.

AOCF

AOCF for the nine months endedMarch 31, 2013 decreased $6,218, or 59%, to $4,399 as compared to the comparable period of the prior year primarily attributable to an increase in direct operating expenses and higher selling, general and administrative expenses, partially offset by an increase in revenues, as discussed above.

MSG Sports

The table below sets forth, for the periods presented, certain historical financial information and the percentage that those items bear to revenues for the Company's MSG Sports segment.

	Nine Months Ended March 31,										(Increase) Decrease in Operating Loss
	2013					2012
	Amount			% of Revenues		Amount			% of Revenues
Revenues	$	329,547		100	%	$	333,567		100	%	$	(4,020	)
Direct operating expenses	250,732			76	%	249,456			75	%	(1,276		)
Selling, general and administrative expenses	83,132			25	%	78,851			24	%	(4,281		)
Depreciation and amortization	7,962			2	%	8,209			2	%	247
Operating loss	$	(12,279	)	(4	)%	$	(2,949	)	(1	)%	$	(9,330	)

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The following is a reconciliation of operating loss to AOCF:

	Nine Months Ended						Decrease in AOCF
	March 31,
	2013			2012
Operating loss	$	(12,279	)	$	(2,949	)	$	(9,330	)
Share-based compensation	2,943			3,673			(730		)
Depreciation and amortization	7,962			8,209			(247		)
AOCF	$	(1,374	)	$	8,933		$	(10,307	)

Revenues

Revenues for the nine months endedMarch 31, 2013decreased$4,020, or 1%, to $329,547 as compared to the comparable period of the prior year. The net decrease is attributable to the following:

Decrease in event-related revenues from other live sporting events	$	(7,728	)
Decrease in professional sports teams' pre/regular season ticket-related revenue	(6,415		)
Decrease in professional sports teams' food, beverage and merchandise sales	(3,316		)
Increase in suite rental fee revenue	9,189
Increase in professional sports teams' sponsorship and signage revenues	3,707
Increase in revenues from NHL and NBA distributions	1,506
Increase in broadcast rights fees from MSG Media	878
Other net decreases	(1,841		)
	$	(4,020	)

The decrease in event-related revenues from other live sporting events was primarily due to a decrease in the number of events during the nine months endedMarch 31, 2013 as compared to the comparable period of the prior year. Event-related revenues from other live sporting events include ticket-related revenues, venue license fees we charge to promoters for the use of our venues, single night suite rental fees, and food, beverage and merchandise sales.

The decrease in professional sports teams' pre/regular season ticket-related revenue was primarily driven by the impact of the NHL work stoppage. This decrease was largely offset by the Knicks' return to a full regular season schedule which resulted in a greater percentage of Knicks ticket-related revenue being recognized during the nine months endedMarch 31, 2013 as compared to the comparable period of the prior year and, to a lesser extent, higher average per-game revenue for our professional sports teams, inclusive of the impact of the temporary reduction in seating capacity due to the Transformation.

The decrease in professional sports teams' food, beverage and merchandise sales was primarily due to fewer NHL home games played, partially offset by more NBA home games played during the nine months endedMarch 31, 2013 as compared to the comparable period of the prior year, and, to a lesser extent, higher average spending per patron (per caps).

The increase in suite rental fee revenue was primarily due to new suite/club products which have come online partially offset by the impact of the planned reduction in certain suite products as a result of the Transformation and the NHL work stoppage.

The increase in professional sports teams' sponsorship and signage revenues was primarily attributable to the Knicks' return to a full regular season schedule, and expanded inventory and new sponsor relationships as a result of the Transformation. These increases were partially offset by the impact of the NHL work stoppage.

The increase in revenues from NHL and NBA distributions was primarily due to the Knicks' return to a full regular season schedule and, to a lesser extent, other league related increases partially offset by the impact of the NHL work stoppage.

The increase in broadcast rights fees from MSG Media reflects the impact of the Knicks' return to a full regular season schedule offset by the impact of the NHL work stoppage.

See “— Comparison of the Nine Months Ended March 31, 2013versus the Nine Months Ended March 31, 2012 — Consolidated Results of Operations” for a discussion of the NHL work stoppage during the 2012-13 season and the NBA work stoppage during the 2011-12 season.

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Direct operating expenses

Direct operating expenses for the nine months endedMarch 31, 2013increased$1,276, or 1%, to $250,732 as compared to the comparable period of the prior year. The net increase is attributable to the following:

Increase in net provisions for NBA luxury tax and NBA and NHL revenue sharing expense (excluding playoffs)	$	3,694
Increase in net provisions for certain team personnel transactions (including the impact of NBA luxury tax)	3,550
Increase in team personnel compensation	1,196
Decrease in event-related expenses associated with other live sporting events	(4,837		)
Decrease in professional sports teams' expense associated with food, beverage and merchandise sales	(1,245		)
Other net decreases	(1,082		)
	$	1,276

Net provisions for certain team personnel transactions (including the impact of NBA luxury tax), NBA luxury tax and NBA and NHL revenue sharing expense (excluding playoffs) were as follows:

	Nine Months Ended
	March 31,
	2013		2012		Increase
Net provisions for NBA luxury tax and NBA and NHL revenue sharing expense (excluding playoffs)	$	18,093	$	14,399	$	3,694
Net provisions for certain team personnel transactions (including the impact of NBA luxury tax)	18,094		14,544		3,550

The increase in net provisions for NBA luxury tax (excluding the impact of team personnel transactions) and NBA and NHL revenue sharing expense (excluding playoffs) reflects higher NBA luxury tax of $6,156 partially offset by lower net provisions for NBA and NHL revenue sharing expense of $2,462. The increase in provisions for NBA luxury tax for the nine months endedMarch 31, 2013 was due to the Knicks not being a gross luxury tax payer for the 2011-12 season; we expect the Knicks to be a luxury tax payer for the 2012-13 season. The decrease in net provisions for NBA and NHL revenue sharing expense (excluding playoffs) was primarily attributable to the impact of the NHL work stoppage and an adjustment to the 2011-12 season revenue sharing expense partially offset by higher estimated NBA revenue sharing for the 2012-13 season as a result of the Knicks' return to a full regular season schedule. The actual amounts for the 2012-13 season may vary significantly from the recorded provision based on actual operating results for the league and the teams for the season and other factors.

See Note 2 to the consolidated financial statements included in Part I — Item 1. of this Quarterly Report on Form 10-Q for a discussion of the principal aspects of the new NHL CBA.

Team personnel transactions for the nine months endedMarch 31, 2013 reflect provisions recorded for player waivers/contract terminations and season-ending player injuries of $10,167 and $7,079, respectively, and player trades of $848. Team personnel transactions for the nine months endedMarch 31, 2012 primarily reflect provisions recorded for player waivers/contract terminations and season-ending player injuries of $14,062 and $407, respectively.

The increase in team personnel compensation was primarily due to the impact of the Knicks' return to a full regular season schedule, and overall salary increases and the impact of roster changes largely offset by the NHL work stoppage.

Other net decreases reflect the impact of the NHL work stoppage and, to a lesser extent, a league expense recoupment that is not expected to be recurring and an adjustment to the 2011-12 season playoff related revenue sharing expense, both of which were recorded during the three months ended September 30, 2012. These decreases were offset by the impact of the Knicks' return to a full regular season schedule and other team operating expense increases.

Selling, general and administrative expenses

Selling, general and administrative expenses for the nine months endedMarch 31, 2013increased$4,281, or 5%, to $83,132 as compared to the comparable period of the prior year. This increase is primarily attributable to higher employee compensation and related benefits, including separation-related costs, increase in professional fees and allocated corporate general and administrative costs, partially offset by a decrease in marketing costs.

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AOCF

AOCF for the nine months endedMarch 31, 2013 decreased $10,307, or 115%, to a loss of $1,374, as compared to the comparable period of the prior year primarily due to an increase in selling, general and administrative expenses, lower revenues and higher direct operating expenses, as discussed above.

See “— Comparison of the Nine Months Ended March 31, 2013versus the Nine Months Ended March 31, 2012 — Consolidated Results of Operations” for a discussion of the NHL work stoppage during the 2012-13 season and the NBA work stoppage during the 2011-12 season.

Liquidity and Capital Resources

Overview

Our primary sources of liquidity are cash and cash equivalents on hand, cash flows from the operations of our businesses and

available borrowing capacity under our $375,000 credit agreement with a syndicate of lenders, providing for a senior secured revolving credit facility (see "Financing Agreements" below). Our principal uses of cash at this time include capital spending, working capital-related items and investments that we may fund from time to time. The decisions of the Company as to the use of its available liquidity will be based upon an ongoing review of the funding needs of the business, the optimal allocation of cash resources, and the timing of cash flow generation.

The Transformation of The Garden is ongoing. In order to most efficiently and effectively complete the Transformation, it remains a year-round project. To minimize disruption to current operations, we plan for The Garden to remain open for the Knicks' and Rangers' regular seasons and playoffs while we accomplish the bulk of the construction work during the off-season shutdowns. We closed The Garden and The Theater at Madison Square Garden for the off-season following the Knicks' and Rangers' playoffs in 2011 and 2012. The Garden and The Theater at Madison Square Garden were reopened following the latest off-season shutdown. We plan to close The Garden and The Theater at Madison Square Garden after the conclusion of the Knicks' and Rangers' seasons, including the playoffs, in 2013. Given that we cannot know in advance when those seasons will end, we are generally not booking live entertainment or other sporting events from a period commencing in mid-May through October in calendar year 2013 and did not book such events from a period commencing in April through late October in calendar years 2011 and 2012. We did not host any preseason Rangers' home games in fiscal year 2012 and did not host Knicks' and Rangers' preseason home games in fiscal year 2013. While we seek to minimize disruptions during the Transformation, including scheduling events at our other venues or to other times of the year when The Garden or The Theater at Madison Square Garden will be open, we are not able to reschedule all events that would otherwise have occurred during the shutdowns. Consequently, we have lost and expect to lose revenues as a result of this schedule.

The renovated lower bowl of The Garden reopened in October 2011. We were able to accelerate the renovation of certain portions of the upper bowl during the first off-season shutdown. The balance of the renovated upper bowl opened for events following the second off-season shutdown. Construction continues behind the scenes while the arena is open in preparation for the work to be performed as part of the third phase of the Transformation. As part of the second phase of the Transformation, The Garden's seating capacity, excluding suites, for fiscal year 2013 is reduced by approximately one thousand seats for Knicks' and Rangers' games (and reduced by a lesser amount for entertainment events), as compared to fiscal year 2012. After the third phase of the Transformation, The Garden's seating capacity, excluding suites, in fiscal year 2014 will again be comparable to pre-Transformation levels, primarily due to the planned addition of the Chase Bridges and the Budweiser Fan Deck.

The Transformation remains within our overall expectations. We reopened the lower bowl on schedule in fiscal year 2012, reopened the renovated upper bowl on schedule in fiscal year 2013 and our plan for opening the remaining other elements in the transformed arena has not changed. Construction costs for the Transformation incurred through March 31, 2013 were approximately $875,000 of which approximately $158,000 was incurred during the nine months endedMarch 31, 2013. We remain on schedule and do not expect total Transformation construction costs to differ materially from the previously disclosed $980,000 inclusive of various reserves for contingencies.

As with any major renovation project, the Transformation is subject to potential unexpected delays, costs or other problems. Depending upon the severity and timing, such events could materially and negatively affect our business, results of operations and cash flows.

In June 2012, we completed the purchase of the Forum, an iconic venue in Inglewood, California. The City of Inglewood approved an $18,000 renovation loan conditioned upon the Company investing at least $50,000 in the renovation of the Forum. The renovation costs are currently expected to exceed $50,000 and, as a result, the loan will be forgiven once certain operating conditions, that the Company expects to satisfy, are met. The Company has started the renovation of the Forum.

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We believe we have sufficient liquidity, including approximately $228,400 in cash and cash equivalents as of March 31, 2013, along with available borrowing capacity under our Revolving Credit Facility, to complete the Transformation and our other initiatives.

We have assessed recent capital and credit markets activity and conditions against our ability to meet our net funding and investing requirements over the next twelve months and we believe that the combination of cash and cash equivalents on hand, cash generated from operating activities and borrowing availability under our Revolving Credit Facility should provide us with sufficient liquidity. However, economic conditions may lead to lower demand for our offerings, such as lower levels of attendance or advertising. The consequences of such conditions could adversely impact our results of operations and our cash flows and might require that we seek alternative sources of funding through the capital and credit markets that may or may not be available to us.

Financing Agreements

Revolving Credit Facility

On January 28, 2010, MSG L.P. and certain of its subsidiaries entered into a credit agreement with a syndicate of lenders providing for a senior secured revolving credit facility of up to $375,000 with a term of five years. The Revolving Credit Facility contains certain customary representations and warranties, affirmative covenants and events of default. It also requires MSG L.P. to comply with the following financial covenants: (i) a maximum total secured leverage ratio of 3.50:1.00 and (ii) a maximum total leverage ratio of 6.00:1.00. In addition, there is a minimum interest coverage ratio of 2.50:1.00 for the Company. As of March 31, 2013, the Company was in compliance with the financial covenants in the Revolving Credit Facility. The proceeds of borrowings under the Revolving Credit Facility are available for working capital and capital expenditures, including, but not limited to, the Transformation, and for general corporate purposes. All borrowings under the Revolving Credit Facility are subject to the satisfaction of customary conditions, including covenant compliance, absence of a default and accuracy of representations and warranties. As of March 31, 2013, there was $7,000 in letters of credit issued and outstanding under the Revolving Credit Facility. Our available borrowing capacity under the Revolving Credit Facility as of March 31, 2013 was $368,000.

Borrowings under the Revolving Credit Facility bear interest at a floating rate which, at the option of MSG L.P., may be either 2.5% over a U.S. Federal Funds Rate or U.S. Prime Rate, or 3.5% over an adjusted LIBOR rate. Accordingly, we will be subject to interest rate risk with respect to any borrowings we may make under that facility. In appropriate circumstances, we may seek to reduce this exposure through the use of interest rate swaps or similar instruments. Upon a payment default in respect of principal, interest or other amounts due and payable under the Revolving Credit Facility or related loan documents, default interest will accrue on all overdue amounts at an additional rate of 2.00% per annum.

The Revolving Credit Facility requires MSG L.P. to pay a commitment fee of 0.75% in respect of the average daily unused commitments thereunder. MSG L.P. is also required to pay customary letter of credit fees, as well as fronting fees, to banks that issue letters of credit pursuant to the Revolving Credit Facility.

Guarantees and Security

All obligations under the Credit Agreement are guaranteed by MSG L.P.'s existing and future direct and indirect domestic subsidiaries that are not designated as excluded subsidiaries or unrestricted subsidiaries in accordance with the facility (the "Guarantors"). All obligations under the Credit Agreement, including the guarantees of those obligations, are secured by certain of the assets of MSG L.P. and each Guarantor (collectively, "Collateral"), including, but not limited to, a pledge of the equity interests held directly or indirectly by MSG L.P. in each Guarantor. The Collateral, however, does not include, among other things, our sports franchises or other assets of any of MSG L.P.'s teams, including the Knicks and Rangers, or any interests in real property of MSG L.P. or the Guarantors, including the Madison Square Garden Complex (which includes both The Garden and The Theater at Madison Square Garden), the leasehold interest in Radio City Music Hall and MSG L.P.'s real property interest in other venues.

Prepayments

Subject to customary notice and minimum amount conditions, MSG L.P. may voluntarily prepay outstanding loans under the Revolving Credit Facility at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to Eurodollar loans).

With certain exceptions, MSG L.P. is required to make mandatory prepayments on loans outstanding, in certain circumstances, including without limitation from the net cash proceeds of certain sales of assets (including Collateral) or casualty insurance

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and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights), and the incurrence of certain indebtedness.

Certain Covenants and Events of Default

In addition to the financial covenants previously discussed, the Credit Agreement and the related security agreement contain certain customary representations and warranties, affirmative covenants and events of default. The Credit Agreement contains certain restrictions on the ability of MSG L.P. and its restricted subsidiaries to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the Credit Agreement, including the following: (i) incur additional indebtedness; (ii) create liens on certain assets; (iii) make investments, loans or advances in or to other persons; (iv) pay dividends and distributions or repurchase capital stock; (v) repay, redeem or repurchase certain indebtedness; (vi) change its lines of business; (vii) engage in certain transactions with affiliates; (viii) amend specified material agreements; (ix) merge or consolidate; (x) make dispositions; and (xi) enter into agreements that restrict the granting of liens. In addition, under the Credit Agreement, The Madison Square Garden Company must generally remain a passive holding company.

Cash Flow Discussion

Operating Activities

Net cash provided by operating activities for the nine months ended March 31, 2013 decreased by $54,805 to $180,762 as compared to the comparable period of the prior year. This decrease was driven by a decrease of $83,274 resulting from changes in assets and liabilities, partially offset by a $28,469 increase in net income and other non-cash items.

The decrease resulting from changes in assets and liabilities was primarily due to (i) an increase during the nine months ended March 31, 2013 in deferred revenue of $28,580 as compared to an increase of $55,713 during the comparable period of the prior year, (ii) a decrease during the nine months ended March 31, 2013 in accounts payable of $23,793 as compared to an increase of $2,835 during the comparable period of the prior year, (iii) an increase during the nine months ended March 31, 2013 in deferred income taxes of $4,215 as compared to an increase of $22,685 during the comparable period of the prior year, and (iv) an increase during the nine months ended March 31, 2013 in accrued and other liabilities of $44,194 as compared to an increase of $61,534 during the comparable period of the prior year. These decreases were partially offset by an increase during the nine months ended March 31, 2013 in prepaid expenses and other assets of $3,630 as compared to an increase of $8,584 during the comparable period of the prior year and an increase in net related party receivables of $347 as compared to an increase of $5,135 during the comparable period of the prior year.

Investing Activities

Net cash used in investing activities for the nine months ended March 31, 2013 decreased by $203,922 to $152,551 as compared to the comparable period of the prior year primarily driven by lower capital expenditures associated with the Transformation and, to a lesser extent, proceeds from the March 2013 sale of all of the Company's holdings of Live Nation common stock. These decreases were slightly offset by higher capital expenditures for MSG Entertainment and MSG Media.

Financing Activities

Net cash used in financing activities for the nine months ended March 31, 2013 increased by $3,420 to $6,294 as compared to the comparable period of the prior year. During the nine months ended March 31, 2013, taxes paid in lieu of shares issued for equity-based compensation amounted to $21,148. During the nine months ended March 31, 2012, the Company paid $11,768 for the acquisition of restricted shares. The impact of these items was partially offset by higher proceeds from stock option exercises and an increase in the excess tax benefit on share-based awards as compared to the comparable period of the prior year.

Seasonality of Our Business

The dependence of the MSG Sports segment on revenues from its NBA and NHL sports teams generally means it earns a disproportionate share of its revenues in the second and third quarters of our fiscal year (see “ — Results of Operations — Comparison of the Three Months Ended March 31, 2013 versus the Three Months Ended March 31, 2012 — Consolidated Results of Operations” and “ — Results of Operations — Comparison of the Nine Months Ended March 31, 2013 versus the Nine Months Ended March 31, 2012 — Consolidated Results of Operations” for a discussion of the NHL work stoppage during the 2012-13 season and NBA work stoppage during the 2011-12 season). The dependence of the MSG Entertainment segment on revenues from the Radio City Christmas Spectacular generally means it earns a disproportionate share of its revenues and operating income in the second quarter of our fiscal year. In addition, see "— Liquidity and Capital Resources" for a discussion of the off-season shutdowns of The Garden and The Theater at Madison Square Garden due to the Transformation.

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Other

Zoning Permit for the Arena. The Madison Square Garden arena has operated under a zoning special permit granted by the New York City Planning Commission in 1963 which expired on January 24, 2013. We are working through the public renewal process which is scheduled to be completed in July 2013.

Sale of Live Nation Stock. In March 2013, the Company sold all of its holdings of common stock of Live Nation for proceeds of $44,136. The proceeds were used for general corporate purposes. See Note 6 to the consolidated financial statements included in Part I — Item 1. of this Quarterly Report on Form 10-Q.

Recently Adopted Accounting Pronouncements, Recently Issued Accounting Pronouncements Not Yet Adopted and Critical Accounting Policies

Recently Adopted Accounting Pronouncements

In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220) - Presentation of Comprehensive Income, which is intended to improve the overall quality of financial reporting by increasing the prominence of items reported in other comprehensive income, and to additionally align the presentation of other comprehensive income in financial statements prepared in accordance with GAAP with those prepared in accordance with International Financial Reporting Standards. An entity now has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Additionally, in December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220) - Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05, to indefinitely defer the effective date of the specific requirement to present items that are reclassified out of accumulated other comprehensive income to net income alongside their respective components of net income and other comprehensive income. During the deferral period, the existing requirements in GAAP for the presentation of reclassification adjustments are required to be followed. These standards were retrospectively adopted by the Company in the first quarter of fiscal year 2013 and the Company elected to present two separate but consecutive statements. The adoption of these standards resulted only in changes in the presentation of its financial statements and did not have an impact on the Company's financial position, results of operations, or cash flows.

In September 2011, the FASB issued ASU No. 2011-08, Intangibles - Goodwill and Other (Topic 350) - Testing Goodwill for Impairment, which amends ASC Topic 350, Intangibles - Goodwill and Other. This guidance permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit's fair value is less than its carrying amount before applying a two-step goodwill impairment test. If an entity can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it would not need to perform the two-step impairment test for that reporting unit. If an entity does not elect to perform the qualitative assessment then the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. This standard was adopted by the Company in the first quarter of fiscal year 2013. The adoption of this standard did not have an impact on the Company's financial position, results of operations, or cash flows.

In July 2012, the FASB issued ASU No. 2012-02, Intangibles-Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment, to establish an optional two-step analysis for impairment testing of indefinite-lived intangibles other than goodwill. In particular, the two-step analysis establishes an optional qualitative assessment to precede the quantitative assessment, if necessary. In the qualitative assessment, the entity must evaluate the totality of qualitative factors, including any recent fair value measurements, that impact whether an indefinite-lived intangible asset other than goodwill has a carrying amount that more likely than not exceeds its fair value. The entity must proceed to conduct a quantitative analysis, according to which the entity would record an impairment charge for the amount of the asset's carrying amount exceeding the fair value, if (1) the entity determines that such an impairment is more likely than not to exist, or (2) the entity forgoes the qualitative assessment entirely. The standard's update brings the accounting treatment for determining impairment charges on other intangible assets in conformity with the treatment of goodwill, as established by ASU No. 2011-08. This standard was adopted by the Company in the first quarter of fiscal year 2013. The adoption of this standard did not have an impact on the Company's financial position, results of operations, or cash flows.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2011, the FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which creates new disclosure requirements regarding the nature of an entity's rights of offset and related arrangements associated with its financial instruments and derivative instruments. In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures

45

about Offsetting Assets and Liabilities, which clarifies the scope of transactions that are subject to disclosures required by FASB ASC 210-20-50, Balance Sheet - Offsetting - Disclosure, concerning offsetting. In particular the ASU addresses implementation issues about the scope of ASU No. 2011-11 and clarifies that the scope of the disclosure is limited to derivatives, repurchase agreements, and securities borrowing and securities lending transactions that are either offset in the financial statements or are subject to a master netting arrangement or similar arrangement. These standards will be effective for the Company beginning in its first quarter of fiscal year 2014 with retrospective application required. The Company believes that the adoption of these standards will not have any impact on the Company's financial position, results of operations, or cash flows.

In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which will require an entity to provide information about amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This standard will be effective prospectively for the Company beginning in its first quarter of fiscal year 2014. The Company believes that the adoption of this standard may impact the Company's disclosures only and will not have any impact on the Company's financial position, results of operations, or cash flows.

Critical Accounting Policies

The following discussion has been included to provide a discussion of our annual impairment testing of goodwill and identifiable indefinite-lived intangible assets performed during the quarter ended September 30, 2012. Accordingly, we have not repeated herein a discussion of the Company's other critical accounting policies as set forth in our Annual Report on Form 10-K for the year ended June 30, 2012.

Goodwill

Goodwill is tested annually for impairment during the first quarter of the fiscal year and at any time upon the occurrence of certain events or substantive changes in circumstances. An entity has the option of performing a qualitative assessment of whether it is more likely than not that a reporting unit's fair value is less than its carrying amount before applying the two step goodwill impairment test. If an entity does not elect to perform the qualitative assessment then the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill that would be recognized in a business combination. The Company's three reporting units for evaluating goodwill impairment are the same as its reportable segments, and all of them have goodwill.

The goodwill balance reported on the Company's balance sheet as of March 31, 2013 by reportable segment is as follows:

MSG Media	$	465,326
MSG Entertainment	58,979
MSG Sports	218,187
	$	742,492

During the quarter ended September 30, 2012, the Company performed its annual impairment test of goodwill, and there was no impairment of goodwill identified for any of its reportable segments.

Identifiable Indefinite-Lived Intangible Assets

Identifiable indefinite-lived intangible assets are tested annually for impairment during the first quarter of the fiscal year and at any time upon the occurrence of certain events or substantive changes in circumstances. An entity has the option of performing a qualitative assessment of whether it is more likely than not that an identifiable indefinite-lived intangible asset has a carrying value that more likely than not exceeds its fair value. If an entity does not elect to perform the qualitative assessment then the impairment test for identifiable indefinite-lived intangible assets consists of a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is

46

recognized in an amount equal to that excess. The following table sets forth the amount of identifiable indefinite-lived intangible assets reported in the Company's consolidated balance sheet as of March 31, 2013 by reportable segment:

Sports franchises (MSG Sports segment)	$	96,215
Trademarks (MSG Entertainment segment)	62,421
	$	158,636

During the quarter ended September 30, 2012, the Company performed its annual impairment test of identifiable indefinite-lived intangible assets, and there were no impairments identified.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There were no material changes to the disclosures on this matter made in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2012 other than the Company's March 2013 sale of all of its holdings of Live Nation common stock.

Item 4. Controls and Procedures

The Company's principal executive officer and principal financial officer have concluded that the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Securities Exchange Act of 1934, as amended ("Exchange Act")) were effective as of March 31, 2013, based on the evaluation of these controls and procedures required by Rule 13a-15(b) or 15d-15(b) of the Exchange Act.

There were no changes in our internal control over financial reporting during the quarter ended March 31, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

47

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

See Part II — Item 1. of the Company's Quarterly Report on Form 10-Q for the period ended December 31, 2012.

Item 6. Exhibits

(a) Index to Exhibits

EXHIBIT NO.	DESCRIPTION
10.1	Summary of Office Space Arrangement Between MSG Holdings, L.P. and the Knickerbocker Group     LLC.
31.1	Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification by the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification by the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase.
101.DEF	XBRL Taxonomy Extension Definition Linkbase.
101.LAB	XBRL Taxonomy Extension Label Linkbase.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase.

48

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the 3rd day of May, 2013.

The Madison Square Garden Company
By:	/S/    ROBERT M. POLLICHINO
	Name:	Robert M. Pollichino
	Title:	Executive Vice President and Chief
		Financial Officer

49

EX-10.1

Exhibit 10.1

Summary of Office Space Arrangement Between MSG Holdings, L.P. and the Knickerbocker Group LLC.

MSG Holdings, L.P., a subsidiary of The Madison Square Garden Company (the “Company”), has agreed to make office space available from time to time to the Knickerbocker Group LLC, an entity owned by James L. Dolan, the Executive Chairman and a director of the Company.  The Knickerbocker Group LLC will be charged an amount equal to the allocated cost of the space.  The Company can end the arrangement at any time.

EX-31.1

Exhibit 31.1

Certification

I, Hank J. Ratner, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The Madison Square Garden Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2013

/s/ Hank J. Ratner

Hank J. Ratner

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification

I, Robert M. Pollichino, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The Madison Square Garden Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2013

/s/ Robert M. Pollichino

Robert M. Pollichino

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification

Pursuant to 18 U.S.C. §1350, the undersigned officer of The Madison Square Garden Company (the “Company”), hereby certifies, to such officer's knowledge, that the Company's Quarterly Report on Form 10-Q for the Quarter ended March 31, 2013 (the “Report”) fully complies with the requirements of §13(a) or §15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 3, 2013

/s/ Hank J. Ratner

Hank J. Ratner

President and Chief Executive Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Report or as a separate disclosure document.

EX-32.2

Exhibit 32.2

Certification

Pursuant to 18 U.S.C. §1350, the undersigned officer of The Madison Square Garden Company (the “Company”), hereby certifies, to such officer's knowledge, that the Company's Quarterly Report on Form 10-Q for the Quarter ended March 31, 2013 (the “Report”) fully complies with the requirements of §13(a) or §15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 3, 2013

/s/ Robert M. Pollichino

Robert M. Pollichino

Executive Vice President and Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Report or as a separate disclosure document.

XML

Share Based Compensation (Tables)

9 Months Ended

Mar. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options Activity

The following table summarizes activity relating to holders (including Company, Cablevision and AMC Networks Inc. ("AMC Networks") employees and directors) of the Company's stock options for the nine months endedMarch 31, 2013:

	Number of				Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
	Non-Performance Vesting Options		Performance Vesting Options (a)
Balance, June 30, 2012	1,371		103		$	9.55	2.82	$	41,113
Exercised (b)	(1,033	)	(68	)	$	8.53
Balance, March 31, 2013	338		35		$	12.56	2.92	$	16,817
Exercisable at March 31, 2013	313		35		$	11.84	2.71	$	15,944

_____________________

^(a)  The Cablevision performance objective with respect to these awards has been achieved.

^(b)  Stock options exercised during the nine months ended March 31, 2013 include 340 Company stock options that were exercised pursuant to a cashless exercise, of which approximately 189 Company stock options were surrendered to the Company in order to meet tax withholding requirements and for the exercise price of the stock options. The Company remitted to Cablevision $5,637, which represents the aggregate value on the exercise date of the stock options that were surrendered to the Company to meet tax withholding requirements. This amount is reflected as a financing activity in the accompanying consolidated statement of cash flows for the nine months endedMarch 31, 2013 and has been classified as additional paid-in capital.

Schedule of Share-based Compensation, Restricted Shares Activity

The following table summarizes activity relating to a holder of the Company's Class A Common Stock restricted shares issued under the Employee Stock Plan for the nine months endedMarch 31, 2013:

	Restricted  Shares		Weighted-Average Fair Value Per Share at Date of Grant
Unvested award balance, June 30, 2012	119		$	21.90
Vested	(119	)	$	21.90
Unvested award balance, March 31, 2013	—		—

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

The following table summarizes activity relating to holders of the Company's RSUs for the nine months endedMarch 31, 2013:

	Number of
	Non-Performance Vesting RSUs		Performance Vesting RSUs		Weighted-Average Fair Value Per Share At Date of Grant
Unvested award balance, June 30, 2012	1,171		674		$	24.11
Granted	333		120		$	42.00
Vested	(332	)	(301	)	$	22.87
Forfeited	(155	)	—		$	25.83
Unvested award balance, March 31, 2013	1,017		493		$	29.82

XML

Debt (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Mar. 31, 2013	Jan. 28, 2010
Debt Disclosure [Abstract]
Senior secured revolving credit facility		$ 375,000
Revolving credit term in years	5 years
Debt instrument, restrictive covenants	(i) a maximum total secured leverage ratio of 3.50:1.00 and (ii) a maximum total leverage ratio of 6.00:1.00. In addition, there is a minimum interest coverage ratio of 2.50:1.00 for the Company.
Letters of credit issued and outstanding under the Revolving Credit Facility	7,000
Borrowing capacity	$ 368,000

XML

Goodwill and Intangible Assets (Schedule of Intangible Assets Subject To Amortization) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012	Jun. 30, 2012
Finite-Lived Intangible Assets [Line Items]
Gross	$ 175,779		$ 175,779		$ 224,024
Accumulated Amortization	(82,474)		(82,474)		(122,210)
Net	93,305		93,305		101,814
Finite-Lived Intangible Assets, Amortization Expense	2,600	4,130	8,509	15,827
Goodwill and Intangible Asset Impairment				3,112
Affiliation Agreements and Affiliate Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	83,044		83,044		106,677
Accumulated Amortization	(27,675)		(27,675)		(48,357)
Net	55,369		55,369		58,320
Season Ticket Holder Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	73,124		73,124		75,005
Accumulated Amortization	(42,086)		(42,086)		(39,994)
Net	31,038		31,038		35,011
Suite Holder Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	15,394		15,394		15,394
Accumulated Amortization	(11,192)		(11,192)		(10,142)
Net	4,202		4,202		5,252
Broadcast rights [Member]
Finite-Lived Intangible Assets [Line Items]
Gross					15,209
Accumulated Amortization					(14,992)
Net					217
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross	4,217		4,217		11,739
Accumulated Amortization	(1,521)		(1,521)		(8,725)
Net	$ 2,696		$ 2,696		$ 3,014

XML

Fair Value Measurements (Schedule of Fair Value, Assets Measured on Recurring Basis) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Money market accounts [Member]
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 168,278	$ 79,994
Money market accounts [Member] | Level I [Member]
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	168,278	79,994
Time deposits [Member]
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	40,259	120,629
Time deposits [Member] | Level I [Member]
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	40,259	120,629
Available-for-sale securities (in other assets) [Member]
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value		35,919
Available-for-sale securities (in other assets) [Member] | Level I [Member]
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value		35,919
Total assets measured at fair value [Member]
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	208,537	236,542
Total assets measured at fair value [Member] | Level I [Member]
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 208,537	$ 236,542

XML

Goodwill and Intangible Assets (Carrying Amount of Goodwill By Reportable Segment) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2012	Mar. 31, 2013	Jun. 30, 2012
Goodwill [Line Items]
Goodwill		$ 742,492	$ 742,492
Impairment of goodwill	0
MSG Media [Member]
Goodwill [Line Items]
Goodwill		465,326	465,326
MSG Entertainment [Member]
Goodwill [Line Items]
Goodwill		58,979	58,979
MSG Sports [Member]
Goodwill [Line Items]
Goodwill		$ 218,187	$ 218,187

XML

Goodwill and Intangible Assets (Tables)

9 Months Ended

Mar. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Amount of Goodwill by Reportable Segment

The carrying amount of goodwill, by reportable segment, as of March 31, 2013 and June 30, 2012 is as follows:

MSG Media	$	465,326
MSG Entertainment	58,979
MSG Sports	218,187
	$	742,492

Schedule of Indefinite-Lived Intangible Assets

The Company's indefinite-lived intangible assets as of March 31, 2013 and June 30, 2012 are as follows:

Sports franchises (MSG Sports segment)	$	96,215
Trademarks (MSG Entertainment segment)	62,421
	$	158,636

Schedule of Intangible Assets Subject to Amortization

The Company's intangible assets subject to amortization as of March 31, 2013 and June 30, 2012 are as follows:

March 31, 2013	Gross		Accumulated Amortization			Net
Affiliate relationships	$	83,044	$	(27,675	)	$	55,369
Season ticket holder relationships	73,124		(42,086		)	31,038
Suite holder relationships	15,394		(11,192		)	4,202
Other intangibles	4,217		(1,521		)	2,696
	$	175,779	$	(82,474	)	$	93,305

June 30, 2012	Gross		Accumulated Amortization			Net
Affiliation agreements and affiliate relationships	$	106,677	$	(48,357	)	$	58,320
Season ticket holder relationships	75,005		(39,994		)	35,011
Suite holder relationships	15,394		(10,142		)	5,252
Broadcast rights	15,209		(14,992		)	217
Other intangibles	11,739		(8,725		)	3,014
	$	224,024	$	(122,210	)	$	101,814

The recorded amounts for the gross carrying values of certain intangible assets subject to amortization, and the related accumulated amortization, decreased during the nine months endedMarch 31, 2013 as those intangible assets became fully amortized.

Schedule of Finite-Lived Intangible Assets Useful Life

The estimated useful lives of the Company's intangible assets subject to amortization as of March 31, 2013 are as follows:

	Estimated Useful Lives
Affiliate relationships	24 years
Season ticket holder relationships	12 to 15 years
Suite holder relationships	11 years
Other intangibles	15 years

XML

Pension Plans and Other Postretirement Benefit Plan (Schedule of Net Periodic Benefit Cost) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Pension Plans [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost	$ 1,691	$ 1,639	$ 5,053	$ 4,918
Interest cost	1,705	1,724	5,150	5,172
Expected return on plan assets	(939)	(651)	(2,814)	(1,954)
Recognized actuarial loss (gain)	497	509	1,578	1,532
Amortization of unrecognized prior service cost (credit)	6	6	19	19
Net periodic benefit cost	2,960	3,227	8,986	9,687
Postretirement Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]
Service cost	76	54	196	161
Interest cost	93	89	261	269
Recognized actuarial loss (gain)	3	(5)	15	(16)
Amortization of unrecognized prior service cost (credit)	(41)	(44)	(124)	(132)
Net periodic benefit cost	$ 131	$ 94	$ 348	$ 282

XML

Segment Information

9 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company classifies its business interests into three reportable segments which are MSG Media, MSG Entertainment and MSG Sports. The Company allocates certain corporate costs to all of its reportable segments. In addition, the Company allocates its venue operating expenses to its MSG Entertainment and MSG Sports segments. Allocated venue operating expenses include the non-event related costs of operating the Company's venues, and include such costs as rent, real estate taxes, insurance, utilities, repairs and maintenance, and labor related to the overall management of the venues. Depreciation expense related to The Garden and The Theater at Madison Square Garden is not allocated to the reportable segments and is reported in "All other."

The Company conducts a significant portion of its operations at venues that it either owns or operates under long-term leases. The Company owns The Garden and The Theater at Madison Square Garden in New York City, the Forum in Inglewood, California, and The Chicago Theatre in Chicago. In addition, the Company leases Radio City Music Hall and the Beacon Theatre in New York City, and has a booking agreement with respect to the Wang Theatre in Boston.

The Company evaluates segment performance based on several factors, of which the key financial measure is their operating income (loss) before (i) depreciation, amortization and impairments of property and equipment and intangible assets, (ii) share-based compensation expense or benefit and (iii) restructuring charges or credits, which is referred to as adjusted operating cash flow ("AOCF"), a non-GAAP measure. The Company has presented the components that reconcile AOCF to operating income (loss), an accepted GAAP measure. Information as to the operations of the Company's reportable segments is set forth below.

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Revenues
MSG Media	$	184,666		$	166,180		$	500,974		$	447,218
MSG Entertainment	35,491			34,342			217,390			213,168
MSG Sports	208,080			216,131			329,547			333,567
All other	124			82			335			82
Inter-segment eliminations (a)	(15,955		)	(16,284		)	(43,788		)	(42,938		)
	$	412,406		$	400,451		$	1,004,458		$	951,097

_________________

^(a)  Primarily represents local media rights recognized by the Company's MSG Sports segment from the licensing of team related programming to the Company's MSG Media segment which are eliminated in consolidation. Local media rights are generally recognized on a straight-line basis over the fiscal year.

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Inter-segment revenues
MSG Entertainment	$	27	$	27	$	63	$	69
MSG Sports	15,928		16,257		43,725		42,869
	$	15,955	$	16,284	$	43,788	$	42,938

Reconciliation (by Segment and in Total) of AOCF to Operating Income (Loss)

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
AOCF
MSG Media	$	95,390		$	65,347		$	267,712		$	192,718
MSG Entertainment	(13,078		)	(12,764		)	4,399			10,617
MSG Sports	11,649			29,316			(1,374		)	8,933
All other (a)	(2,222		)	(1,669		)	(7,401		)	(6,815		)
	$	91,739		$	80,230		$	263,336		$	205,453

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Depreciation and amortization (including impairments)
MSG Media	$	3,860	$	5,238	$	12,314	$	19,393
MSG Entertainment	2,354		2,353		7,145		7,261
MSG Sports	2,364		2,742		7,962		8,209
All other (b)	14,417		12,203		37,018		28,131
	$	22,995	$	22,536	$	64,439	$	62,994

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Share-based compensation expense
MSG Media	$	1,744	$	1,564	$	4,416	$	4,488
MSG Entertainment	1,670		1,298		4,158		4,000
MSG Sports	1,142		1,193		2,943		3,673
All other	402		316		2,381		2,656
	$	4,958	$	4,371	$	13,898	$	14,817

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Operating income (loss)
MSG Media	$	89,786		$	58,545		$	250,982		$	168,837
MSG Entertainment	(17,102		)	(16,415		)	(6,904		)	(644		)
MSG Sports	8,143			25,381			(12,279		)	(2,949		)
All other	(17,041		)	(14,188		)	(46,800		)	(37,602		)
	$	63,786		$	53,323		$	184,999		$	127,642

A reconciliation of reportable segment operating income to the Company's consolidated income from operations before income taxes is as follows:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Total operating income for reportable segments	$	80,827		$	67,511		$	231,799		$	165,244
Other operating loss	(17,041		)	(14,188		)	(46,800		)	(37,602		)
Operating income	63,786			53,323			184,999			127,642
Items excluded from operating income:
Interest income	530			606			1,682			1,733
Interest expense	(1,723		)	(1,694		)	(5,289		)	(5,334		)
Miscellaneous income(c)	3,373			6,590			3,475			6,590
Income from operations before income taxes	$	65,966		$	58,825		$	184,867		$	130,631

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Capital expenditures
MSG Media	$	1,613	$	1,664	$	10,114	$	4,738
MSG Entertainment	5,648		1,014		9,389		2,940
MSG Sports	843		322		2,160		1,276
All other (d)	29,270		83,268		175,024		343,185
	$	37,374	$	86,268	$	196,687	$	352,139

_________________

^(a)  Consists of unallocated corporate general and administrative costs.

^(b)  Principally includes depreciation and amortization expense on The Garden and The Theater at Madison Square Garden and certain corporate property, equipment and leasehold improvement assets not allocated to the Company's reportable segments.

^(c)  Miscellaneous income for the three and nine months ended March 31, 2013 consists principally of a gain from the sale of all of the Company's holdings of Live Nation common stock. Miscellaneous income for the three and nine months ended March 31, 2012 consists principally of the recovery of certain claims in connection with a third party bankruptcy proceeding.

^(d)  Consists principally of capital expenditures associated with the Transformation.

Substantially all revenues and assets of the Company's reportable segments are attributed to or located in the United States and are primarily concentrated in the New York metropolitan area.

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Property and Equipment (Schedule of Property, Plant and Equipment) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013		Jun. 30, 2012
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,550,009		$ 1,405,224
Less accumulated depreciation and amortization	(457,315)		(435,696)
Property and equipment, net	1,092,694		969,528
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	92,828		92,828
Building [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	800,392		604,504
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	326,639		287,841
Aircraft [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	42,961		42,961
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	37,436		25,592
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	152,162		148,572
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 97,591	[1]	$ 202,926	[1]

[1] Construction in progress primarily relates to the Transformation.

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Computation of Earnings Per Common Share (Details) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Earnings Per Share [Abstract]
Weighted-average shares for basic EPS (in shares)	76,537	75,007	76,022	74,717
Dilutive effect of shares issuable under share-based compensation plans and shares restricted on the same basis as underlying Cablevision restricted shares (in shares)	1,504	2,605	1,878	2,675
Weighted-average shares for diluted EPS (in shares)	78,041	77,612	77,900	77,392
Antidilutive shares			24

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Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Mar. 31, 2013

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The following table details the components of accumulated other comprehensive income (loss):

	Pension Plans  and Postretirement Plan			Unrealized Gain (Loss) on Available-for-sale Securities			Accumulated Other Comprehensive Income (Loss)
Balance as of June 30, 2012	$	(21,216	)	$	(2,946	)	$	(24,162	)
Other comprehensive income, before income taxes	1,488			5,087			6,575
Income tax expense	(633		)	(2,141		)	(2,774		)
Balance as of March 31, 2013	$	(20,361	)	$	—		$	(20,361	)
Balance as of June 30, 2011	$	(17,441	)	$	2,208		$	(15,233	)
Other comprehensive income (loss), before income taxes	1,403			(8,100		)	(6,697		)
Income tax benefit (expense)	(595		)	3,441			2,846
Balance as of March 31, 2012	$	(16,633	)	$	(2,451	)	$	(19,084	)

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Property and Equipment (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012	Jun. 30, 2012
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 20,395	$ 18,406	$ 55,930	$ 47,167
Asset retirement obligations in other accrued liabilities	$ 11,134		$ 11,134		$ 10,377

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Concentration of Risk (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Risks and Uncertainties [Abstract]
Customer Concentration In Other Assets	$ 43,000	$ 43,000
Customer Concentration In Other Current Assets	2,000	2,000
Customer Concentration In Prepaid Expenses	$ 5,000

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Share-Based Compensation (Schedule of Share-based Compensation, Restricted Stock Activity) (Details) (Restricted Stock [Member], USD $) In Thousands, except Per Share data, unless otherwise specified	9 Months Ended
	Mar. 31, 2013
Restricted Stock [Member]
Unvested award (in shares):
Unvested award balance (beginning balance)	119
Vested	(119)
Unvested award balance (ending balance)	0
Weighted-Average Fair Value Per Share at Date of Grant (in dollars per share):
Unvested award balance (beginning balance)	$ 21.90
Vested	$ 21.90
Vested in Period, Total Fair Value	$ 6,826
Award Vesting Period	3 years

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Goodwill and Intangible Assets (Schedule of Indefinite-Lived Intangible Assets) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2012	Mar. 31, 2013	Jun. 30, 2012
Indefinite-lived Intangible Assets by Major Class [Line Items]
Indefinite-lived intangible assets		$ 158,636	$ 158,636
Impairment of indefinite-lived intangible assets	0
MSG Sports [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Indefinite-lived intangible assets		96,215	96,215
MSG Entertainment [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Indefinite-lived intangible assets		$ 62,421	$ 62,421

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Description of Business and Basis of Presentation

9 Months Ended

Mar. 31, 2013

Description of Business And Basis of Presentation [Abstract]

Description of Business and Basis of Presentation

Description of Business and Basis of Presentation

Description of Business

The Madison Square Garden Company (together with its subsidiaries, the "Company" or "Madison Square Garden") was incorporated on July 29, 2009 as an indirect, wholly-owned subsidiary of Cablevision Systems Corporation ("Cablevision"). On January 12, 2010, Cablevision's board of directors approved the distribution of all the outstanding common stock of The Madison Square Garden Company to Cablevision shareholders (the "Distribution") and the Company thereafter acquired the subsidiaries of Cablevision that owned, directly and indirectly, all of the partnership interests in MSG Holdings, L.P. ("MSG L.P."). MSG L.P. was the indirect, wholly-owned subsidiary of Cablevision through which Cablevision held the Company's businesses until the Distribution occurred on February 9, 2010. Each holder of record of Cablevision NY Group Class A Common Stock as of close of business on January 25, 2010 (the "Record Date") received one share of the Company's Class A Common Stock for every four shares of Cablevision NY Group Class A Common Stock held. Each holder of record of Cablevision NY Group Class B Common Stock as of the Record Date received one share of the Company's Class B Common Stock for every four shares of Cablevision NY Group Class B Common Stock held. MSG L.P. is now a wholly-owned subsidiary of The Madison Square Garden Company through which the Company conducts substantially all of its business activities.

The Company is a fully integrated sports, entertainment and media business. The Company classifies its business interests into three reportable segments: MSG Media, MSG Entertainment, and MSG Sports. MSG Media produces, develops and acquires content for multiple distribution platforms, including content originating from the Company's venues. MSG Media includes the Company's regional sports networks, MSG Network and MSG+, collectively the "MSG Networks," and "Fuse", a national television network dedicated to music. MSG Networks also include high-definition channels, MSG HD and MSG+ HD, and Fuse includes its high-definition channel, Fuse HD. MSG Entertainment presents or hosts live entertainment events, such as concerts, family shows, performing arts and special events, in the Company's diverse collection of venues. MSG Entertainment also creates, produces and/or presents live productions, including the Radio City Christmas Spectacular featuring the Radio City Rockettes (the "Rockettes"), that are performed in the Company's and other venues. MSG Sports owns and operates the following sports franchises: the New York Knicks (the "Knicks") of the National Basketball Association (the "NBA"), the New York Rangers (the "Rangers") of the National Hockey League (the "NHL"), the New York Liberty (the "Liberty") of the Women's National Basketball Association (the "WNBA"), and the Connecticut Whale of the American Hockey League (the "AHL"), which is the primary player development team for the Rangers. MSG Sports also promotes, produces and/or presents a broad array of other live sporting events outside of Knicks, Rangers and Liberty games.

The Company conducts a significant portion of its operations at venues that it either owns or operates under long-term leases. The Company owns the Madison Square Garden Arena ("The Garden") and The Theater at Madison Square Garden in New York City, the Forum in Inglewood, California, and The Chicago Theatre in Chicago. In addition, the Company leases Radio City Music Hall and the Beacon Theatre in New York City, and has a booking agreement with respect to the Wang Theatre in Boston.

Unaudited Interim Financial Statements

The accompanying interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and the instructions to Rule 10-01 of Regulation S-X, and should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended June 30, 2012. The financial statements as of March 31, 2013 and for the three and nine months ended March 31, 2013 and 2012 presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year. The dependence of the MSG Sports segment on revenues from its NBA and NHL sports teams generally means it earns a disproportionate share of its revenues in the second and third quarters of the Company's fiscal year. However, results for fiscal 2013 were impacted by the shortened NHL regular season as a result of the NHL work stoppage, which delayed the start of the 2012-13 regular season by approximately three months to January 19, 2013 and led to a shortened 48-game regular season. As a result, the Rangers (as well as other NHL teams whose games are telecast on MSG Networks) played fewer regular season home and away games during the three and nine months ended March 31, 2013 as compared to the comparable periods of the prior year. In addition, the late start of the season resulted in a disproportionately higher percentage of Rangers-related revenues and expenses being recognized during the current year quarter as compared to the prior year quarter. With respect to the nine months ended March 31, 2013, the impact of the change in the Rangers schedule resulted in a disproportionately lower percentage of Rangers-related revenues and expenses being recognized as compared to the comparable period of the prior year.

In addition, the comparability of the fiscal 2013 results of operations of the Company and the MSG Media and MSG Sports segments to the prior year was impacted by last year's NBA work stoppage, which resulted in a shortened 66-game 2011-12 regular season, with those games primarily taking place in the fiscal 2012 third quarter.  As a result of last year's compressed regular season schedule, the Knicks played fewer regular season home and away games during the fiscal 2013 third quarter as compared to the prior year quarter. In addition, the delayed start of the 2011-12 season resulted in a disproportionately lower percentage of Knicks-related revenues and expenses being recognized during the current fiscal quarter as compared to the prior year quarter. With respect to the nine months ended March 31, 2013, the Knicks played more regular season home and away games as compared to the comparable period of the prior year. In addition, the delayed start of the season resulted in a disproportionately higher percentage of Knicks-related revenues and expenses being recognized during the nine months ended March 31, 2013 as compared to the comparable period of the prior year.

The dependence of the MSG Entertainment segment on revenues from the Radio City Christmas Spectacular generally means it earns a disproportionate share of its revenues and operating income in the second quarter of the Company's fiscal year.

In addition, the Company closed The Garden and The Theater at Madison Square Garden for the off-season following the Knicks' and Rangers' playoffs in calendar years 2011 and 2012 and the Company plans to close these venues after the conclusion of the Knicks' and Rangers' seasons, including the playoffs, in calendar 2013 due to the comprehensive transformation of The Garden into a state-of-the-art arena (the "Transformation").

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Share-Based Compensation (Schedule of Share-based Compensation, Restricted Stock Units Activity) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	9 Months Ended
	Mar. 31, 2013
Weighted-Average Fair Value Per Share at Date of Grant (in dollars per share):
Taxes paid in lieu of shares issued for equity-based compensation	$ 21,148
Restricted Stock Units (RSUs) [Member]
Weighted-Average Fair Value Per Share at Date of Grant (in dollars per share):
Unvested award balance (beginning balance)	$ 24.11
Granted	$ 42.00
Vested	$ 22.87
Forfeited	$ 25.83
Unvested award balance (ending balance)	$ 29.82
Vested in Period, Total Fair Value	35,913
Number of Equity Instruments Surrendered By Employees	270
Taxes paid in lieu of shares issued for equity-based compensation	$ 15,511
Award Vesting Period	3 years
Restricted Stock Units (RSUs) [Member] | Non-Performance Vesting [Member]
Unvested award (in shares):
Unvested award balance (beginning balance)	1,171
Granted	333
Vested	(332)
Forfeited	(155)
Unvested award balance (ending balance)	1,017
Restricted Stock Units (RSUs) [Member] | Performance Vesting [Member]
Unvested award (in shares):
Unvested award balance (beginning balance)	674
Granted	120
Vested	(301)
Unvested award balance (ending balance)	493

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Impairment Charges Impairment Charges (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Impairment Charges [Line Items]
Impairment of deferred costs	$ 4,982
Goodwill and Intangible Asset Impairment		3,112
DISH [Member]
Impairment Charges [Line Items]
Goodwill and Intangible Asset Impairment		3,112
Deferred Costs [Member]
Impairment Charges [Line Items]
Impairment of deferred costs	$ 4,982

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Property and Equipment (Policies)

9 Months Ended

Mar. 31, 2013

Property and Equipment [Abstract]

Property, Plant and Equipment Depreciation Methods

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to equipment under capital leases and leasehold improvements, amortized over the shorter of the lease term or the asset's estimated useful life.

Asset Retirement Obligations

The Company has recorded asset retirement obligations related to the Transformation and the Forum. The asset retirement obligations have been recorded in accordance with ASC 410, which requires companies to recognize an obligation along with an offsetting increase to the carrying value of the related property and equipment when an obligation or commitment exists to perform remediation efforts and its fair value is reasonably estimable. These obligations were necessitated by the Transformation and the acquisition and planned renovation of the Forum.

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Computation of Earnings Per Common Share (Policies)

9 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share, Policy

Basic earnings per common share ("EPS") is based upon net income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted shares and restricted stock units ("RSUs") only in the periods in which such effect would have been dilutive. The calculation of diluted EPS for the three and nine months ended March 31, 2012 also reflects the effect of assumed vesting of shares restricted on the same basis as underlying Cablevision restricted shares.

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Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract]
Pension Plans and Postretirement Plan, Beginning Blance	$ (21,216)	$ (17,441)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax	1,488	1,403
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax	(633)	(595)
Pension Plans and Postretirement Plan, Ending Blance	(20,361)	(16,633)
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract]
Unrealized Income (Loss) Available-for-sale Securities, Beginning Balance	(2,946)	2,208
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax	5,087	(8,100)
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax	(2,141)	3,441
Unrealized Income (Loss) Available-for-sale Securities, Ending Balance	0	(2,451)
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(24,162)	(15,233)
Other Comprehensive Income (Loss), before Tax	6,575	(6,697)
Other Comprehensive Income (Loss), Tax	(2,774)	2,846
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ (20,361)	$ (19,084)

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Team Personnel Transactions and Insurance Recoveries (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Team Personnel Transactions And Insurance Recoveries [Abstract]
Provisions for Team Personnel Transactions net of insurance recoveries discussed below	$ 15,238	$ 4,649	$ 18,368	$ 14,544
Insurance Recoveries Related To Non Season-ending Player Injuries				$ 323

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Computation of Earnings Per Common Share (Tables)

9 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Reconciliation of Weighted-Average Shares Used in Calculation of Basic and Diluted EPS

The following table presents a reconciliation of weighted-average shares used in the calculations of basic and diluted EPS.

	Three Months Ended		Nine Months Ended
	March 31,		March 31,
	2013	2012	2013	2012
Weighted-average shares for basic EPS	76,537	75,007	76,022	74,717
Dilutive effect of shares issuable under share-based compensation plans     and shares restricted on the same basis as underlying Cablevision     restricted shares	1,504	2,605	1,878	2,675
Weighted-average shares for diluted EPS	78,041	77,612	77,900	77,392
Anti-dilutive shares	—	—	24	—

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Team Personnel Transactions and Insurance Recoveries Team Personnel Transactions and Insurance Recoveries (Tables)

9 Months Ended

Mar. 31, 2013

Team Personnel Transactions And Insurance Recoveries [Abstract]

Team Personnel Transactions and Insurance Recoveries

The following table sets forth provisions for Team Personnel Transactions and insurance recoveries recorded by the Company's MSG Sports segment:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Provisions for Team Personnel Transactions	$	15,238	$	4,649	$	18,368	$	14,544
Insurance recoveries related to non season-ending player injuries	—		—		—		323

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Consolidated Statements Of Stockholders' Equity And Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	Total	Common Stock Issued [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Jun. 30, 2011	$ 1,205,885	$ 761	$ 1,041,769	$ (10,279)	$ 188,867	$ (15,233)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	77,982				77,982
Other comprehensive income (loss)	(3,851)					(3,851)
Comprehensive income	74,131
Exercise of options	2,751	3	2,748
Share-based compensation expense	14,923		14,923
Repurchase Of Restricted Stock	(11,768)			(11,768)
Excess tax benefit on share-based awards	6,935		6,935
Balance at Mar. 31, 2012	1,292,857	764	1,066,375	(22,047)	266,849	(19,084)
Balance at Jun. 30, 2012	1,320,013	764	1,070,046	(22,047)	295,412	(24,162)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	105,965				105,965
Other comprehensive income (loss)	3,801					3,801
Comprehensive income	109,766
Exercise of options	6,767	10	6,757
Share-based compensation expense	13,854		13,854
Tax withholding associated with shares issued for equity-based compensation	(21,148)		(21,148)
Excess tax benefit on share-based awards	7,608		7,608
Shares issued upon Restricted Stock Units vesting	0		(7,856)	7,856
Balance at Mar. 31, 2013	$ 1,436,860	$ 774	$ 1,069,261	$ (14,191)	$ 401,377	$ (20,361)

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Investments Unrealized gains (losses) on available for sale securities (Tables)

9 Months Ended

Mar. 31, 2013

Investments [Abstract]

Unrealized gains (losses) on available for sale securities [Table Text Block]

The pre-tax unrealized gain (loss) on available-for-sale securities that have been included in other comprehensive income (loss) and pre-tax gain reclassified from accumulated other comprehensive income to net income were as follows:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Unrealized gain (loss) arising during the period	$	9,078	$	4,265	$	9,587	$	(8,100	)
Unrealized gain reclassified from accumulated other    comprehensive income to net income	4,500		—		4,500		—

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Segment Information (Tables)

9 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Information as to the operations of the Company's reportable segments is set forth below.

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Revenues
MSG Media	$	184,666		$	166,180		$	500,974		$	447,218
MSG Entertainment	35,491			34,342			217,390			213,168
MSG Sports	208,080			216,131			329,547			333,567
All other	124			82			335			82
Inter-segment eliminations (a)	(15,955		)	(16,284		)	(43,788		)	(42,938		)
	$	412,406		$	400,451		$	1,004,458		$	951,097

_________________

^(a)  Primarily represents local media rights recognized by the Company's MSG Sports segment from the licensing of team related programming to the Company's MSG Media segment which are eliminated in consolidation. Local media rights are generally recognized on a straight-line basis over the fiscal year.

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Inter-segment revenues
MSG Entertainment	$	27	$	27	$	63	$	69
MSG Sports	15,928		16,257		43,725		42,869
	$	15,955	$	16,284	$	43,788	$	42,938

Reconciliation (by Segment and in Total) of AOCF to Operating Income (Loss)

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
AOCF
MSG Media	$	95,390		$	65,347		$	267,712		$	192,718
MSG Entertainment	(13,078		)	(12,764		)	4,399			10,617
MSG Sports	11,649			29,316			(1,374		)	8,933
All other (a)	(2,222		)	(1,669		)	(7,401		)	(6,815		)
	$	91,739		$	80,230		$	263,336		$	205,453

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Depreciation and amortization (including impairments)
MSG Media	$	3,860	$	5,238	$	12,314	$	19,393
MSG Entertainment	2,354		2,353		7,145		7,261
MSG Sports	2,364		2,742		7,962		8,209
All other (b)	14,417		12,203		37,018		28,131
	$	22,995	$	22,536	$	64,439	$	62,994

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Share-based compensation expense
MSG Media	$	1,744	$	1,564	$	4,416	$	4,488
MSG Entertainment	1,670		1,298		4,158		4,000
MSG Sports	1,142		1,193		2,943		3,673
All other	402		316		2,381		2,656
	$	4,958	$	4,371	$	13,898	$	14,817

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Operating income (loss)
MSG Media	$	89,786		$	58,545		$	250,982		$	168,837
MSG Entertainment	(17,102		)	(16,415		)	(6,904		)	(644		)
MSG Sports	8,143			25,381			(12,279		)	(2,949		)
All other	(17,041		)	(14,188		)	(46,800		)	(37,602		)
	$	63,786		$	53,323		$	184,999		$	127,642

A reconciliation of reportable segment operating income to the Company's consolidated income from operations before income taxes is as follows:

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Total operating income for reportable segments	$	80,827		$	67,511		$	231,799		$	165,244
Other operating loss	(17,041		)	(14,188		)	(46,800		)	(37,602		)
Operating income	63,786			53,323			184,999			127,642
Items excluded from operating income:
Interest income	530			606			1,682			1,733
Interest expense	(1,723		)	(1,694		)	(5,289		)	(5,334		)
Miscellaneous income(c)	3,373			6,590			3,475			6,590
Income from operations before income taxes	$	65,966		$	58,825		$	184,867		$	130,631

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Capital expenditures
MSG Media	$	1,613	$	1,664	$	10,114	$	4,738
MSG Entertainment	5,648		1,014		9,389		2,940
MSG Sports	843		322		2,160		1,276
All other (d)	29,270		83,268		175,024		343,185
	$	37,374	$	86,268	$	196,687	$	352,139

_________________

^(a)  Consists of unallocated corporate general and administrative costs.

^(b)  Principally includes depreciation and amortization expense on The Garden and The Theater at Madison Square Garden and certain corporate property, equipment and leasehold improvement assets not allocated to the Company's reportable segments.

^(c)  Miscellaneous income for the three and nine months ended March 31, 2013 consists principally of a gain from the sale of all of the Company's holdings of Live Nation common stock. Miscellaneous income for the three and nine months ended March 31, 2012 consists principally of the recovery of certain claims in connection with a third party bankruptcy proceeding.

^(d)  Consists principally of capital expenditures associated with the Transformation.

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Debt (Schedule of Debt) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013		Jun. 30, 2012
Debt Disclosure [Abstract]
Related party capital lease obligations	$ 2,285	[1]	$ 3,361	[1]
Total	$ 2,285		$ 3,361

[1] Classified in other accrued liabilities and other liabilities in the accompanying consolidated balance sheets. During the nine months ended March 31, 2013, an adjustment was made, in accordance with the agreement, which reduced the Company's capital lease obligations and the carrying value of the corresponding capital lease asset.

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Current Assets:
Cash and cash equivalents	$ 228,417	$ 206,500
Restricted cash	4,948	5,789
Accounts receivable, net of allowance for doubtful accounts of $2,063 and $2,434 as of March 31, 2013 and June 30, 2012, respectively	174,844	126,565
Net related party receivables	27,193	27,277
Prepaid expenses	35,699	29,700
Other current assets	17,474	19,980
Total current assets	488,575	415,811
Property and equipment, net	1,092,694	969,528
Amortizable intangible assets, net	93,305	101,814
Indefinite-lived intangible assets	158,636	158,636
Goodwill	742,492	742,492
Other assets	94,845	136,403
Assets, Total	2,670,547	2,524,684
Current Liabilities:
Accounts payable	6,956	33,048
Net related party payables	737	362
Accrued liabilities:
Employee related costs	67,056	82,886
Other accrued liabilities	212,760	188,410
Deferred revenue	240,219	211,639
Total current liabilities	527,728	516,345
Defined benefit and other postretirement obligations	64,644	58,817
Other employee related costs	44,236	36,689
Other liabilities	57,708	60,438
Deferred tax liability	539,371	532,382
Total liabilities	1,233,687	1,204,671
Commitments and contingencies (Note 10)
Stockholders' Equity:
Preferred stock, par value $0.01, 45,000 shares authorized; none outstanding
Additional paid-in capital	1,069,261	1,070,046
Treasury Stock, at cost, 597 and 927 share as of March 31, 2013 and June 30, 2012, respectively	(14,191)	(22,047)
Retained earnings	401,377	295,412
Accumulated other comprehensive loss	(20,361)	(24,162)
Total stockholders' equity	1,436,860	1,320,013
Liabilities and Equity, Total	2,670,547	2,524,684
Class A Common Stock [Member]
Stockholders' Equity:
Common stock, value issued	638	628
Class B Common Stock [Member]
Stockholders' Equity:
Common stock, value issued	$ 136	$ 136

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Investments (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012	Jun. 30, 2012	Feb. 04, 2011
Schedule of Investments [Line Items]
Proceeds from Sale of Available-for-sale Securities			$ 44,136
Live Nation Entertainment [Member]
Schedule of Investments [Line Items]
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes	9,078	4,265	9,587	(8,100)
Investment (in shares)						3,913
Cost of basis of the investment						41,000
Investment sold, percentage			100.00%
Proceeds from Sale of Available-for-sale Securities	44,136		44,136
Available-for-sale Securities, Gross Realized Gains	3,130		3,130
Investments, Fair Value Disclosure					35,919
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, before Tax	$ 4,500		$ 4,500

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Consolidated Statements Of Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 38,449	$ 31,075	$ 105,965	$ 77,982
Amortization of net actuarial loss included in net periodic benefit cost	287	291	915	874
Amortization of net prior service credit included in net periodic benefit cost	(20)	(22)	(60)	(66)
Other comprehensive income, pension plans and postretirement plan	267	269	855	808
Net changes related to available-for-sale securities	2,654	2,452	2,946	(4,659)
Other comprehensive income (loss)	2,921	2,721	3,801	(3,851)
Comprehensive income	$ 41,370	$ 33,796	$ 109,766	$ 74,131

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Share-Based Compensation (Schedule of Share-Based Compensation Expense) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation Expense	$ 4,958	$ 4,371	$ 13,898	$ 14,817

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Debt (Tables)

9 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Schedule of Debt

Total debt of the Company consists of the following:

	March 31, 2013		June 30, 2012
Revolving Credit Facility	$	—	$	—
Related party capital lease obligations (a)	2,285		3,361
Total	$	2,285	$	3,361

__________________

^(a)  Classified in other accrued liabilities and other liabilities in the accompanying consolidated balance sheets. During the nine months ended March 31, 2013, an adjustment was made, in accordance with the agreement, which reduced the Company's capital lease obligations and the carrying value of the corresponding capital lease asset.

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Income Taxes (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013 Federal [Member]	Jun. 30, 2012 Federal [Member]
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$ 27,517	$ 27,750	$ 78,902	$ 52,649
Effective Income Tax Rate, Continuing Operations	41.70%	47.20%	42.70%	40.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	35.00%	35.00%	35.00%	35.00%
Current Income Tax Liability [Line Items]
Accrued Income Taxes, Current					$ 40,291	$ 25,582

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Share-Based Compensation

9 Months Ended

Mar. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation

Share-based Compensation

See Note 17 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended June 30, 2012 for more information regarding The Madison Square Garden Company 2010 Employee Stock Plan (the "Employee Stock Plan") and The Madison Square Garden Company 2010 Stock Plan for Non-Employee Directors (the "Non-Employee Director Plan"), as well as the treatment after the Distribution of share-based payment awards initially granted under Cablevision equity award programs.

Share-based Compensation Expense

Share-based compensation expense, which is recognized as selling, general and administrative expense, was $4,958 and $4,371 for the three months endedMarch 31, 2013 and 2012, respectively. Share-based compensation expense was $13,898 and $14,817 for the nine months endedMarch 31, 2013 and 2012, respectively.

Share-based Payment Award Activity

The following table summarizes activity relating to holders (including Company, Cablevision and AMC Networks Inc. ("AMC Networks") employees and directors) of the Company's stock options for the nine months endedMarch 31, 2013:

	Number of				Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value
	Non-Performance Vesting Options		Performance Vesting Options (a)
Balance, June 30, 2012	1,371		103		$	9.55	2.82	$	41,113
Exercised (b)	(1,033	)	(68	)	$	8.53
Balance, March 31, 2013	338		35		$	12.56	2.92	$	16,817
Exercisable at March 31, 2013	313		35		$	11.84	2.71	$	15,944

_____________________

^(a)  The Cablevision performance objective with respect to these awards has been achieved.

^(b)  Stock options exercised during the nine months ended March 31, 2013 include 340 Company stock options that were exercised pursuant to a cashless exercise, of which approximately 189 Company stock options were surrendered to the Company in order to meet tax withholding requirements and for the exercise price of the stock options. The Company remitted to Cablevision $5,637, which represents the aggregate value on the exercise date of the stock options that were surrendered to the Company to meet tax withholding requirements. This amount is reflected as a financing activity in the accompanying consolidated statement of cash flows for the nine months endedMarch 31, 2013 and has been classified as additional paid-in capital.

The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of the Company's Class A Common Stock for the options outstanding (and all exercisable) which were all in-the-money at March 31, 2013 and June 30, 2012, as applicable. For the nine months endedMarch 31, 2013 the aggregate intrinsic value of the Company's stock options exercised was $39,406, determined as of the date of option exercise.

The following table summarizes activity relating to a holder of the Company's Class A Common Stock restricted shares issued under the Employee Stock Plan for the nine months endedMarch 31, 2013:

	Restricted  Shares		Weighted-Average Fair Value Per Share at Date of Grant
Unvested award balance, June 30, 2012	119		$	21.90
Vested	(119	)	$	21.90
Unvested award balance, March 31, 2013	—		—

This award was subject to the achievement of a performance target and three-year cliff vesting, both of which have been achieved. The fair value of the shares vested during the nine months endedMarch 31, 2013 was $6,826.

The following table summarizes activity relating to holders of the Company's RSUs for the nine months endedMarch 31, 2013:

	Number of
	Non-Performance Vesting RSUs		Performance Vesting RSUs		Weighted-Average Fair Value Per Share At Date of Grant
Unvested award balance, June 30, 2012	1,171		674		$	24.11
Granted	333		120		$	42.00
Vested	(332	)	(301	)	$	22.87
Forfeited	(155	)	—		$	25.83
Unvested award balance, March 31, 2013	1,017		493		$	29.82

The fair value of RSUs that vested during the nine months ended March 31, 2013 was $35,913. Upon vesting, RSUs granted under the Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations and the remaining number of shares were issued from the Company's treasury shares. To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes, 270 of these RSUs, with an aggregate value of $15,511 were retained by the Company and reflected as financing activity in the accompanying consolidated statement of cash flows for the nine months ended March 31, 2013.

RSUs that were awarded under the Employee Stock Plan are subject to three-year cliff vesting, and certain RSUs are also subject to certain performance conditions. RSUs that were awarded by the Company to its employees will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash.

RSUs that were awarded to non-employee directors under the Non-Employee Director Plan were fully vested upon the date of grant and will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash, on the first business day after ninety days from the date the director's service on the Board of Directors ceases or, if earlier, upon the director's death.

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Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following table presents for each of these hierarchy levels, the Company's assets that are measured at fair value on a recurring basis:

	Level I		Level II		Level III		Total
March 31, 2013
Assets:
Money market accounts	$	168,278	$	—	$	—	$	168,278
Time deposits	40,259		—		—		40,259
Total assets measured at fair value	$	208,537	$	—	$	—	$	208,537
June 30, 2012
Assets:
Money market accounts	$	79,994	$	—	$	—	$	79,994
Time deposits	120,629		—		—		120,629
Available-for-sale securities (in other assets)	35,919		—		—		35,919
Total assets measured at fair value	$	236,542	$	—	$	—	$	236,542

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Income Taxes

9 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income tax expense for the three and nine months ended March 31, 2013 was $27,517 and $78,902, respectively. The effective tax rate for the three months ended March 31, 2013 of 41.7% differs from the statutory federal rate of 35% due principally to state and local income taxes and the impact of nondeductible expenses partially offset by the tax benefit resulting from the domestic production activities deduction. The effective tax rate for the nine months endedMarch 31, 2013 of 42.7% differs from the statutory federal rate of 35% due principally to state and local income taxes, nondeductible expenses and an increase in federal income tax expense recorded in connection with the filing of the Company's 2011 income tax returns offset by the tax benefit resulting from the domestic production activities deduction.

Income tax expense for the three and nine months ended March 31, 2012 was $27,750 and $52,649, respectively. The effective tax rate for the three months ended March 31, 2012 of 47.2% differs from the statutory federal rate of 35% due primarily to state and local income taxes and to a lesser extent, the impact of nondeductible expenses. The effective tax rate for the nine months endedMarch 31, 2012 of 40.3% differs from the the statutory federal rate of 35% due to state and local income taxes and, to a lesser extent, the impact of nondeductible expenses partially offset by the impact of lower state tax rates on deferred tax liabilities.

The current federal tax liability of $40,291 and $25,582 as of March 31, 2013 and June 30, 2012, respectively, is reflected in other accrued liabilities in the accompanying consolidated balance sheets.

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Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Cash flows from operating activities:
Net income	$ 105,965	$ 77,982
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including impairments)	64,439	62,994
Impairment of deferred costs	4,982
Amortization of deferred financing costs	1,635	1,635
Share-based compensation expense related to equity classified awards	13,854	14,923
Gain on Sale of Investment	(3,130)
Excess tax benefit on share-based awards	(8,298)	(6,935)
Provision for doubtful accounts	(145)	234
Change in assets and liabilities:
Accounts receivable, net	(48,134)	(44,812)
Net related party receivables	(347)	(5,135)
Prepaid expenses and other assets	(3,630)	(8,584)
Accounts payable	(23,793)	2,835
Net related party payables	375	498
Accrued and other liabilities	44,194	61,534
Deferred revenue	28,580	55,713
Deferred income taxes	4,215	22,685
Net cash provided by operating activities	180,762	235,567
Cash flows from investing activities:
Capital expenditures	(196,687)	(352,139)
Proceeds from Sale of Available-for-sale Securities	44,136
Payments for acquisition of assets		(4,334)
Net cash used in investing activities	(152,551)	(356,473)
Cash flows from financing activities:
Principal payments on capital lease obligations	(211)	(792)
Proceeds from stock options exercised	6,767	2,751
Cash Paid For Repurchase Of Restricted Stock		(11,768)
Taxes paid in lieu of shares issued for equity-based compensation	(21,148)
Excess tax benefit on share-based awards	8,298	6,935
Net cash provided by (used in) financing activities	(6,294)	(2,874)
Net increase (decrease) in cash and cash equivalents	21,917	(123,780)
Cash and cash equivalents at beginning of period	206,500	304,876
Cash and cash equivalents at end of period	228,417	181,096
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid	25,267	70,581
Change In Asset Retirement Obligation Non-Cash Investing Activity	1,722
Leasehold improvements paid by landlord		$ 1,437

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2012
Accounts receivable, allowance for doubtful accounts	$ 2,063	$ 2,434
Preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	45,000	45,000
Preferred stock, shares outstanding	0	0
Treasury stock, shares	597	927
Class A Common Stock [Member]
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	360,000	360,000
Common stock, shares outstanding	63,262	62,016
Class B Common Stock [Member]
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	90,000	90,000
Common stock, shares outstanding	13,589	13,589

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Debt

9 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Debt

Debt

Total debt of the Company consists of the following:

	March 31, 2013		June 30, 2012
Revolving Credit Facility	$	—	$	—
Related party capital lease obligations (a)	2,285		3,361
Total	$	2,285	$	3,361

__________________

^(a)  Classified in other accrued liabilities and other liabilities in the accompanying consolidated balance sheets. During the nine months ended March 31, 2013, an adjustment was made, in accordance with the agreement, which reduced the Company's capital lease obligations and the carrying value of the corresponding capital lease asset.

Revolving Credit Facility

On January 28, 2010, MSG L.P. and certain of its subsidiaries entered into a credit agreement with a syndicate of lenders (the "Credit Agreement"), providing for a senior secured revolving credit facility of up to $375,000 with a term of five years (the "Revolving Credit Facility"). The Revolving Credit Facility contains certain customary representations and warranties, affirmative covenants and events of default. The Revolving Credit Facility requires MSG L.P. to comply with the following financial covenants: (i) a maximum total secured leverage ratio of 3.50:1.00 and (ii) a maximum total leverage ratio of 6.00:1.00. In addition, there is a minimum interest coverage ratio of 2.50:1.00 for the Company. As of March 31, 2013, the Company was in compliance with the financial covenants in the Revolving Credit Facility. The proceeds of borrowings under the Revolving Credit Facility are available for working capital and capital expenditures, including, but not limited to, the Transformation, and for general corporate purposes. All borrowings under the Revolving Credit Facility are subject to the satisfaction of customary conditions, including covenant compliance, absence of a default and accuracy of representations and warranties. As of March 31, 2013, there was $7,000 in letters of credit issued and outstanding under the Revolving Credit Facility. Available borrowing capacity under the Revolving Credit Facility as of March 31, 2013 was $368,000.

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Document And Entity Information	9 Months Ended
	Mar. 31, 2013	Apr. 30, 2013 Class A Common Stock [Member]	Apr. 30, 2013 Class B Common Stock [Member]
Entity Registrant Name	Madison Square Garden Co
Entity Central Index Key	0001469372
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		63,261,912	13,588,555

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Commitments and Contingencies

9 Months Ended

Mar. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Commitments and Contingencies

Commitments

As more fully described in Notes 11 and 12 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended June 30, 2012, the Company's commitments primarily consist of the MSG Media segment's obligations related to professional team rights, acquired under license agreements, to telecast certain live sporting events, the MSG Sports segment's obligations under employment agreements that the Company has with its professional sports teams' personnel, long-term noncancelable operating lease agreements primarily for entertainment venues and office and storage space, and minimum purchase requirements. These arrangements result from the Company's normal course of business and represent obligations that may be payable over several years.

Legal Matters

In March 2012, the Company was named as a defendant in two purported class action antitrust lawsuits brought in the United States District Court for the Southern District of New York against the NHL and certain NHL member clubs, regional sports networks and cable and satellite distributors. The complaints, which are substantially identical, primarily assert that certain of the NHL's current rules and agreements entered into by defendants, which are alleged by the plaintiffs to provide certain territorial and other exclusivities with respect to the television and online distribution of live hockey games, violate Sections 1 and 2 of the Sherman Antitrust Act. The complaints seek injunctive relief against the defendants' continued violation of the antitrust laws, treble damages, attorneys' fees and pre- and post-judgment interest. On July 27, 2012, the Company and the other defendants filed a motion to dismiss the complaints (which have been consolidated for procedural purposes). On December 5, 2012, the Court issued an Opinion and Order largely denying the motion to dismiss and the case is now in the discovery phase. The Company intends to vigorously defend the claims against the Company. Management does not believe this matter will have a material adverse effect on the Company.

In addition to the matter discussed above, the Company is a defendant in various lawsuits. Although the outcome of these matters cannot be predicted with certainty, management does not believe that resolution of these lawsuits will have a material adverse effect on the Company.

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Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended				9 Months Ended
	Mar. 31, 2013		Mar. 31, 2012		Mar. 31, 2013		Mar. 31, 2012
Income Statement [Abstract]
Revenues (including related party revenues of $46,169 and $44,648 for the three months ended March 31, 2013 and 2012, respectively, and $131,271 and $126,143 for the nine months ended March 31, 2013 and 2012, respectively)	$ 412,406		$ 400,451		$ 1,004,458		$ 951,097
Operating expenses:
Direct operating (including related party expenses of $3,497 and $3,205 for the three months ended March 31, 2013 and 2012, respectively, and $9,892 and $9,743 for the nine months ended March 31, 2013 and 2012, respectively)	246,442		244,087		526,360		540,485
Selling, general and administrative (including related party expenses of $3,232 and $4,001 for the three months ended March 31, 2013 and 2012, respectively, and $9,754 and $8,548 for the nine months ended March 31, 2013 and 2012, respectively)	79,183		80,505		228,660		219,976
Depreciation and amortization (including impairments)	22,995		22,536		64,439		62,994
Operating expenses, Total	348,620		347,128		819,459		823,455
Operating income	63,786		53,323		184,999		127,642
Other income (expense):
Interest income	530		606		1,682		1,733
Interest expense	(1,723)		(1,694)		(5,289)		(5,334)
Miscellaneous	3,373	[1]	6,590	[1]	3,475	[1]	6,590	[1]
Nonoperating income, Total	2,180		5,502		(132)		2,989
Income from operations before income taxes	65,966		58,825		184,867		130,631
Income tax expense	(27,517)		(27,750)		(78,902)		(52,649)
Net income	$ 38,449		$ 31,075		$ 105,965		$ 77,982
Basic earnings per common share (dollars per share)	$ 0.50		$ 0.41		$ 1.39		$ 1.04
Diluted earnings per common share (dollars per share)	$ 0.49		$ 0.40		$ 1.36		$ 1.01
Weighted-average number of common shares outstanding:
Basic (in shares)	76,537		75,007		76,022		74,717
Diluted (in shares)	78,041		77,612		77,900		77,392

[1] Miscellaneous income for the three and nine months ended March 31, 2013 consists principally of a gain from the sale of all of the Company's holdings of Live Nation common stock. Miscellaneous income for the three and nine months ended March 31, 2012 consists principally of the recovery of certain claims in connection with a third party bankruptcy proceeding.

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Impairment Charges

9 Months Ended

Mar. 31, 2013

Asset Impairment Charges [Abstract]

Impairment Charges

Impairment Charges

As a result of the financial performance of a theatrical production of the Radio City Christmas Spectacular that played in three markets outside of New York during the quarter ended December 31, 2012, the Company evaluated whether or not an impairment of the deferred costs related to that production had occurred. Consequently, the Company's MSG Entertainment segment recorded a pre-tax impairment charge of $4,982 for the remaining unamortized deferred costs of assets related to this theatrical production outside of New York, which is reflected in direct operating expenses in the accompanying consolidated statement of operations for the nine months ended March 31, 2013.

Effective July 1, 2010 DISH Network's ("DISH") license to carry Fuse expired and effective October 1, 2010, DISH's license to carry MSG Network and MSG+ expired. While MSG Network and MSG+ have not been carried by DISH since those dates, DISH restored carriage of Fuse on November 1, 2012. As discussions through December 2011 had not resulted in new carriage agreements being reached to restore DISH's carriage of any of the networks, during the quarter ended December 31, 2011, the Company's MSG Media segment recorded a pre-tax impairment charge of $3,112 to write-off the remaining carrying value of the affiliation agreements and affiliate relationships intangible assets associated with DISH. This pre-tax impairment charge is reflected in depreciation and amortization (including impairments) in the accompanying consolidated statement of operations for the nine months ended March 31, 2012.

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Computation of Earnings Per Common Share

9 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Computation of Earnings per Common Share

Computation of Earnings per Common Share

Basic earnings per common share ("EPS") is based upon net income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted shares and restricted stock units ("RSUs") only in the periods in which such effect would have been dilutive. The calculation of diluted EPS for the three and nine months ended March 31, 2012 also reflects the effect of assumed vesting of shares restricted on the same basis as underlying Cablevision restricted shares.

The following table presents a reconciliation of weighted-average shares used in the calculations of basic and diluted EPS.

	Three Months Ended		Nine Months Ended
	March 31,		March 31,
	2013	2012	2013	2012
Weighted-average shares for basic EPS	76,537	75,007	76,022	74,717
Dilutive effect of shares issuable under share-based compensation plans     and shares restricted on the same basis as underlying Cablevision     restricted shares	1,504	2,605	1,878	2,675
Weighted-average shares for diluted EPS	78,041	77,612	77,900	77,392
Anti-dilutive shares	—	—	24	—

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Related Party Transactions

9 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Members of the Dolan family group, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, including trusts for the benefit of the Dolan family group, collectively beneficially own all of the Company's outstanding Class B Common Stock and own approximately 1.7% of the Company's outstanding Class A Common Stock. Such shares of the Company's Class A Common Stock and Class B Common Stock, collectively, represent approximately 69% of the aggregate voting power of the Company's outstanding common stock. Members of the Dolan family are also the controlling stockholders of both Cablevision and AMC Networks.

The Company has entered into various agreements with Cablevision in connection with, and subsequent to, the Distribution. These agreements include arrangements with respect to a number of ongoing commercial relationships including affiliation agreements for carriage of MSG Networks and Fuse. As a result of the distribution by Cablevision of all the outstanding common stock of AMC Networks to Cablevision shareholders (the "AMC Networks Distribution"), certain of those arrangements between Cablevision and the Company, as well as arrangements entered into subsequent to the AMC Networks Distribution, are with AMC Networks.

Revenues from related parties primarily consist of revenues recognized from the distribution of programming services to subsidiaries of Cablevision and include sponsorship revenue as well as in-kind advertising and promotional support received which is recognized as the benefits are realized. Revenues from related parties amounted to $46,169 and $44,648 for the three months ended March 31, 2013 and 2012, respectively. Revenues from related parties amounted to $131,271 and $126,143 for the nine months endedMarch 31, 2013 and 2012, respectively.

AMC Networks provide certain origination, master control and post production services to the Company. Amounts charged to the Company by AMC Networks for origination, master control and post production services amounted to $2,279 and $2,492 for the three months ended March 31, 2013 and 2012, respectively, and $6,952 and $7,470 for the nine months endedMarch 31, 2013 and 2012, respectively.

The Company incurs advertising expenses for services rendered by its related parties, primarily Cablevision, most of which are related to the utilization of in-kind advertising and promotional support, with an equal amount being recognized as revenue when the benefits are realized. Amounts recorded by the Company for such advertising expenses amounted to $3,027 and $2,827 for the three months ended March 31, 2013 and 2012, respectively, and $8,237 and $5,486 for the nine months endedMarch 31, 2013 and 2012, respectively.

Amounts charged to the Company by its related parties for corporate general and administrative expenses, primarily pursuant to transition/administrative services agreements with Cablevision, amounted to $417 and $682 for the three months ended March 31, 2013 and 2012, respectively, and $1,546 and $2,319 for the nine months endedMarch 31, 2013 and 2012, respectively.

In addition, the Company and its related parties enter into transactions with each other in the ordinary course of business. Amounts charged to the Company for other transactions with its related parties, net of amounts charged to the Knickerbocker Group, LLC, an entity owned by James L. Dolan, the Executive Chairman and a director of the Company, by the Company for office space equal to the allocated cost of such space, amounted to $1,006 and $1,205 for the three months ended March 31, 2013 and 2012, respectively, and $2,911 and $3,016 for the nine months endedMarch 31, 2013 and 2012, respectively.

Other

See Note 9 for information on the Company's capital lease obligations due to a related party.

See Note 14 for information on share-based payment awards initially granted under Cablevision equity award programs.

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Fair Value Measurements

9 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels:

• Level I — Quoted prices for identical instruments in active markets.

• Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

• Level III — Instruments whose significant value drivers are unobservable.

The following table presents for each of these hierarchy levels, the Company's assets that are measured at fair value on a recurring basis:

	Level I		Level II		Level III		Total
March 31, 2013
Assets:
Money market accounts	$	168,278	$	—	$	—	$	168,278
Time deposits	40,259		—		—		40,259
Total assets measured at fair value	$	208,537	$	—	$	—	$	208,537
June 30, 2012
Assets:
Money market accounts	$	79,994	$	—	$	—	$	79,994
Time deposits	120,629		—		—		120,629
Available-for-sale securities (in other assets)	35,919		—		—		35,919
Total assets measured at fair value	$	236,542	$	—	$	—	$	236,542

Money market accounts and time deposits

Money market accounts and time deposits are classified within Level 1 of the fair value hierarchy as they are valued using observable inputs that reflect quoted prices for identical assets in active markets. The carrying amount of the Company's money market accounts and time deposits approximates fair value due to their short-term maturities.

Available-for-sale securities (in other assets)

The available-for-sale securities category includes available-for-sale marketable equity securities, whose fair value is determined using quoted market prices. Such items are classified in Level 1 (see Note 6).

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Goodwill and Intangible Assets

9 Months Ended

Mar. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Intangible Assets

Goodwill and Intangible Assets

The carrying amount of goodwill, by reportable segment, as of March 31, 2013 and June 30, 2012 is as follows:

MSG Media	$	465,326
MSG Entertainment	58,979
MSG Sports	218,187
	$	742,492

During the quarter ended September 30, 2012, the Company performed its annual impairment test of goodwill, and there was no impairment of goodwill identified for any of its reportable segments.

The Company's indefinite-lived intangible assets as of March 31, 2013 and June 30, 2012 are as follows:

Sports franchises (MSG Sports segment)	$	96,215
Trademarks (MSG Entertainment segment)	62,421
	$	158,636

During the quarter ended September 30, 2012, the Company performed its annual impairment test of identifiable indefinite-lived intangible assets, and there were no impairments identified.

The Company's intangible assets subject to amortization as of March 31, 2013 and June 30, 2012 are as follows:

March 31, 2013	Gross		Accumulated Amortization			Net
Affiliate relationships	$	83,044	$	(27,675	)	$	55,369
Season ticket holder relationships	73,124		(42,086		)	31,038
Suite holder relationships	15,394		(11,192		)	4,202
Other intangibles	4,217		(1,521		)	2,696
	$	175,779	$	(82,474	)	$	93,305

June 30, 2012	Gross		Accumulated Amortization			Net
Affiliation agreements and affiliate relationships	$	106,677	$	(48,357	)	$	58,320
Season ticket holder relationships	75,005		(39,994		)	35,011
Suite holder relationships	15,394		(10,142		)	5,252
Broadcast rights	15,209		(14,992		)	217
Other intangibles	11,739		(8,725		)	3,014
	$	224,024	$	(122,210	)	$	101,814

The recorded amounts for the gross carrying values of certain intangible assets subject to amortization, and the related accumulated amortization, decreased during the nine months endedMarch 31, 2013 as those intangible assets became fully amortized.

The estimated useful lives of the Company's intangible assets subject to amortization as of March 31, 2013 are as follows:

	Estimated Useful Lives
Affiliate relationships	24 years
Season ticket holder relationships	12 to 15 years
Suite holder relationships	11 years
Other intangibles	15 years

Amortization expense was $2,600 and $4,130 for the three months ended March 31, 2013 and 2012, respectively. For the nine months endedMarch 31, 2013 and 2012 amortization expense was $8,509 and $15,827, respectively. Amortization expense for the nine months endedMarch 31, 2012 includes a pre-tax impairment charge of $3,112, which reflects the write-off of the remaining carrying value of certain intangible assets (see Note 4).

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Share-Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	9 Months Ended		12 Months Ended
	Mar. 31, 2013		Jun. 30, 2012
Weighted Average Exercise Price Per Share (in dollars per share):
Taxes paid in lieu of shares issued for equity-based compensation	$ 21,148
Stock Options [Member]
Weighted Average Exercise Price Per Share (in dollars per share):
Balance (beginning balance)	$ 9.55
Exercised	$ 8.53
Balance (ending balance)	$ 12.56		$ 9.55
Exercisable	$ 11.84
Weighted Average Remaining Contractual Term (in years)	2 years 11 months 1 day		2 years 9 months 26 days
Weighted Average Remaining Contractual Term (in years), Exercisable	2 years 8 months 16 days
Aggregate Intrinsic Value, Balance	16,817		41,113
Aggregate Intrinsic Value, Exercisable	15,944
Taxes paid in lieu of shares issued for equity-based compensation	5,637
Options, Exercises in Period, Total Intrinsic Value	$ 39,406
Stock Options [Member] | Non-Performance Vesting [Member]
Number of Vesting Options (in shares):
Balance (beginning balance)	1,371
Exercised	(1,033)	[1]
Balance (ending balance)	338
Exercisable	313
Stock Options [Member] | Performance Vesting [Member]
Number of Vesting Options (in shares):
Balance (beginning balance)	103	[2]
Exercised	(68)	[2]
Balance (ending balance)	35	[2]
Exercisable	35	[2]
Cashless Exercise [Member] | Stock Options [Member]
Weighted Average Exercise Price Per Share (in dollars per share):
Number of Equity Instruments Surrendered By Employees	(189)
Cashless Exercise [Member] | Stock Options [Member] | Non-Performance Vesting [Member]
Number of Vesting Options (in shares):
Exercised	(340)

[1] Stock options exercised during the nine months ended March 31, 2013 include 340 Company stock options that were exercised pursuant to a cashless exercise, of which approximately 189 Company stock options were surrendered to the Company in order to meet tax withholding requirements and for the exercise price of the stock options. The Company remitted to Cablevision $5,637, which represents the aggregate value on the exercise date of the stock options that were surrendered to the Company to meet tax withholding requirements. This amount is reflected as a financing activity in the accompanying consolidated statement of cash flows for the nine months ended March 31, 2013 and has been classified as additional paid-in capital.

[2] The Cablevision performance objective with respect to these awards has been achieved.

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Team Personnel Transactions and Insurance Recoveries

9 Months Ended

Mar. 31, 2013

Team Personnel Transactions And Insurance Recoveries [Abstract]

Team Personnel Transactions and Insurance Recoveries

Team Personnel Transactions and Insurance Recoveries

Direct operating and selling, general and administrative expenses in the accompanying consolidated statements of operations include net provisions for transactions relating to players and certain other team personnel on the Company's sports teams for (i) season-ending injuries, (ii) trades and (iii) waivers and contract termination costs ("Team Personnel Transactions").

The following table sets forth provisions for Team Personnel Transactions and insurance recoveries recorded by the Company's MSG Sports segment:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Provisions for Team Personnel Transactions	$	15,238	$	4,649	$	18,368	$	14,544
Insurance recoveries related to non season-ending player injuries	—		—		—		323

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Investments

9 Months Ended

Mar. 31, 2013

Investments [Abstract]

Investments

Investments

In February 2011, the Company exchanged its interest in Front Line Management Group, Inc. for approximately 3,913 shares of Live Nation Entertainment, Inc. ("Live Nation") common stock, with a fair value of approximately $41,000 as of that date. In March 2013, the Company sold all of its holdings of Live Nation common stock for $44,136. Other income in the accompanying consolidated statements of operations for the three and nine months ended March 31, 2013 includes a pre-tax gain of $3,130, which reflects an unrealized gain reclassified from accumulated other comprehensive income to net income partially offset by block sale costs.

Prior to the sale, this investment was reported in the consolidated balance sheet in other assets, and was classified as available-for-sale. The fair value of the investment in Live Nation common stock was $35,919 as of June 30, 2012.

The pre-tax unrealized gain (loss) on available-for-sale securities that have been included in other comprehensive income (loss) and pre-tax gain reclassified from accumulated other comprehensive income to net income were as follows:

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2013		2012		2013		2012
Unrealized gain (loss) arising during the period	$	9,078	$	4,265	$	9,587	$	(8,100	)
Unrealized gain reclassified from accumulated other    comprehensive income to net income	4,500		—		4,500		—

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Property and Equipment

9 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

As of March 31, 2013 and June 30, 2012, property and equipment (including equipment under capital leases) consisted of the following assets:

	March 31, 2013			June 30, 2012
Land	$	92,828		$	92,828
Buildings	800,392			604,504
Equipment	326,639			287,841
Aircraft	42,961			42,961
Furniture and fixtures	37,436			25,592
Leasehold improvements	152,162			148,572
Construction in progress (a)	97,591			202,926
	1,550,009			1,405,224
Less accumulated depreciation and amortization	(457,315		)	(435,696		)
	$	1,092,694		$	969,528

______________________

^(a)  Construction in progress primarily relates to the Transformation.

Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to equipment under capital leases and leasehold improvements, amortized over the shorter of the lease term or the asset's estimated useful life. Depreciation is being accelerated for The Garden assets that are being removed as a result of the Transformation. Depreciation and amortization expense on property and equipment (including equipment under capital leases) amounted to $20,395 and $18,406 for the three months ended March 31, 2013 and 2012, respectively. Depreciation and amortization expense on property and equipment (including equipment under capital leases) amounted to $55,930 and $47,167 for the nine months endedMarch 31, 2013 and 2012, respectively. During the nine months endedMarch 31, 2013 the Company removed from its property and equipment accounts fully depreciated assets of The Garden.

The Company has recorded asset retirement obligations related to the Transformation and the Forum. The asset retirement obligations have been recorded in accordance with ASC 410, which requires companies to recognize an obligation along with an offsetting increase to the carrying value of the related property and equipment when an obligation or commitment exists to perform remediation efforts and its fair value is reasonably estimable. These obligations were necessitated by the Transformation and the acquisition and planned renovation of the Forum.

The following is a summary of the change in the carrying amount of the asset retirement obligations during thenine months endedMarch 31, 2013:

Balance as of June 30, 2012	$	12,218
Revisions in estimated liabilities	1,722
Accretion expense	11
Payments	(2,605		)
Balance as of March 31, 2013	$	11,346

As of March 31, 2013 and June 30, 2012, $11,134 and $10,377, respectively, of the total asset retirement obligations were recorded in other accrued liabilities, with the remaining balances recorded in other liabilities, in the accompanying consolidated balance sheets.

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Related Party Transactions (Transactions by Type) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Related Party Transaction [Line Items]
Revenue	$ 46,169	$ 44,648	$ 131,271	$ 126,143
Related Party Transaction Origination Master Control And Post Production Services Expense	2,279	2,492	6,952	7,470
Related Party Transaction Advertising Expense	3,027	2,827	8,237	5,486
Related Party Transaction Corporate General And Administrative Expense	417	682	1,546	2,319
Related Party Transaction Other Expenses From Transactions With Related Party	$ 1,006	$ 1,205	$ 2,911	$ 3,016

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Segment Information (Schedule of Segment Reporting Information by Segment) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				9 Months Ended
	Mar. 31, 2013		Mar. 31, 2012		Mar. 31, 2013		Mar. 31, 2012
Segment Reporting Information [Line Items]
Revenues	$ 412,406		$ 400,451		$ 1,004,458		$ 951,097
Inter-segment revenues	15,955		16,284		43,788		42,938
AOCF	91,739		80,230		263,336		205,453
Depreciation and amortization (including impairments)	22,995		22,536		64,439		62,994
Share-based Compensation Expense	4,958		4,371		13,898		14,817
Operating income (loss)	63,786		53,323		184,999		127,642
Total operating income for reportable segments	80,827		67,511		231,799		165,244
Other operating loss	(17,041)		(14,188)		(46,800)		(37,602)
Investment Income, Interest	530		606		1,682		1,733
Interest expense	(1,723)		(1,694)		(5,289)		(5,334)
Miscellaneous income	3,373	[1]	6,590	[1]	3,475	[1]	6,590	[1]
Income from operations before income taxes	65,966		58,825		184,867		130,631
Capital expenditures	37,374		86,268		196,687		352,139
MSG Media [Member]
Segment Reporting Information [Line Items]
Revenues	184,666		166,180		500,974		447,218
AOCF	95,390		65,347		267,712		192,718
Depreciation and amortization (including impairments)	3,860		5,238		12,314		19,393
Share-based Compensation Expense	1,744		1,564		4,416		4,488
Operating income (loss)	89,786		58,545		250,982		168,837
Capital expenditures	1,613		1,664		10,114		4,738
MSG Entertainment [Member]
Segment Reporting Information [Line Items]
Revenues	35,491		34,342		217,390		213,168
Inter-segment revenues	27		27		63		69
AOCF	(13,078)		(12,764)		4,399		10,617
Depreciation and amortization (including impairments)	2,354		2,353		7,145		7,261
Share-based Compensation Expense	1,670		1,298		4,158		4,000
Operating income (loss)	(17,102)		(16,415)		(6,904)		(644)
Capital expenditures	5,648		1,014		9,389		2,940
MSG Sports [Member]
Segment Reporting Information [Line Items]
Revenues	208,080		216,131		329,547		333,567
Inter-segment revenues	15,928		16,257		43,725		42,869
AOCF	11,649		29,316		(1,374)		8,933
Depreciation and amortization (including impairments)	2,364		2,742		7,962		8,209
Share-based Compensation Expense	1,142		1,193		2,943		3,673
Operating income (loss)	8,143		25,381		(12,279)		(2,949)
Capital expenditures	843		322		2,160		1,276
All Other [Member]
Segment Reporting Information [Line Items]
Revenues	124		82		335		82
AOCF	(2,222)	[2]	(1,669)	[2]	(7,401)	[2]	(6,815)	[2]
Depreciation and amortization (including impairments)	14,417	[3]	12,203	[3]	37,018	[3]	28,131	[3]
Share-based Compensation Expense	402		316		2,381		2,656
Operating income (loss)	(17,041)		(14,188)		(46,800)		(37,602)
Capital expenditures	29,270	[4]	83,268	[4]	175,024	[4]	343,185	[4]
Inter-Segment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues	$ (15,955)	[5]	$ (16,284)	[5]	$ (43,788)	[5]	$ (42,938)	[5]

[1] Miscellaneous income for the three and nine months ended March 31, 2013 consists principally of a gain from the sale of all of the Company's holdings of Live Nation common stock. Miscellaneous income for the three and nine months ended March 31, 2012 consists principally of the recovery of certain claims in connection with a third party bankruptcy proceeding.

[2] Consists of unallocated corporate general and administrative costs.

[3] Principally includes depreciation and amortization expense on The Garden and The Theater at Madison Square Garden and certain corporate property, equipment and leasehold improvement assets not allocated to the Company's reportable segments.

[4] Consists principally of capital expenditures associated with the Transformation.

[5] Primarily represents local media rights recognized by the Company's MSG Sports segment from the licensing of team related programming to the Company's MSG Media segment which are eliminated in consolidation. Local media rights are generally recognized on a straight-line basis over the fiscal year.

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Related Party Transactions (Ownership Percentage) (Details)	Mar. 31, 2013
Related Party Ownership Percentage [Line Items]
Aggregate Voting Power Held By Related Party	69.00%
Common Class A [Member]
Related Party Ownership Percentage [Line Items]
Percentage of Common Stock Owned by Related Party	1.70%
Common Class B [Member]
Related Party Ownership Percentage [Line Items]
Percentage of Common Stock Owned by Related Party	100.00%

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Property and Equipment (Tables)

9 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

As of March 31, 2013 and June 30, 2012, property and equipment (including equipment under capital leases) consisted of the following assets:

	March 31, 2013			June 30, 2012
Land	$	92,828		$	92,828
Buildings	800,392			604,504
Equipment	326,639			287,841
Aircraft	42,961			42,961
Furniture and fixtures	37,436			25,592
Leasehold improvements	152,162			148,572
Construction in progress (a)	97,591			202,926
	1,550,009			1,405,224
Less accumulated depreciation and amortization	(457,315		)	(435,696		)
	$	1,092,694		$	969,528

______________________

^(a)  Construction in progress primarily relates to the Transformation.

Schedule of Asset Retirement Obligations

The following is a summary of the change in the carrying amount of the asset retirement obligations during thenine months endedMarch 31, 2013:

Balance as of June 30, 2012	$	12,218
Revisions in estimated liabilities	1,722
Accretion expense	11
Payments	(2,605		)
Balance as of March 31, 2013	$	11,346

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Property and Equipment (Schedule of Asset Retirement Obligations) (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Mar. 31, 2013
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance as of June 30, 2012	$ 12,218
Asset Retirement Obligation, Revision of Estimate	1,722
Accretion expense	11
Payments	(2,605)
Balance as of March 31, 2013	$ 11,346

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Pension Plans and Other Postretirement Benefit Plan

9 Months Ended

Mar. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Pension Plans And Other Postretirement Benefit Plan

Pension Plans and Other Postretirement Benefit Plan

The Company sponsors a non-contributory qualified cash balance retirement plan covering its non-union employees (the "Cash Balance Pension Plan") and an unfunded non-contributory non-qualified excess cash balance plan covering certain employees who participate in the underlying qualified plan (collectively, the "Cash Balance Plans"). In addition, the Company sponsors two non-contributory qualified defined benefit pension plans covering certain of its union employees ("Union Plans"). Benefits payable to retirees under the Union Plans are based upon years of service and, for one plan, participants' compensation.

Additionally, the Company sponsors an unfunded non-contributory non-qualified defined benefit pension plan for the benefit of certain employees who participated in an underlying frozen qualified plan that was previously merged into the Cash Balance Pension Plan (the "Excess Plan"). As of December 31, 2007, the Excess Plan's benefits were frozen and the ability of participants to earn benefits for future services under this plan was eliminated.

The Cash Balance Plans, Union Plans, and Excess Plan are collectively referred to as the "Pension Plans."

The Company also sponsors a contributory welfare plan which provides certain postretirement healthcare benefits to certain eligible employees hired prior to January 1, 2001 and their eligible dependents, as well as certain union employees ("Postretirement Plan").

Components of net periodic benefit cost for the Company's Pension Plans and Postretirement Plan for the three and nine months ended March 31, 2013 and 2012 are as follows:

	Pension Plans						Postretirement Plan
	Three Months Ended						Three Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Service cost	$	1,691		$	1,639		$	76		$	54
Interest cost	1,705			1,724			93			89
Expected return on plan assets	(939		)	(651		)	—			—
Recognized actuarial loss (gain)	497			509			3			(5		)
Amortization of prior service cost (credit)	6			6			(41		)	(44		)
Net periodic benefit cost	$	2,960		$	3,227		$	131		$	94

	Pension Plans						Postretirement Plan
	Nine Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Service cost	$	5,053		$	4,918		$	196		$	161
Interest cost	5,150			5,172			261			269
Expected return on plan assets	(2,814		)	(1,954		)	—			—
Recognized actuarial loss (gain)	1,578			1,532			15			(16		)
Amortization of prior service cost (credit)	19			19			(124		)	(132		)
Net periodic benefit cost	$	8,986		$	9,687		$	348		$	282

In addition, the Company sponsors qualified and non-qualified savings plans (the "Savings Plans") in which employees of the Company participate. Expenses related to the Savings Plans included in the accompanying consolidated statements of operations were $1,016 and $899 for the three months endedMarch 31, 2013 and 2012, respectively. For the nine months endedMarch 31, 2013 and 2012 expenses related to the Savings Plans were $2,658 and $2,333, respectively.

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Concentration of Risk

9 Months Ended

Mar. 31, 2013

Risks and Uncertainties [Abstract]

Concentration Of Risk

Concentration of Risk

In connection with the Company's license agreement with the New Jersey Devils, the Company has approximately $43,000 and $2,000 recorded in other assets and other current assets, respectively, in the accompanying consolidated balance sheets as of March 31, 2013 and June 30, 2012. In addition, as of March 31, 2013 the Company has approximately $5,000 recorded in prepaid expenses in the accompanying consolidated balance sheet in connection with this license agreement.

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Goodwill and Intangible Assets (Finite-Lived Intangible Assets Useful Life) (Details)	9 Months Ended
	Mar. 31, 2013
Affiliation Agreements and Affiliate Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Useful Life	24 years
Suite Holder Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Useful Life	11 years
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Useful Life	15 years
Minimum [Member] | Season Ticket Holder Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Useful Life	12 years
Maximum [Member] | Season Ticket Holder Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Useful Life	15 years

XML

Description of Business and Basis of Presentation (Details)	9 Months Ended
	Mar. 31, 2013 segments
Description of Business And Basis of Presentation [Abstract]
Common stock distributed, percentage	100.00%
Number of reportable segments	3

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Consolidated Statements Of Operations (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Income Statement [Abstract]
Revenues from related party	$ 46,169	$ 44,648	$ 131,271	$ 126,143
Direct operating expenses from related party	3,497	3,205	9,892	9,743
Selling, general and administrative expenses from related party	$ 3,232	$ 4,001	$ 9,754	$ 8,548

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Accounting Policies

9 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Accounting Policies

Principles of Consolidation

The consolidated financial statements of the Company include the accounts of The Madison Square Garden Company and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, goodwill, intangible assets, other long-lived assets, tax accruals and other liabilities. In addition, estimates are used in revenue recognition, revenue sharing expense (net of escrow), luxury tax expense, income tax expense, performance and share-based compensation, depreciation and amortization, litigation matters, the allowance for losses, and other matters. Management believes its use of estimates in the consolidated financial statements to be reasonable.

Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management's best judgment at a point in time and as such these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company's control could be material and would be reflected in the Company's financial statements in future periods.

New NHL CBA and Revenue Sharing Arrangements

The predecessor NHL collective bargaining agreement ("CBA") expired September 15, 2012 and, effective September 16, 2012, the NHL declared a lockout of NHL players. In January 2013, the NHL and the National Hockey League Players' Association ("NHLPA") entered into a new CBA effective retroactively to September 16, 2012.

Set forth below is a summary of the principal aspects of the new NHL CBA and revenue sharing plan.

NHL CBA. The new NHL CBA expires September 15, 2022 (although the NHL and NHLPA each have the right to terminate the CBA effective following the 2019-20 season). The new NHL CBA continues to provide for a "hard" salary cap (i.e., teams may not exceed a stated maximum that has been negotiated for the 2012-13 and 2013-14 seasons and is adjusted each season thereafter based upon league-wide revenues).

NHL Escrow System/Revenue Sharing. The new NHL CBA provides that each season the players receive as player compensation 50% of that season's league-wide revenues, excluding the impact of agreed-upon aggregate transition payments of $300,000 to be paid on a deferred basis over three years beginning in 2014. Because the percentage to be paid to the players is based upon league-wide revenues and not on a team-by-team basis, the Rangers may pay its players a higher or lower portion of its revenues than other NHL teams pay of their own revenues. In order to implement the salary cap system, NHL teams withhold a portion of each player's salary and contribute the withheld amounts to an escrow account. If the league's aggregate player compensation for a season exceeds the designated percentage (50%) of that season's league-wide revenues, the excess is retained by the league. For the shortened 2012-13 season, any such excess funds will be utilized or distributed by the NHL in its sole discretion. Beginning with the 2013-14 season, any such excess funds will be distributed to all teams in equal shares.

The new NHL CBA also continues to provide for a revenue sharing plan. The new plan generally requires the distribution of a pool of funds approximating 6.055% of league-wide revenues to certain qualifying lower-revenue teams. The pool of funds distributed under the prior revenue sharing plan for the 2011-12 season was $152,600. If the new plan had been in effect during the 2011-12 season, the pool would have been approximately $200,000. Under the new CBA, the pool will be funded as follows: (a) 50% from contributions by the top ten revenue earning teams (based on preseason and regular season revenues) in accordance with a formula; (b) then from payments by teams participating in the playoffs, with each team contributing 35% of its gate receipts for each home playoff game, and (c) the remainder from centrally-generated NHL sources. The Rangers are consistently among the top ten revenue teams and, accordingly, have consistently contributed to the top ten revenue teams component of the prior plan. The Company anticipates that the Rangers will be required to contribute a greater amount under the top ten revenue teams component of the new plan compared to the prior plan. Given the Rangers' expectation of continued revenue growth, it expects its revenue sharing obligations to grow as well.

The Company believes that the changes resulting from the new NHL CBA will not have a significant impact on the results of operations of the Company.

Recently Adopted Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-05, Comprehensive Income (Topic 220) - Presentation of Comprehensive Income, which is intended to improve the overall quality of financial reporting by increasing the prominence of items reported in other comprehensive income, and to additionally align the presentation of other comprehensive income in financial statements prepared in accordance with GAAP with those prepared in accordance with International Financial Reporting Standards. An entity now has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Additionally, in December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220) - Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05, to indefinitely defer the effective date of the specific requirement to present items that are reclassified out of accumulated other comprehensive income to net income alongside their respective components of net income and other comprehensive income. During the deferral period, the existing requirements in GAAP for the presentation of reclassification adjustments are required to be followed. These standards were retrospectively adopted by the Company in the first quarter of fiscal year 2013 and the Company elected to present two separate but consecutive statements. The adoption of these standards resulted only in changes in the presentation of its financial statements and did not have an impact on the Company's financial position, results of operations, or cash flows.

In September 2011, the FASB issued ASU No. 2011-08, Intangibles - Goodwill and Other (Topic 350) - Testing Goodwill for Impairment, which amends Accounting Standards Codification ("ASC") Topic 350, Intangibles - Goodwill and Other. This guidance permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit's fair value is less than its carrying amount before applying a two-step goodwill impairment test. If an entity can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it would not need to perform the two-step impairment test for that reporting unit. If an entity does not elect to perform the qualitative assessment then the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. This standard was adopted by the Company in the first quarter of fiscal year 2013. The adoption of this standard did not have an impact on the Company's financial position, results of operations, or cash flows.

In July 2012, the FASB issued ASU No. 2012-02, Intangibles - Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment, to establish an optional two-step analysis for impairment testing of indefinite-lived intangibles other than goodwill. In particular, the two-step analysis establishes an optional qualitative assessment to precede the quantitative assessment, if necessary. In the qualitative assessment, the entity must evaluate the totality of qualitative factors, including any recent fair value measurements, that impact whether an indefinite-lived intangible asset other than goodwill has a carrying amount that more likely than not exceeds its fair value. The entity must proceed to conduct a quantitative analysis, according to which the entity would record an impairment charge for the amount of the asset's carrying amount exceeding the fair value, if (1) the entity determines that such an impairment is more likely than not to exist, or (2) the entity forgoes the qualitative assessment entirely. The standard's update brings the accounting treatment for determining impairment charges on other intangible assets in conformity with the treatment of goodwill, as established by ASU No. 2011-08. This standard was adopted by the Company in the first quarter of fiscal year 2013. The adoption of this standard did not have an impact on the Company's financial position, results of operations, or cash flows.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2011, the FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which creates new disclosure requirements regarding the nature of an entity's rights of offset and related arrangements associated with its financial instruments and derivative instruments. In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies the scope of transactions that are subject to disclosures required by FASB ASC 210-20-50, Balance Sheet - Offsetting - Disclosure, concerning offsetting. In particular the ASU addresses implementation issues about the scope of ASU No. 2011-11 and clarifies that the scope of the disclosure is limited to derivatives, repurchase agreements, and securities borrowing and securities lending transactions that are either offset in the financial statements or are subject to a master netting arrangement or similar arrangement. These standards will be effective for the Company beginning in its first quarter of fiscal year 2014 with retrospective application required. The Company believes that the adoption of these standards will not have any impact on the Company's financial position, results of operations, or cash flows.

In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which will require an entity to provide information about amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This standard will be effective prospectively for the Company beginning in its first quarter of fiscal year 2014. The Company believes that the adoption of this standard may impact the Company's disclosures only and will not have any impact on the Company's financial position, results of operations, or cash flows.

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Pension Plans And Other Postretirement Benefit Plan (Narrative) (Details) (Msg Savings Plans [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013	Mar. 31, 2012
Msg Savings Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Cost Recognized	$ 1,016	$ 899	$ 2,658	$ 2,333

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Accounting Policies (Policies)

9 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements of the Company include the accounts of The Madison Square Garden Company and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, goodwill, intangible assets, other long-lived assets, tax accruals and other liabilities. In addition, estimates are used in revenue recognition, revenue sharing expense (net of escrow), luxury tax expense, income tax expense, performance and share-based compensation, depreciation and amortization, litigation matters, the allowance for losses, and other matters. Management believes its use of estimates in the consolidated financial statements to be reasonable.

Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management's best judgment at a point in time and as such these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company's control could be material and would be reflected in the Company's financial statements in future periods.

New NHL CBA [Policy Text Block]

New NHL CBA and Revenue Sharing Arrangements

The predecessor NHL collective bargaining agreement ("CBA") expired September 15, 2012 and, effective September 16, 2012, the NHL declared a lockout of NHL players. In January 2013, the NHL and the National Hockey League Players' Association ("NHLPA") entered into a new CBA effective retroactively to September 16, 2012.

Set forth below is a summary of the principal aspects of the new NHL CBA and revenue sharing plan.

NHL CBA. The new NHL CBA expires September 15, 2022 (although the NHL and NHLPA each have the right to terminate the CBA effective following the 2019-20 season). The new NHL CBA continues to provide for a "hard" salary cap (i.e., teams may not exceed a stated maximum that has been negotiated for the 2012-13 and 2013-14 seasons and is adjusted each season thereafter based upon league-wide revenues).

NHL Escrow System/Revenue Sharing [Policy Text Block]

NHL Escrow System/Revenue Sharing. The new NHL CBA provides that each season the players receive as player compensation 50% of that season's league-wide revenues, excluding the impact of agreed-upon aggregate transition payments of $300,000 to be paid on a deferred basis over three years beginning in 2014. Because the percentage to be paid to the players is based upon league-wide revenues and not on a team-by-team basis, the Rangers may pay its players a higher or lower portion of its revenues than other NHL teams pay of their own revenues. In order to implement the salary cap system, NHL teams withhold a portion of each player's salary and contribute the withheld amounts to an escrow account. If the league's aggregate player compensation for a season exceeds the designated percentage (50%) of that season's league-wide revenues, the excess is retained by the league. For the shortened 2012-13 season, any such excess funds will be utilized or distributed by the NHL in its sole discretion. Beginning with the 2013-14 season, any such excess funds will be distributed to all teams in equal shares.

The new NHL CBA also continues to provide for a revenue sharing plan. The new plan generally requires the distribution of a pool of funds approximating 6.055% of league-wide revenues to certain qualifying lower-revenue teams. The pool of funds distributed under the prior revenue sharing plan for the 2011-12 season was $152,600. If the new plan had been in effect during the 2011-12 season, the pool would have been approximately $200,000. Under the new CBA, the pool will be funded as follows: (a) 50% from contributions by the top ten revenue earning teams (based on preseason and regular season revenues) in accordance with a formula; (b) then from payments by teams participating in the playoffs, with each team contributing 35% of its gate receipts for each home playoff game, and (c) the remainder from centrally-generated NHL sources. The Rangers are consistently among the top ten revenue teams and, accordingly, have consistently contributed to the top ten revenue teams component of the prior plan. The Company anticipates that the Rangers will be required to contribute a greater amount under the top ten revenue teams component of the new plan compared to the prior plan. Given the Rangers' expectation of continued revenue growth, it expects its revenue sharing obligations to grow as well.

The Company believes that the changes resulting from the new NHL CBA will not have a significant impact on the results of operations of the Company.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In June 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-05, Comprehensive Income (Topic 220) - Presentation of Comprehensive Income, which is intended to improve the overall quality of financial reporting by increasing the prominence of items reported in other comprehensive income, and to additionally align the presentation of other comprehensive income in financial statements prepared in accordance with GAAP with those prepared in accordance with International Financial Reporting Standards. An entity now has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. Additionally, in December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220) - Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05, to indefinitely defer the effective date of the specific requirement to present items that are reclassified out of accumulated other comprehensive income to net income alongside their respective components of net income and other comprehensive income. During the deferral period, the existing requirements in GAAP for the presentation of reclassification adjustments are required to be followed. These standards were retrospectively adopted by the Company in the first quarter of fiscal year 2013 and the Company elected to present two separate but consecutive statements. The adoption of these standards resulted only in changes in the presentation of its financial statements and did not have an impact on the Company's financial position, results of operations, or cash flows.

In September 2011, the FASB issued ASU No. 2011-08, Intangibles - Goodwill and Other (Topic 350) - Testing Goodwill for Impairment, which amends Accounting Standards Codification ("ASC") Topic 350, Intangibles - Goodwill and Other. This guidance permits an entity to make a qualitative assessment of whether it is more likely than not that a reporting unit's fair value is less than its carrying amount before applying a two-step goodwill impairment test. If an entity can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, it would not need to perform the two-step impairment test for that reporting unit. If an entity does not elect to perform the qualitative assessment then the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. This standard was adopted by the Company in the first quarter of fiscal year 2013. The adoption of this standard did not have an impact on the Company's financial position, results of operations, or cash flows.

In July 2012, the FASB issued ASU No. 2012-02, Intangibles - Goodwill and Other (Topic 350) - Testing Indefinite-Lived Intangible Assets for Impairment, to establish an optional two-step analysis for impairment testing of indefinite-lived intangibles other than goodwill. In particular, the two-step analysis establishes an optional qualitative assessment to precede the quantitative assessment, if necessary. In the qualitative assessment, the entity must evaluate the totality of qualitative factors, including any recent fair value measurements, that impact whether an indefinite-lived intangible asset other than goodwill has a carrying amount that more likely than not exceeds its fair value. The entity must proceed to conduct a quantitative analysis, according to which the entity would record an impairment charge for the amount of the asset's carrying amount exceeding the fair value, if (1) the entity determines that such an impairment is more likely than not to exist, or (2) the entity forgoes the qualitative assessment entirely. The standard's update brings the accounting treatment for determining impairment charges on other intangible assets in conformity with the treatment of goodwill, as established by ASU No. 2011-08. This standard was adopted by the Company in the first quarter of fiscal year 2013. The adoption of this standard did not have an impact on the Company's financial position, results of operations, or cash flows.

Recently Issued Acounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2011, the FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities, which creates new disclosure requirements regarding the nature of an entity's rights of offset and related arrangements associated with its financial instruments and derivative instruments. In January 2013, the FASB issued ASU 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies the scope of transactions that are subject to disclosures required by FASB ASC 210-20-50, Balance Sheet - Offsetting - Disclosure, concerning offsetting. In particular the ASU addresses implementation issues about the scope of ASU No. 2011-11 and clarifies that the scope of the disclosure is limited to derivatives, repurchase agreements, and securities borrowing and securities lending transactions that are either offset in the financial statements or are subject to a master netting arrangement or similar arrangement. These standards will be effective for the Company beginning in its first quarter of fiscal year 2014 with retrospective application required. The Company believes that the adoption of these standards will not have any impact on the Company's financial position, results of operations, or cash flows.

In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which will require an entity to provide information about amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This standard will be effective prospectively for the Company beginning in its first quarter of fiscal year 2014. The Company believes that the adoption of this standard may impact the Company's disclosures only and will not have any impact on the Company's financial position, results of operations, or cash flows.

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Pension Plans and Other Postretirement Benefit Plan (Tables)

9 Months Ended

Mar. 31, 2013

Compensation and Retirement Disclosure [Abstract]

Schedule of Net Periodic Benefit Cost

Components of net periodic benefit cost for the Company's Pension Plans and Postretirement Plan for the three and nine months ended March 31, 2013 and 2012 are as follows:

	Pension Plans						Postretirement Plan
	Three Months Ended						Three Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Service cost	$	1,691		$	1,639		$	76		$	54
Interest cost	1,705			1,724			93			89
Expected return on plan assets	(939		)	(651		)	—			—
Recognized actuarial loss (gain)	497			509			3			(5		)
Amortization of prior service cost (credit)	6			6			(41		)	(44		)
Net periodic benefit cost	$	2,960		$	3,227		$	131		$	94

	Pension Plans						Postretirement Plan
	Nine Months Ended						Nine Months Ended
	March 31,						March 31,
	2013			2012			2013			2012
Service cost	$	5,053		$	4,918		$	196		$	161
Interest cost	5,150			5,172			261			269
Expected return on plan assets	(2,814		)	(1,954		)	—			—
Recognized actuarial loss (gain)	1,578			1,532			15			(16		)
Amortization of prior service cost (credit)	19			19			(124		)	(132		)
Net periodic benefit cost	$	8,986		$	9,687		$	348		$	282

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Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Mar. 31, 2013

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following table details the components of accumulated other comprehensive income (loss):

	Pension Plans  and Postretirement Plan			Unrealized Gain (Loss) on Available-for-sale Securities			Accumulated Other Comprehensive Income (Loss)
Balance as of June 30, 2012	$	(21,216	)	$	(2,946	)	$	(24,162	)
Other comprehensive income, before income taxes	1,488			5,087			6,575
Income tax expense	(633		)	(2,141		)	(2,774		)
Balance as of March 31, 2013	$	(20,361	)	$	—		$	(20,361	)
Balance as of June 30, 2011	$	(17,441	)	$	2,208		$	(15,233	)
Other comprehensive income (loss), before income taxes	1,403			(8,100		)	(6,697		)
Income tax benefit (expense)	(595		)	3,441			2,846
Balance as of March 31, 2012	$	(16,633	)	$	(2,451	)	$	(19,084	)