Madison Square Garden says Sphere Entertainment is selling 5.25 million shares

Live entertainment provider Sphere Entertainment Co.
SPHR,
-2.83%
will sell 5.25 million shares of Madison Square Garden Entertainment Corp.
MSGE,
-11.35%,
Madison Square Garden said on Tuesday. Sphere, which MSG spun off last month, also plans to grant the underwriters a 30-day option to buy up to an extra 787,500 shares of MSG Entertainment. MSG Entertainment will also buy back from Sphere roughly $25 million of its own shares, as part of a $250 million buyback authorization. The repurchase is expected to happen concurrently with the closing of the offering. BofA Securities, Goldman Sachs and J.P. Morgan are acting as joint book-running managers for the offering. Shares of MSG fell 5.2% after hours. Shares of Sphere were unchanged.