Risk Factors Update Summary

• Increased combined ERG involvement rose from 622 members in fiscal year 2022 to approximately 1,700 members in fiscal year 2024, enhancing diversity initiatives.
• The percentage of Class A Common Stock held by the Dolan family decreased from 71% to 70%. This change might result in a shift in voting power dynamics.
• Media rights revenues for the Knicks and Rangers totaled $175.3 million in fiscal year 2024, with rights fees for fiscal year 2025 projected at approximately $186.7 million.
• The number of shares of Class A Common Stock with registration rights decreased from 2 million to 1 million. This change might limit future capital raising opportunities.
• The company expanded its D&I educational strategy, launching “D&I Learning Moments” to highlight e-learning courses on microaggressions and stereotypes, enhancing employee awareness.
• The company’s Executive Chairman, James L. Dolan, also serves as Non-Executive Chairman of AMC Networks, creating potential conflicts of interest. This change might impact governance and decision-making processes.
• The Knicks would be a luxury tax payer for the 2024-25 season, impacting financial planning and operational budgets significantly.
• MSG Networks management indicated uncertainty about refinancing credit facilities before maturity in October 2024, posing risks to financial stability and operations.