"The Piano Man" helped Madison Square Garden hit the right note in its latest earnings report.
MSG, which is weighing a plan to split its sports and entertainment assets, reported a better-than-expected 12 percent rise in revenue in the quarter ended Sept. 30.
Revenue reflects a 128 percent jump at the entertainment division that includes the newly refurbished arena, where Billy Joel has been playing a once-a-month concert series to sold-out audiences since January.
"Friday is a time slot that's in demand. Any act wants that time slot but having Billy Joel there makes a difference, especially in the summer," said Albert Fried & Co. analyst Richard Tullo.
Shares of the New York company, which also owns Radio City Music Hall and New York sports teams the Knicks and Rangers, rose as much as 3 percent on Friday, hitting an all-time high of $76.45.
MSG said earlier this month it's considering splitting into two publicly traded companies, with its sports teams and cable networks in one company and its entertainment business in another.
With the Knicks and Rangers in their off-seasons, higher sales from concerts and other non-sports events drove growth at the Garden.
"Our results were led by our MSG Entertainment segment, which benefited from The Garden, The Forum and The Theater at Madison Square Garden being open this quarter," MSG CEO Tad Smith said in a statement.
The Garden helped offset lower sales elsewhere as well. Revenue at MSG Media, which houses the flagship sports network, fell 14 percent.
While programming arm recorded higher fees from cable and satellite-TV operators, the hundreds of thousands of customers dropping traditional pay-TV packages had an impact on the business.
The company plans to launch an Internet-based streaming sports service, MSG Go, in December, allowing people to watch games via the Web and mobile devices.
Overall, net income rose to $108.1 million, or $1.38 per share, up from $23.9 million, or 31 cents, in the same quarter a year ago. The results included a $162.4 million gain from the sale of its Fuse network in July.
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