Madison Square Garden Entertainment stock jumps on $25M buyback

Madison Square Garden Entertainment (NYSE:MSGE ) Corp. shares added 6.3% during intraday trading. This marked the largest intraday gain for the company since August.

The climb in stock value followed the company's announcement that it has repurchased approximately $25 million of its common stock.

The company, known for organizing and facilitating live events, has utilized its cash reserves to fund the share buybacks.

According to the statement released by Madison Square Garden Entertainment, the move is part of a broader share repurchase program.

As of now, Madison Square Garden Entertainment has about $85 million left under its current share repurchase authorization.

The buyback program allows the company to reacquire its own shares, a common practice often used to return value to shareholders and signal confidence in the company's financial health and future prospects.

The company's decision to buy back shares comes at a time when many businesses are looking to leverage their balance sheets in ways that can enhance shareholder value.

With a significant portion of the authorized funds still available for further repurchases, Madison Square Garden Entertainment may continue to be active in the market, buying back additional shares.

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Source: Investing.com