Doesn't own the arena, doesn't own its regional cable network. Pure team value in a major market. Team was worse than the Knicks last season.
You aren't paying for the Knicks with MSG. Guys value off of EBITDA, but the Sports segment is ~breakeven, so it effectively is valued at zero. But obviously the Knicks are worth more than zero (despite the naysayers). $450mm is $6 per MSG share.