NHL

MSG first quarter profit rose 16% on subscription, suite rental fees

Fatter subscription fees for TV networks and increased suite rental fees helped lift quarterly profits at Madison Square Garden.

While its sports and media units performed well in the July-September quarter, Radio City Music Hall and the rest of the entertainment unit produced just meh results.

MSG recorded a 16 percent jump in fiscal first quarter profit and a 5.6 percent rise in revenue for the period.

Profit was $23.9 million, or 31 cents a share, versus Street expectations of 22 cents. Revenue rose 6 percent, to $215.6 million.

MSG Sports, which saw a 21 percent increase in revenue, was also buoyed by higher distributions from the NHL and NBA.

MSG owns the Rangers and the Knicks.

The Sport unit trimmed its loss to $400,000, from $2.1 million last year.

MSG Media, owner of the MSG networks and music outlet Fuse, parted ways with president Mike Bair, the channels chief. He was replaced by Ryan O’Hara.

Revenue for MSG Media rose 4 percent and operating income rose 8 percent.

Fewer events at Radio City Music Hall pushed revenue 7 percent lower at the entertainment unit. MSG Entertainment reported a loss of $18.4 million.

MSG is marking the completion of its refurbishment of the Garden. In January, it will mark the re-opening of the Forum, its Inglewood, Calif., arena.

The company also launched a partnership with music impresario Irving Azoff to create a series of artist service ventures from production to talent management.

MSG shares close Friday down 3.4 percent, to $58.45.