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Madison Square Garden 1Q net income rises 16 pct

NEW YORK (AP) -- NEWS: Madison Square Garden's net income rose 16 percent in its first quarter and revenue, driven by media and sports, topped Wall Street expectations.

DETAILS: Media revenue improved because of higher affiliation rates as well as greater ad sales for Fuse music network. Sports revenue rose on higher suite rental fees and league distributions. That made up for reduced revenue from Radio City Music Hall, where it did not have an extended-run theatrical production.

NUMBERS: Net income grew to $23.9 million, or 31 cents per share, from $20.6 million, or 26 cents per share. Revenue rose 6 percent, to $215.6 million from $204.2 million.

Analysts expected the company to report net income of 21 cents per share and $212.5 million in revenue, according to FactSet. MSG's fiscal first quarter ended on Sept. 30.

FUTURE: The company announced Oct. 25 that renovations to Madison Square Garden were complete and said it will re-open the renovated Forum in Inglewood, Calif., in January. With those projects done the company said it can pursue other opportunities to drive growth.

STOCK: Madison Square Garden Co. rose 24 cents to $60.76 in morning trading.