Two, MSG, a bit like Canada's
(RCI - Get Report)
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, crosses platforms. It owns sports teams, sports and entertainment venues, and sports and entertainment media properties. The company has only just begun to leverage the future of media now.
Three, MSG is in the process of massive upgrades at its namesake legendary Manhattan arena, the Madison Square Garden Arena. Already a cash cow, it becomes a more lucrative source of revenue for the company once the transformation is complete. The whole point is to provide a better all-around experience at the venue that will prompt customers at all levels -- from the nosebleeds to the luxury suites -- to spend more money on more stuff.
Linsanity was fun, but it was noise. It turned MSG into a somewhat predictable trading stock. But over the long-term, none of this matters. Like Rogers and Bell's Toronto Maple Leafs, teams like the Knicks and Rangers can lose, yet remain incredibly valuable properties. That was the case before Jeremy Lin and it will remain the case without him.
At the time of publication, the author was long BCE, P and RCI. He owns shares of MSG in a custodial account he manages for his minor child
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.