Stock market reflects MSG verdict

Shares of Cablevision takes a tumble

The stock market showed its displeasure at today’s jury verdict that Madison Square Garden owes $11.6 million in damages to a former female Garden executive victimized by a hostile work environment.

Shares of MSG’s parent company Cablevision Systems lost 27 cents, ending the day at $34.79.

The civil jury also found Isiah Thomas, coach of Cablevision’s wholly owned New York Knicks, had sexually harassed the former Garden exec, Anucha Browne Sanders. But Thomas will not have to pay punitive damages.

According to reports, James Dolan, chief executive of Cablevision Systems and chairman of MSG, will have to pony up an additional $3 million personally. The jury allocated $6 million of the $11.6 million to the bad work environment; the remaining $5.6 million will cover Dolan’s firing of Browne Saunders in retaliation for her filing the sexual-harassment charge. Thomas said he would appeal the decision.

The verdict comes after three weeks of sensational headlines in the New York City tabloids.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety