NEWS

Madison Square Garden, Inc. Reports First Quarter 2010 Results

New York, NY (May 7, 2010) - Madison Square Garden, Inc. (NASDAQ: MSG) today reported financial results for the first quarter ended March 31, 2010.

Madison Square Garden's first quarter 2010 revenues increased 9.0% to $306.5 million compared to the prior year period, primarily reflecting an increase in MSG Media revenue as well as an increase in MSG Entertainment revenue. Adjusted operating cash flow ("AOCF")(1) increased 203.4% to $48.5 million and operating income increased $32.2 million to $30.1 million, each as compared to the first quarter of 2009. AOCF and operating income growth mainly reflect the increase in MSG Media revenue as well as lower operating expenses in the MSG Sports segment.

First quarter net income of $17.4 million ($0.23 per diluted share) increased $19.3 million compared to a loss of $1.9 million (loss of $0.03 per diluted share) in the prior year period. The increase in net income primarily reflects the growth in operating income during the first quarter of 2010.

Madison Square Garden President and CEO Hank Ratner said: "We are pleased with Madison Square Garden's strong first quarter performance. Our ability to drive solid revenue growth at MSG Media, coupled with lower operating expenses in our MSG Sports segment, led to a significant increase in adjusted operating cash flow versus the first quarter of 2009. Looking ahead, we are confident in the long term growth potential that our unique assets and integrated approach create for each of our three business segments. Separately, we are pleased with our progress on the upcoming renovation of Madison Square Garden which will transform the arena into a state-of-the-art facility and deliver positive returns for our shareholders in the years ahead."

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