MADISON SQUARE (MSG) Downgraded by Zacks to NEUTRAL

Zacks Zacks Investment Research downgraded shares of MADISON SQUARE (MSG) from OUTPERFORM to NEUTRAL on November 27, 2012, with a target price of $47.40.

Madison Square Garden is a fully-integrated sports, entertainment and media business. The Company is comprised of three business segments: MSG Sports, MSG Entertainment and MSG Media. MSG Sports consists of the New York Knicks (NBA), the New York Rangers (NHL), the New York Liberty (WNBA), and the Hartford Wolf Pack (American Hockey League). MSG Entertainment manages and creates concerts and events at Madison Square Garden, Radio City Music Hall, The Theater at Madison Square Garden, the Beacon Theatre, the Chicago Theatre, the Wang Theatre in Boston, and produces the Radio City Christmas Spectacular featuring the Radio City Rockettes. MSG Media is comprised of leading television networks MSG, MSG Plus, MSG HD and MSG Plus HD, as well as MSG Interactive, which oversees all company wireless and online initiatives, and Fuse and Fuse HD, the national television network dedicated exclusively to music. The Company owns and operates the Madison Square Garden arena complex located in the New

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