Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2016 | |
Entity Registrant Name | MSG Networks Inc. | ||
Entity Central Index Key | 1,469,372 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,280,192,732 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 61,497,005 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 13,588,555 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Current Assets: | |||
Cash and cash equivalents | $ 141,087 | $ 119,568 | |
Accounts receivable, net | 105,030 | 101,427 | |
Net related party receivable | 17,153 | 15,492 | |
Prepaid income taxes | 14,322 | 28,384 | |
Prepaid expenses | 6,468 | 13,188 | |
Other current assets | 2,343 | 3,053 | |
Total current assets | 286,403 | 281,112 | |
Property and equipment, net | 11,828 | 14,154 | |
Amortizable intangible assets, net | 40,663 | 44,123 | |
Goodwill | 424,508 | 424,508 | |
Other assets | 41,642 | 42,645 | |
Total assets | 805,044 | 806,542 | |
Current Liabilities: | |||
Accounts payable | 1,241 | 2,043 | |
Net related party payable | 2,963 | 4,302 | |
Current portion of long-term debt | 72,414 | 64,914 | |
Income taxes payable | 11,483 | 8,662 | |
Accrued liabilities: | |||
Employee related costs | 14,238 | 10,340 | |
Other accrued liabilities | 10,050 | 15,991 | |
Deferred revenue | 5,071 | 6,143 | |
Total current liabilities | 117,460 | 112,395 | |
Long-term Debt, net of current portion | 1,240,431 | 1,412,845 | |
Defined benefit and other postretirement obligations | 29,979 | 31,827 | |
Other employee related costs | 3,930 | 5,550 | |
Related party payable | 0 | 1,710 | |
Other liabilities | 5,597 | 5,612 | |
Deferred tax liability | 351,854 | 356,561 | |
Total liabilities | 1,749,251 | 1,926,500 | |
Commitments and contingencies (see Notes 9, 10 and 11) | |||
Stockholders' Deficiency: | |||
Preferred stock, par value $0.01, 45,000 shares authorized; none outstanding | 0 | 0 | 0 |
Additional paid-in capital | 6,909 | 0 | |
Treasury stock, at cost, 2,762 and 2,905 shares as of June 30, 2017 and 2016, respectively | (198,800) | (207,796) | |
Accumulated deficit | (746,539) | (905,352) | |
Accumulated other comprehensive loss | (6,556) | (7,589) | |
Total stockholders' deficiency | (944,207) | (1,119,958) | $ 1,723,522 |
Total liabilities and stockholders' deficiency | 805,044 | 806,542 | |
Class A Common Stock [Member] | |||
Stockholders' Deficiency: | |||
Common stock, value issued | 643 | 643 | |
Class B Common Stock [Member] | |||
Stockholders' Deficiency: | |||
Common stock, value issued | $ 136 | $ 136 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Preferred stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 45,000 | 45,000 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 2,762 | 2,905 |
Class A Common Stock [Member] | ||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 360,000 | 360,000 |
Common stock, shares outstanding | 61,497 | 61,354 |
Class B Common Stock [Member] | ||
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 90,000 | 90,000 |
Common stock, shares outstanding | 13,589 | 13,589 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | |||
Revenues (including related party revenues of $0, $162,269 and $168,261, for the years ended June 30, 2017, 2016, and 2015, respectively) | $ 675,352 | $ 658,198 | $ 631,010 |
Direct operating expenses (including related party expenses of $142,080, $137,857 and $85,108, for the years ended June 30, 2017, 2016, and 2015, respectively) | 271,751 | 268,024 | 217,233 |
Selling, general and administrative expenses (including related party expenses of $21,732, $28,603 and $6,895, for the years ended June 30, 2017, 2016, and 2015, respectively) | 80,041 | 102,005 | 155,003 |
Depreciation and amortization | 10,296 | 14,583 | 17,641 |
Gain on sale of Fuse (see Note 5) | 0 | 0 | (186,178) |
Operating income | 313,264 | 273,586 | 427,311 |
Other income (expense): | |||
Interest income | 2,782 | 2,368 | 2,068 |
Interest expense | (40,108) | (31,683) | (4,040) |
Miscellaneous Expense | 0 | (2) | (4) |
Nonoperating income, Total | (37,326) | (29,317) | (1,976) |
Income from operations before income taxes | 275,938 | 244,269 | 425,335 |
Income tax expense | 108,476 | 80,971 | 176,905 |
Income from continuing operations | 167,462 | 163,298 | 248,430 |
Income (loss) from discontinued operations, net of taxes | (120) | (155,664) | 6,271 |
Net income | $ 167,342 | $ 7,634 | $ 254,701 |
Income from Continuing Operations, Per Basic Share | $ 2.23 | $ 2.17 | $ 3.22 |
Income (loss) from discontinued operations | 0 | (2.07) | 0.08 |
Earnings Per Share, Basic | 2.22 | 0.10 | 3.30 |
Income from Continuing Operations, Per Diluted Share | 2.22 | 2.16 | 3.20 |
Income (loss) from discontinued operations | 0 | (2.06) | 0.08 |
Earnings Per Share, Diluted | $ 2.21 | $ 0.10 | $ 3.28 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 75,213 | 75,152 | 77,138 |
Diluted (in shares) | 75,560 | 75,527 | 77,687 |
Consolidated Statements Of Ope5
Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | |||
Revenue from Related Party | $ 0 | $ 162,269 | $ 168,261 |
Direct operating expenses from related party | 142,080 | 137,857 | 85,108 |
Selling, general and administrative expenses from related party | $ 21,732 | $ 28,603 | $ 6,895 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 167,342 | $ 7,634 | $ 254,701 |
Net unamortized gains (losses) arising during the period | (1,144) | 3,910 | 7,174 |
Amortization of net actuarial loss included in net periodic benefit cost | 724 | 721 | 2,258 |
Amortization of net prior service credit included in net periodic benefit cost | (24) | (57) | (112) |
Settlement gain | (71) | 0 | 0 |
Other comprehensive income (loss), before income taxes | 1,773 | (3,246) | (5,028) |
Income tax benefit (expense) related to items of other comprehensive income (loss) | (740) | 823 | 2,167 |
Other comprehensive income (loss) | 1,033 | (2,423) | (2,861) |
Comprehensive income | $ 168,375 | $ 5,211 | $ 251,840 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 167,342 | $ 7,634 | $ 254,701 |
(Income) loss from discontinued operations, net of taxes | 120 | 155,664 | (6,271) |
Income from continuing operations | 167,462 | 163,298 | 248,430 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 10,296 | 14,583 | 17,641 |
Amortization of deferred financing costs | 3,004 | 3,234 | 1,602 |
Share-based compensation expense | 9,931 | 9,266 | 10,211 |
Excess tax benefit on share-based awards | 0 | (4,869) | (10,109) |
Gain on sale of Fuse, before income taxes | 0 | 0 | (186,178) |
Change in deferred income taxes related to the sale of Fuse | 0 | 0 | 6,799 |
Provision for doubtful accounts | (242) | 791 | 244 |
Change in assets and liabilities: | |||
Accounts receivable, net | (3,361) | (16,608) | (1,682) |
Net related party receivable | (1,661) | 11,832 | (1,159) |
Prepaid expenses and other assets | 8,015 | 8,403 | (7,474) |
Accounts payable | (802) | (9,316) | (903) |
Net related party payable, including payable to MSG | (3,154) | 3,796 | 420 |
Prepaid/payable for income taxes | 16,883 | 27,132 | (26,826) |
Accrued and other liabilities | (2,694) | (12,261) | (9,056) |
Deferred revenue | (1,072) | 1,172 | 340 |
Deferred income taxes | (5,447) | (18,605) | (19,649) |
Net cash provided by operating activities from continuing operations | 197,158 | 181,848 | 22,651 |
Cash flows from investing activities: | |||
Capital expenditures | (4,894) | (3,323) | (6,663) |
Proceeds from sale of property and equipment | 0 | 0 | 27 |
Proceeds from sale of Fuse, net of transaction costs (see Note 5) | 0 | 0 | 228,063 |
Net cash provided by (used in) investing activities from continuing operations | (4,894) | (3,323) | 221,427 |
Cash flows from financing activities: | |||
Proceeds from Term Loan Facility (see Note 8) | 0 | 1,550,000 | 0 |
Principal repayments on Term Loan Facility (see Note 8) | (167,500) | (61,250) | 0 |
Cash distributed with MSG | 0 | (1,467,093) | 0 |
Payments for financing costs | 0 | (9,860) | (84) |
Proceeds from stock options exercises | 2 | 1,010 | 518 |
Repurchases of common stock | 0 | (100,027) | (140,717) |
Taxes paid in lieu of shares issued for equity-based compensation | (2,271) | (11,190) | (18,082) |
Excess tax benefit on share-based awards | 0 | 4,869 | 10,109 |
Net cash used in financing activities from continuing operations | (169,769) | (93,541) | (148,256) |
Net cash provided by continuing operations | 22,495 | 84,984 | 95,822 |
Net cash provided by (used in) operating activities | (976) | (113,691) | 131,882 |
Net cash used in investing activities | 0 | (70,410) | (101,270) |
Net cash used in financing activities | 0 | 0 | 0 |
Net cash provided by (used in) discontinued operations | (976) | (184,101) | 30,612 |
Net increase (decrease) in cash and cash equivalents | 21,519 | (99,117) | 126,434 |
Cash and cash equivalents at beginning of period, including cash in both continuing operations and discontinued operations | 119,568 | 218,685 | 92,251 |
Cash and cash equivalents at end of period | $ 141,087 | $ 119,568 | $ 218,685 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficiency) - USD ($) $ in Thousands | Total | Common Stock Issued [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Jun. 30, 2014 | $ 1,604,444 | $ 775 | $ 1,081,055 | $ (7,537) | $ 552,862 | $ (22,711) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 254,701 | 254,701 | ||||
Other comprehensive loss | (2,861) | (2,861) | ||||
Comprehensive income | 251,840 | |||||
Exercise of stock options | 491 | 1 | (648) | 1,138 | ||
Share-based compensation | 15,437 | 15,437 | ||||
Tax withholding associated with shares issued for equity-based compensation | (18,082) | (18,082) | ||||
Shares issued upon distribution of Restricted Stock Units | 0 | 3 | (3,869) | 3,866 | ||
Repurchases of common stock | (140,717) | (140,717) | ||||
Excess tax benefit on share-based awards | 10,109 | 10,109 | ||||
Balance at Jun. 30, 2015 | 1,723,522 | 779 | 1,084,002 | (143,250) | 807,563 | (25,572) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 7,634 | 7,634 | ||||
Other comprehensive loss | (2,423) | (2,423) | ||||
Comprehensive income | 5,211 | |||||
Exercise of stock options | 1,010 | 0 | (4,770) | 10,345 | (4,565) | |
Share-based compensation | 10,120 | 10,120 | ||||
Tax withholding associated with shares issued for equity-based compensation | (11,190) | (11,190) | ||||
Shares issued upon distribution of Restricted Stock Units | 0 | 0 | (18,663) | 25,136 | (6,473) | |
Repurchases of common stock | (100,027) | (100,027) | ||||
Excess tax benefit on share-based awards | 4,869 | 8,720 | (3,851) | |||
Distribution of The Madison Square Garden Company | (2,752,751) | (1,067,968) | (1,705,189) | 20,406 | ||
Adjustments related to the transfer of certain assets and liabilities as a result of the Distribution | (722) | (251) | (471) | |||
Balance at Jun. 30, 2016 | (1,119,958) | 779 | 0 | (207,796) | (905,352) | (7,589) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 167,342 | 167,342 | ||||
Other comprehensive loss | 1,033 | 1,033 | ||||
Comprehensive income | 168,375 | |||||
Exercise of stock options | 2 | 0 | (57) | 59 | 0 | |
Share-based compensation | 9,931 | 9,931 | ||||
Tax withholding associated with shares issued for equity-based compensation | (2,399) | (1,921) | (423) | (55) | ||
Shares issued upon distribution of Restricted Stock Units | 0 | 0 | (1,044) | 9,360 | (8,316) | |
Adjustments related to the transfer of certain assets and liabilities as a result of the Distribution | (158) | 0 | (158) | |||
Balance at Jun. 30, 2017 | $ (944,207) | $ 779 | $ 6,909 | $ (198,800) | $ (746,539) | $ (6,556) |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Jun. 30, 2017 | |
Description of Business And Basis of Presentation [Abstract] | |
Description of Business | Description of Business and Basis of Presentation Description of Business MSG Networks Inc. (together with its subsidiaries, the “Company”) owns and operates two regional sports and entertainment networks, MSG Network (“MSGN”) and MSG+, collectively the “MSG Networks.” The Company was incorporated on July 29, 2009 as an indirect, wholly-owned subsidiary of Cablevision Systems Corporation (“Cablevision”). On February 9, 2010, Cablevision spun off the Company and the Company thereby acquired the subsidiaries of Cablevision that owned, directly and indirectly, all of the partnership interests in MSGN Holdings, L.P., formerly MSG Holdings L.P. (“MSGN L.P.”). MSGN L.P. was the indirect, wholly-owned subsidiary of Cablevision through which Cablevision held the Madison Square Garden businesses. MSGN L.P. is now a wholly-owned subsidiary of the Company, through which the Company conducts substantially all of its operations. On September 30, 2015 (the “Distribution Date”), the Company distributed to its stockholders all of the outstanding common stock of The Madison Square Garden Company (formerly MSG Spinco, Inc., and referred to herein as “MSG”) (the “Distribution”). MSG owns, directly or indirectly, the sports and entertainment businesses previously owned and operated by the Company’s sports and entertainment segments, owns, leases or operates the arenas and other venues previously owned, leased or operated by the Company and owns the joint venture interests previously owned by the Company. In the Distribution, each holder of the Company’s Class A common stock, par value $0.01 per share (“Class A Common Stock”), of record as of the close of business, New York City time, on September 21, 2015 (the “Record Date”), received one share of MSG Class A common stock, par value $0.01 per share, for every three shares of the Company’s Class A Common Stock held on the Record Date. Each holder of the Company’s Class B common stock, par value $0.01 per share (“Class B Common Stock”), of record as of the Record Date received one share of MSG Class B common stock, par value $0.01 per share, for every three shares of the Company's Class B Common Stock held on the Record Date. Following the Distribution, the Company no longer consolidates the financial results of MSG for purposes of its own financial reporting and the historical financial results of MSG have been reflected in the Company's consolidated financial statements as discontinued operations for all periods presented through the Distribution Date. All assets and liabilities related to discontinued operations are excluded from the footnotes unless otherwise noted. Following the Distribution, the Company operates and reports financial information in one segment. Substantially all revenues and assets of the Company are attributed to or located in the United States and are primarily concentrated in the New York City metropolitan area. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements of the Company include the accounts of MSG Networks Inc. and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. See Note 3 for a discussion of rights fees prior to the Distribution Date recognized as revenues by MSG from the licensing of team-related programming to the Company. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amount of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amount of revenues and expenses. Such estimates include the valuation of accounts receivable, goodwill, intangible assets, other long-lived assets, tax accruals and other liabilities. In addition, estimates are used in revenue recognition, income tax expense, performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the consolidated financial statements to be reasonable. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management's best judgment at a point in time and as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company's control could be material and would be reflected in the Company's financial statements in future periods. Revenue Recognition The Company recognizes revenue when the following conditions are satisfied: (a) persuasive evidence of a sales arrangement exists, (b) delivery occurs or services are rendered, (c) the sales price is fixed or determinable and (d) collectability is reasonably assured. The Company earns affiliation fee revenue from the cable, satellite, telephone and other platforms that carry our programming networks. The Company's programming networks are delivered throughout the term of the agreements and the Company recognizes this revenue in the period that the programming network is provided. The Company also earns advertising revenue, which is typically recognized when the advertisements are aired. In certain advertising sales arrangements, the Company guarantees specified viewer ratings for its programming. For these types of transactions, a portion of such revenue is deferred if the guaranteed viewer ratings are not met and is subsequently recognized either when the Company provides the required additional advertising time, the guarantee obligation contractually expires or additional performance requirements become remote. Gross versus Net Revenue Recognition The Company reports revenue on a gross or net basis based on management's assessment of whether the Company acts as a principal or agent in the transaction. To the extent the Company acts as the principal, revenue is reported on a gross basis. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of several qualitative factors. When the Company acts as an agent, revenue is reported on a net basis. The Company has an advertising sales representation agreement with MSG that provides for MSG to act as our advertising sales representative and includes the exclusive right and obligation to sell certain advertising availabilities on our behalf for a commission. Generally, the Company reports advertising revenue on a gross basis. Nonmonetary Transactions The Company enters into nonmonetary transactions that involve the exchange of goods or services, such as advertising and promotional benefits, for other goods or services. Such transactions are measured and recorded at the fair value of the goods or services surrendered unless the goods or services received have a more readily determinable fair value. In addition, the Company enters into other monetary transactions in which nonmonetary consideration is also included and the entire transaction is recorded at fair value. If the fair values cannot be determined for either the asset(s) surrendered or received within reasonable limits, then the nonmonetary transaction is measured and recorded at the book value of the item(s) surrendered which typically is zero. Direct Operating Expenses Direct operating expenses primarily represent media rights fees, and other programming and production costs, such as the salaries of our on-air personalities, producers, directors, technicians, writers and other creative staff, as well as expenses associated with location costs, remote facilities and maintaining studios, origination, and transmission facilities. The professional team media rights acquired under media rights agreements to telecast various sporting events and other programming for exhibition on our networks are typically expensed on a straight-line basis over the term of the applicable contract or license period. Advertising Expenses Advertising costs are typically charged to expense when incurred. Total advertising costs classified in selling, general and administrative expenses were $11,765 , $10,540 , and $11,010 for the years ended June 30, 2017 , 2016 and 2015 , respectively. Income Taxes The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company's ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the realization of its deductible temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's consolidated statements of operations. The Company measures its deferred tax liability with regard to MSGN L.P. based on the difference between the tax basis and the carrying amount for financial reporting purposes; this is commonly referred to as the outside basis difference. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. The Company accounts for investment tax credits using the “flow-through” method, under which the tax benefit generated from an investment tax credit is recorded in the period the credit is generated. Share-based Compensation The Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the award. Share-based compensation cost is recognized in earnings over the period during which an employee is required to provide service in exchange for the award, except for restricted stock units (“RSUs”) granted to non-employee directors which, unless otherwise provided under the applicable award agreement, are fully vested, and are expensed at the grant date. The Company has elected to recognize share-based compensation cost for graded vesting awards with only service conditions on a straight-line basis over the requisite service period for the entire award. Effective for the first quarter of fiscal year 2017, the Company has also elected to account for forfeitures as they occur. See below for “Recently Adopted Accounting Pronouncements.” Cash and Cash Equivalents The Company considers the balance of its investment in funds that substantially hold highly liquid securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. Checks outstanding in excess of related book balances are included in accounts payable in the accompanying consolidated balance sheets. The Company presents the change in these book cash overdrafts as cash flows from operating activities. Accounts Receivable Accounts receivable is recorded at net realizable value. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables. The allowance for doubtful accounts is estimated based on the Company's analysis of receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and other factors. The Company's allowance for doubtful accounts was $594 and $838 as of June 30, 2017 and 2016 , respectively. Long-Lived and Indefinite-Lived Assets The Company's long-lived and indefinite-lived assets consist of goodwill, amortizable intangible assets, and property and equipment. Goodwill has an indefinite useful life and is not amortized. Identifiable intangible assets with finite useful lives are amortized on a straight-line basis over their respective estimated useful lives. Property and equipment is stated at cost. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to leasehold improvements, amortized over the shorter of the lease term or the asset's estimated useful life. The useful lives of the Company's long-lived assets are based on estimates of the period over which the Company expects the assets to be of economic benefit to the Company. In estimating the useful lives the Company considers factors such as, but not limited to, risk of obsolescence, anticipated use, plans of the Company, and applicable laws and permit requirements. Impairment of Long-Lived and Indefinite-Lived Assets In assessing the recoverability of the Company's long-lived and indefinite-lived assets, the Company must make estimates and assumptions regarding future cash flows and other factors to determine the fair value of the respective assets. These estimates and assumptions could have a significant impact on whether an impairment charge is recognized and also the magnitude of any such charge. Fair value estimates are made at a specific point in time, based on relevant information. These estimates are subjective in nature and involve significant uncertainties and judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. If these estimates or material related assumptions change in the future, the Company may be required to record impairment charges related to its long-lived and/or indefinite-lived assets. Goodwill is tested annually for impairment as of August 31 st and at any time upon the occurrence of certain events or substantive changes in circumstances. The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. If the Company can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would not need to perform the two-step impairment test for that reporting unit. If the Company cannot support such a conclusion or the Company does not elect to perform the qualitative assessment then the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill that would be recognized in a business combination. The Company has one reporting unit for evaluating goodwill impairment. For other long-lived assets, including intangible assets that are amortized, the Company evaluates assets for recoverability when there is an indication of potential impairment. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value. Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Defined Benefit Pension Plans and Other Postretirement Benefit Plan As more fully described in Note 13 , the Company has both funded and unfunded defined benefit plans, as well as a contributory other postretirement benefit plan, covering certain full-time employees and retirees. The expense recognized by the Company is determined using certain assumptions, including the expected long-term rate of return, discount rate and rate of compensation increases, among others. The Company recognizes the funded status of its defined benefit pension and other postretirement plans (other than multiemployer plans) as an asset or liability in the consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income (loss). Earnings (Loss) Per Common Share Basic earnings (loss) per common share (“EPS”) is based upon net income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed vesting of RSUs and exercise of stock options (see Note 14 ) only in the periods in which such effect would have been dilutive. Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract and expense the cost as the services are received. This standard was adopted by the Company in the first quarter of fiscal year 2017 and will be applied prospectively to all arrangements entered into or materially modified after the effective date. There was no impact to the financial statements as a result of this adoption. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which changes several aspects of accounting for share-based payment transactions. This standard was early adopted by the Company in the first quarter of fiscal year 2017. The adoption of this standard resulted in: (i) all excess tax benefits and tax deficiencies being recognized in the income statement, rather than additional paid-in capital, on a prospective basis (ii) excess tax benefits or tax deficiencies no longer being classified on the Consolidated Statement of Cash Flows as a financing activity, on a prospective basis (as such prior period amounts have not been adjusted) and (iii) the Company’s election to account for forfeitures as they occur, rather than estimate expected forfeitures over the course of a vesting period, on a modified retrospective basis. There was no material impact to the financial statements as a result of this adoption. Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in FASB Accounting Standards Codification ( “ ASC ” ) Topic 605, Revenue Recognition . This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of ASU No. 2014-09 for all entities by one year. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration s , which provides clarification on the implementation guidance on principal versus agent considerations outlined in ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which finalized a mendments to identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB issued ASU No. 2016-12, R evenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which clarifies assessing collectibility, noncash consideration, presentation of sales taxes, completed contracts and contract modifications at transition. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019 using one of two retrospective application methods. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842) , which requires the recognition of lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The amended guidance also requires additional quantitative and qualitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases in order to provide additional information about the nature of an organization’s leasing activities. This standard will be effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. This standard will be adopted using a modified retrospective approach. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which amends ASC Topic 230, Statement of Cash Flows, to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows by adding or clarifying guidance on eight specific cash flow issues. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted and the retrospective approach required. The adoption of this guidance is not expected to have a material impact on the Company ’ s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses, which will effect various areas of accounting including, but not limited to, goodwill and consolidation. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted. The standard is to be applied prospectively. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the measurement of goodwill impairment by eliminating the requirement of performing a hypothetical purchase price allocation. Instead, impairment will be measured using the difference between the carrying amount and fair value of the reporting unit. The amended guidance also eliminates the requirement for any reporting unit with a zero or a negative carrying amount to perform a qualitative assessment and will require disclosure of the amount of goodwill allocated to each reporting unit with a zero or a negative carrying amount of net assets. This standard will be effective for the Company beginning in the first quarter of fiscal year 2021. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The standard is to be applied prospectively. Based on the Company's most recent annual goodwill impairment test completed in fiscal year 2017, the adoption of this guidance is not expected to have any initial impact on the Company's consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires: (i) presentation of the service cost component of net periodic benefit cost within the same line item as other compensation costs arising from services rendered by relevant employees during the period, and (ii) the non-service cost components of net periodic benefit cost to be presented separately in the income statement from the service cost component and not be included in the subtotal for operating income. In addition, only the service cost component is eligible to be capitalized into an asset. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted at the beginning of an annual period for which financial statements have not been issued. The standard is to be applied retrospectively, except for the change to the capitalization guidelines, which is to be applied prospectively. Although the Company does not expect the standard to have an impact on its consolidated net income, the Company’s net periodic benefit cost for fiscal year 2017 includes approximately $1,600 of expense that will be reclassified from operating income to a line item below operating income upon adoption. In May 2017, the FASB issued ASU No. 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting , which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity should account for the effects of a modification unless all of the following characteristics of the modified award are the same as the original award immediately before the original award is modified: (i) the award’s fair value, (ii) the award’s vesting condition, and (iii) the award’s classification as an equity or liability instrument. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted. The standard is to be applied prospectively to an award modified on or after the adoption date. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Jun. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 3 . Discontinued Operations As a result of the Distribution, the results of the Company’s MSG operations through the Distribution Date, as well as transaction costs related to the Distribution, have been classified in the consolidated statements of operations as discontinued operations for all periods presented. No gain or loss was recognized in connection with the Distribution. Operating results of discontinued operations for the years ended June 30, 2017, 2016 and 2015 are summarized below: Years Ended June 30, 2017 2016 2015 Revenues (a) $ — $ 150,381 $ 1,071,551 Direct operating expenses — 71,320 725,172 Selling, general and administrative expenses 120 58,283 183,226 Depreciation and amortization — 23,772 103,481 Operating income (loss) (120 ) (2,994 ) 59,672 Equity in earnings (loss) of equity-method investments — 2,679 (40,590 ) Interest income — 635 1,886 Interest expense — (540 ) (2,467 ) Miscellaneous income — — 2,802 Income (loss) from discontinued operations before income taxes (120 ) (220 ) 21,303 Income tax expense — (155,444 ) (15,032 ) Income (loss) from discontinued operations, net of taxes $ (120 ) $ (155,664 ) $ 6,271 (a) Includes rights fees for New York Knicks ( “ Knicks ” ) and New York Rangers ( “ Rangers ” ) programming prior to the Distribution Date, which were previously eliminated in consolidation. However, the pre-Distribution Date amounts are now presented as revenues in the loss from discontinued operations line with the offsetting expense in direct operating expenses, within continuing operations, in the accompanying consolidated statements of operations for the years ended June 30, 2016 and 2015. Prior to the Distribution, the Company's collections for ticket sales, sponsorships and suite rentals in advance were recorded as deferred revenue and were recognized as revenues when earned for both accounting and tax purposes. In connection with the reorganization transactions related to the Distribution, the tax recognition on most of these deferred revenues was accelerated to the date of the reorganization. The impact of the acceleration of such deferred revenue is reflected in income tax expense of discontinued operations for the year ended June 30, 2016. Amounts for the year ended June 30, 2015 presented above differ from historically reported results for the Company's sports and entertainment segments due to certain reclassifications and adjustments made to corporate overhead costs for purposes of discontinued operations reporting. The net impact of the Distribution to the Company's stockholders' equity (deficiency) includes cash distributed with MSG of $1,467,093 . |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 12 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Earnings per Common Share | Computation of Earnings (Loss) per Common Share The following table presents a reconciliation of the weighted-average number of shares used in the calculations of basic and diluted EPS: Years Ended June 30, 2017 2016 2015 Weighted-average number of shares for basic EPS 75,213 75,152 77,138 Dilutive effect of shares issuable under share-based compensation plans 347 375 549 Weighted-average number of shares for diluted EPS 75,560 75,527 77,687 Anti-dilutive shares 162 — 4 |
Disposition (Notes)
Disposition (Notes) | 12 Months Ended |
Jun. 30, 2016 | |
Disposition [Abstract] | |
Disposition Excluding Discontinued Operations [Text Block] | Disposition On July 1, 2014, the Company completed its sale of Fuse, a national music television network, to Fuse Media, Inc. for a cash purchase price of $231,995 and a 15% equity interest of approximately $24,000 in Fuse Media, LLC (“Fuse Media”). The Company recorded a pre-tax gain on the sale of Fuse, which is reflected in operating income in the accompanying consolidated statement of operations for the year ended June 30, 2015, of $186,178 (net of transaction costs of $3,932 ). The equity interest in Fuse Media was transferred to MSG in connection with the Distribution. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | Goodwill and Intangible Assets During the first quarter of fiscal year 2017 , the Company performed its annual impairment test of goodwill, and there was no impairment of goodwill identified. The Company's intangible assets subject to amortization are as follows: June 30, June 30, Affiliate relationships $ 83,044 $ 83,044 Less accumulated amortization (42,381 ) (38,921 ) $ 40,663 $ 44,123 Affiliate relationships have an estimated useful life of 24 years. Amortization expense for intangible assets for continuing operations was $3,460 for the years ended June 30, 2017, 2016 and 2015 . The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each fiscal year from 2018 through 2022 to be as follows: Fiscal year ending June 30, 2018 $ 3,460 Fiscal year ending June 30, 2019 3,460 Fiscal year ending June 30, 2020 3,460 Fiscal year ending June 30, 2021 3,460 Fiscal year ending June 30, 2022 3,460 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment As of June 30, 2017 and 2016 , property and equipment consisted of the following assets: June 30, Estimated 2017 2016 Useful Lives Equipment $ 40,918 $ 44,508 2 to 10 years Furniture and fixtures 1,695 1,744 5 to 8 years Leasehold improvements 19,285 19,561 Shorter of term of lease or life of improvement Construction in progress 565 966 62,463 66,779 Less accumulated depreciation and amortization (50,635 ) (52,625 ) $ 11,828 $ 14,154 Depreciation and amortization expense on property and equipment for continuing operations was $6,836 , $11,123 , and $14,181 for the years ended June 30, 2017 , 2016 and 2015 , respectively, which for the first quarter of fiscal year 2016 and fiscal year 2015 included depreciation expense on certain corporate property and equipment that was transferred to MSG in connection with the Distribution, but which did not qualify for discontinued operations reporting. |
Debt
Debt | 12 Months Ended |
Jun. 30, 2017 | |
Debt [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | Note 8 . Debt Former Revolving Credit Facility On May 6, 2014, MSGN L.P. and certain of its subsidiaries entered into a credit agreement with a syndicate of lenders providing for a senior secured revolving credit facility of $500,000 with a term of five years (the “Former Revolving Credit Facility”). In connection with the Distribution, MSGN L.P. terminated the Former Revolving Credit Facility effective on September 28, 2015. Senior Secured Credit Facilities On September 28, 2015, MSGN L.P., MSGN Eden, LLC, an indirect subsidiary of the Company and the general partner of MSGN L.P., Regional MSGN Holdings LLC, a direct subsidiary of the Company and the limited partner of MSGN L.P. (collectively with MSGN Eden, LLC, the “Holdings Entities”), and certain subsidiaries of MSGN L.P. entered into a credit agreement (the “Credit Agreement”) with a syndicate of lenders. The Credit Agreement provides MSGN L.P. with senior secured credit facilities (the “Senior Secured Credit Facilities”) consisting of: (a) an initial $1,550,000 term loan facility (the “Term Loan Facility”) and (b) a $250,000 revolving credit facility (the “Revolving Credit Facility”), each with a term of five years. In connection with the Distribution, $1,450,000 of the proceeds from the Term Loan Facility was contributed to MSG immediately following the closing of the Senior Secured Credit Facilities. Up to $35,000 of the Revolving Credit Facility is available for the issuance of letters of credit. Subject to the satisfaction of certain conditions and limitations, the Credit Agreement allows for the addition of incremental term and/or revolving loan commitments and incremental term and/or revolving loans. Borrowings under the Credit Agreement bear interest at a floating rate, which at the option of MSGN L.P. may be either (a) base rate, representing the higher of: (i) the New York Fed Bank Rate plus 0.50% ; (ii) the U.S. Prime Rate; or (iii) the one-month London Interbank Offered Rate, or LIBOR, plus 1.00% (the “Base Rate”), plus an additional rate ranging from 0.50% to 1.25% per annum (determined based on a total leverage ratio), or (b) a Eurodollar rate (the “Eurodollar Rate”) plus an additional rate ranging from 1.50% to 2.25% per annum (determined based on a total leverage ratio), provided that for the period until the delivery of the compliance certificate for the period ending March 31, 2016 , the additional rate used in calculating both floating rates was (i) 1.00% per annum for borrowings bearing interest at the Base Rate, and (ii) 2.00% per annum for borrowings bearing interest at the Eurodollar Rate. Upon a payment default in respect of principal, interest or other amounts due and payable under the Credit Agreement or related loan documents, default interest will accrue on all overdue amounts at an additional rate of 2.00% per annum. The Credit Agreement requires MSGN L.P. pay a commitment fee of 0.30% in respect of the average daily unused commitments, as well as fronting fees, to banks that issue letters of credit pursuant to the Revolving Credit Facility. The Credit Agreement generally requires the Holding Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis to comply with a maximum total leverage ratio of 6.00:1.00 from the closing date until September 30, 2016 and a maximum total leverage ratio of 5.50:1.00 from and after October 1, 2016 until maturity, subject, in each case, to upward adjustment during the continuance of certain events. In addition, there is a minimum interest coverage ratio of 2.00:1.00 for the Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis. As of June 30, 2017, the Holding Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis were in compliance with the financial covenants of the Credit Agreement. All borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. As of June 30, 2017 , there were no letters of credit issued and outstanding under the Revolving Credit Facility, which provides full borrowing capacity of $250,000 . The Company has made principal payments aggregating $228,750 through June 30, 2017 , including voluntary payments aggregating $100,000 made in fiscal year 2017. The Term Loan Facility amortizes quarterly in accordance with its terms through June 30, 2020 with a final maturity date on September 28, 2020. As of June 30, 2017 , the principal repayments required under the Term Loan Facility are as follows: Fiscal year ending June 30, 2018 $ 75,000 Fiscal year ending June 30, 2019 75,000 Fiscal year ending June 30, 2020 114,375 Fiscal year ending June 30, 2021 1,056,875 $ 1,321,250 All obligations under the Credit Agreement are guaranteed by the Holdings Entities and MSGN L.P.'s existing and future direct and indirect domestic subsidiaries that are not designated as excluded subsidiaries or unrestricted subsidiaries (the “Subsidiary Guarantors,” and together with the Holdings Entities, the “Guarantors”). All obligations under the Credit Agreement, including the guarantees of those obligations, are secured by certain assets of MSGN L.P. and each Guarantor (collectively, “Collateral”), including, but not limited to, a pledge of the equity interests in MSGN L.P. held directly by the Holdings Entities and the equity interests in each Subsidiary Guarantor held directly or indirectly by MSGN L.P. Subject to customary notice and minimum amount conditions, MSGN L.P. may voluntarily prepay outstanding loans under the Credit Agreement at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to Eurodollar loans). MSGN L.P. is required to make mandatory prepayments in certain circumstances, including without limitation from the net cash proceeds of certain sales of assets (including Collateral) or casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights) and the incurrence of certain indebtedness, subject to certain exceptions. In addition to the financial covenants discussed above, the Credit Agreement and the related security agreement contain certain customary representations and warranties, affirmative covenants and events of default. The Credit Agreement contains certain restrictions on the ability of the Holding Entities and MSGN L.P. and its restricted subsidiaries to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the Credit Agreement, including the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating liens on certain assets; (iii) making investments, loans or advances in or to other persons; (iv) paying dividends and distributions or repurchasing capital stock; (v) changing their lines of business; (vi) engaging in certain transactions with affiliates; (vii) amending specified material agreements; (viii) merging or consolidating; (ix) making certain dispositions; and (x) entering into agreements that restrict the granting of liens. The Holdings Entities are also subject to customary passive holding company covenants. The Company is amortizing its deferred financing costs on a straight-line basis over the five -year term of the Senior Secured Credit Facilities which approximates the effective interest method. The following table summarizes the presentation of the Term Loan Facility and the related deferred financing costs in the accompanying consolidated balance sheets as of June 30, 2017 and June 30, 2016 : Term Loan Facility Deferred Financing Costs Net June 30, 2017 Current portion of long-term debt $ 75,000 $ (2,586 ) $ 72,414 Long-term debt, net of current portion 1,246,250 (5,819 ) 1,240,431 Total $ 1,321,250 $ (8,405 ) $ 1,312,845 June 30, 2016 Current portion of long-term debt $ 67,500 $ (2,586 ) $ 64,914 Long-term debt, net of current portion 1,421,250 (8,405 ) 1,412,845 Total $ 1,488,750 $ (10,991 ) $ 1,477,759 In addition, the Company has deferred financing costs related to the Revolving Credit Facility recorded in the accompanying consolidated balance sheets as summarized in the following table: June 30, 2017 June 30, Other current assets $ 417 $ 417 Other assets 938 1,356 The Company made interest payments under the Credit Agreement of $37,005 and $27,691 during the years ended June 30, 2017 and 2016 , respectively. |
Operating Leases
Operating Leases | 12 Months Ended |
Jun. 30, 2017 | |
Operating Leased Assets [Line Items] | |
Operating Leases Of Lessee Disclosure Text Block [Text Block] | Note 9. Operating Leases The Company has various long-term noncancelable operating lease agreements, primarily for office and studio space expiring at various dates through 2024 . The rent expense associated with such operating leases is recognized on a straight-line basis over the initial lease term. The difference between rent expense and rent paid is recorded as deferred rent. Rent expense under these lease agreements totaled $7,184 , $10,393 , and $15,177 for the years ended June 30, 2017 , 2016 and 2015 , respectively, which for the first quarter of fiscal year 2016 and for fiscal year 2015 included rent expense on certain operating leases that were transferred to MSG in connection with the Distribution, but which did not qualify for discontinued operations reporting. As of June 30, 2017 , future minimum rental payments under leases having noncancelable initial lease terms in excess of one year are as follows: Fiscal year ending June 30, 2018 $ 5,841 Fiscal year ending June 30, 2019 5,841 Fiscal year ending June 30, 2020 5,681 Fiscal year ending June 30, 2021 4,272 Fiscal year ending June 30, 2022 3,630 Thereafter 6,087 $ 31,352 During the years ended June 30, 2017 , 2016 and 2015 , the Company recorded income of $2,531 , $ 2,638 and $2,607 , respectively, related to the use of certain space of the Company by third parties. |
Contractual Obligations and Off
Contractual Obligations and Off Balance Sheet Arrangements | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligations and Off Balance Sheet Arrangements | As of June 30, 2017 , future cash payments required under contracts entered into by the Company in the normal course of business are as follows: Fiscal year ending June 30, 2018 $ 243,617 Fiscal year ending June 30, 2019 245,964 Fiscal year ending June 30, 2020 249,790 Fiscal year ending June 30, 2021 254,729 Fiscal year ending June 30, 2022 248,400 Thereafter 3,338,635 $ 4,581,135 Contractual obligations above consist primarily of the Company's obligations under media rights agreements. In addition, see Note 8 for the principal repayments required under the Company's Term Loan Facility. |
Legal Matters
Legal Matters | 12 Months Ended |
Jun. 30, 2017 | |
Legal Matters [Abstract] | |
Legal Matters | Note 11. Legal Matters The Company is a defendant in various lawsuits. Although the outcome of these matters cannot be predicted with certainty, management does not believe that resolution of these lawsuits will have a material adverse effect on the Company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use when pricing the asset or liability. Unobservable inputs are inputs for which market data is not available and that are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability. The fair value hierarchy consists of the following three levels: • Level I — Quoted prices for identical instruments in active markets. • Level II — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level III — Instruments whose significant value drivers are unobservable. The following table presents for each of these hierarchy levels, the Company's assets that are measured at fair value on a recurring basis, which include cash equivalents: Level I Level II Level III Total June 30, 2017 Assets: Money market accounts $ 34,128 $ — $ — $ 34,128 Time deposits 106,482 — — 106,482 Total assets measured at fair value $ 140,610 $ — $ — $ 140,610 June 30, 2016 Assets: Money market accounts $ 68,591 $ — $ — $ 68,591 Time deposits 50,977 — — 50,977 Total assets measured at fair value $ 119,568 $ — $ — $ 119,568 Money market accounts and time deposits are classified within Level I of the fair value hierarchy as they are valued using observable inputs that reflect quoted prices for identical assets in active markets. The carrying amount of the Company's money market accounts and time deposits approximates fair value due to their short-term maturities. Other Financial Instruments The fair value of the Company's long-term debt (see Note 8 ) was approximately $1,315,000 as of June 30, 2017 . The Company's long-term debt is classified within Level II of the fair value hierarchy as it is valued using quoted prices of such securities for which fair value can be derived from inputs that are readily observable. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefit Plan | 12 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Pension Plans and Other Postretirement Benefit Plan | Pension Plans and Other Postretirement Benefit Plan Company Sponsored Plans Prior to the Distribution, the Company sponsored a non-contributory qualified cash balance retirement plan covering its non-union employees (the “MSG Cash Balance Pension Plan”) and a non-contributory qualified defined benefit pension plan covering certain of its union employees (the “MSG Union Plan”). Since March 1, 2011, the MSG Cash Balance Pension Plan has also included the assets and liabilities of a frozen (as of December 31, 2007) non-contributory qualified defined pension plan covering non-union employees hired prior to January 1, 2001. The MSG Cash Balance Pension Plan was amended to freeze participation and future benefit accruals effective December 31, 2015. Existing account balances under the MSG Cash Balance Pension Plan will continue to be credited with monthly interest in accordance with the terms of the plan. The MSG Cash Balance Pension Plan and MSG Union Plan are collectively referred to as the “MSG Pension Plans.” The Company currently sponsors (i) a non-contributory qualified defined benefit pension plan covering certain of its union employees (the “Union Plan”), (ii) an unfunded non-contributory, non-qualified excess cash balance plan covering certain employees who participated in the MSG Cash Balance Pension Plan (the "Excess Cash Balance Plan"), and (iii) an unfunded non-contributory non-qualified defined benefit pension plan for the benefit of certain employees who participated in an underlying qualified plan, which was merged into the MSG Cash Balance Pension Plan on March 1, 2011 (the “Excess Plan”). The Union Plan, Excess Cash Balance Plan and Excess Plan are collectively referred to as the “MSG Networks Plans.” As of December 31, 2015, the Excess Cash Balance Plan was amended to freeze participation and future benefit accruals. Therefore, after December 31, 2015, no employee of the Company who was not already a participant may become a participant in the plan and no further annual pay credits will be made for any future year. Existing account balances under the plan will continue to be credited with monthly interest in accordance with the terms of the plan. As of December 31, 2007, the Excess Plan was amended to freeze all benefits earned through December 31, 2007 and to eliminate the ability of participants to earn benefits for future service under this plan. Benefits payable to retirees under the Union Plan are based upon years of service and participants’ compensation. The Company also sponsors a contributory welfare plan which provides certain postretirement healthcare benefits to certain employees hired prior to January 1, 2001 who are eligible to commence receipt of early or normal Retirement Plan benefits under the MSG Cash Balance Pension Plan and their dependents, as well as certain union employees (“Postretirement Plan”). As of the Distribution Date, the Company and MSG entered into an employee matters agreement (the “Employee Matters Agreement”) which determined each company’s obligations after the Distribution with regard to historic liabilities under the Company’s former pension and postretirement plans. Under the Employee Matters Agreement, the assets and liabilities of the MSG Pension Plans have been transferred to MSG. In addition, the following have been transferred to MSG: liabilities related to (i) MSG employees as of the Distribution Date who were active participants in the Excess Plan and/or the Excess Cash Balance Plan, (ii) MSG employees as of the Distribution Date who were eligible for participation in the Postretirement Plan, and (iii) former MSG employees as of the Distribution Date who were retired participants in the Postretirement Plan. The Company has retained liabilities related to (i) its current and former employees who are active participants in the Excess Plan and/or the Excess Cash Balance Plan, (ii) former MSG employees as of the Distribution Date who were active participants in the Excess Plan and/or the Excess Cash Balance Plan, (iii) its current employees who are eligible for participation in the Postretirement Plan, (iv) its former employees who are retired participants in the Postretirement Plan, and (v) the Union Plan. The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company's consolidated balance sheets associated with the MSG Networks Plans, MSG Pension Plans and Postretirement Plan as of June 30, 2017 and 2016 based upon actuarial valuations as of those measurement dates. Pension Plans Postretirement Plan June 30, June 30, 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 43,921 $ 191,064 $ 3,537 $ 8,704 Service cost 532 1,962 72 112 Interest cost 1,328 3,418 100 206 Actuarial loss (gain) (1,567 ) 4,534 (16 ) 425 Benefits paid (1,224 ) (1,906 ) (70 ) (235 ) Transfer due to the Distribution — (155,151 ) — (5,675 ) Benefit obligation at end of period 42,990 43,921 3,623 3,537 Change in plan assets: Fair value of plan assets at beginning of period 14,818 112,213 — — Actual return on plan assets (24 ) 1,433 — — Employer contributions 2,035 2,675 — — Benefits paid (1,224 ) (1,906 ) — — Transfer due to the Distribution — (99,597 ) — — Fair value of plan assets at end of period 15,605 14,818 — — Funded status at end of period $ (27,385 ) $ (29,103 ) $ (3,623 ) $ (3,537 ) Amounts recognized in the consolidated balance sheets as of June 30, 2017 and 2016 consist of: Pension Plans Postretirement Plan June 30, June 30, 2017 2016 2017 2016 Current liabilities (included in accrued employee related costs) $ (930 ) $ (730 ) $ (99 ) $ (83 ) Non-current liabilities (included in defined benefit and other postretirement obligations) (26,455 ) (28,373 ) (3,524 ) (3,454 ) $ (27,385 ) $ (29,103 ) $ (3,623 ) $ (3,537 ) Accumulated other comprehensive income (loss), before tax, as of June 30, 2017 and 2016 consists of the following amounts that have not yet been recognized in net periodic benefit cost: Pension Plans Postretirement Plan June 30, June 30, 2017 2016 2017 2016 Actuarial loss $ (11,034 ) $ (12,791 ) $ (214 ) $ (254 ) Prior service credit — — 24 48 $ (11,034 ) $ (12,791 ) $ (190 ) $ (206 ) In connection with the Distribution, the Company transferred to MSG the accumulated other comprehensive income (loss) related to the MSG Pension Plans. Components of net periodic benefit cost for the MSG Networks Plans, MSG Pension Plans, and Postretirement Plan recognized in direct operating expenses, selling, general and administrative expenses, and income (loss) from discontinued operations in the accompanying consolidated statements of operations for the years ended June 30, 2017 , 2016 and 2015 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2017 2016 2015 2017 2016 2015 Service cost $ 532 $ 1,962 $ 6,943 $ 72 $ 112 $ 198 Interest cost 1,328 3,418 7,915 100 206 331 Expected return on plan assets (424 ) (1,233 ) (3,663 ) — — — Recognized actuarial loss (a) 700 721 2,258 24 — — Amortization of unrecognized prior service cost (credit) (a) — 14 26 (24 ) (71 ) (138 ) Settlement gain (a) (71 ) — — — — — Net periodic benefit cost $ 2,065 $ 4,882 $ 13,479 $ 172 $ 247 $ 391 (a) Reflects amounts reclassified from accumulated other comprehensive loss. Amounts presented in the table above include net periodic benefit cost related to continuing operations and discontinued operations as noted in the following table: Years Ended June 30, 2017 2016 2015 Continuing operations $ 2,237 $ 3,166 $ 5,765 Discontinued operations — 1,963 8,105 Total Net Periodic Benefit Cost $ 2,237 $ 5,129 $ 13,870 Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended June 30, 2017 , 2016 and 2015 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2017 2016 2015 2017 2016 2015 Actuarial gain (loss) $ 1,128 $ (3,483 ) $ (8,029 ) $ 16 $ (427 ) $ 855 Amounts reclassified from accumulated other comprehensive loss: Recognized actuarial loss 700 721 2,258 24 — — Recognized prior service (credit) cost — 14 26 (24 ) (71 ) (138 ) Settlement gain (71 ) — — — — — Total recognized in other comprehensive income (loss) $ 1,757 $ (2,748 ) $ (5,745 ) $ 16 $ (498 ) $ 717 The estimated net loss for the MSG Networks Plans expected to be amortized from accumulated other comprehensive income (loss) and recognized as a component of net periodic benefit cost over the next fiscal year is $612 . The estimated prior service credit for the Postretirement Plan expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit credit over the next fiscal year is $13 . Funded Status The accumulated benefit obligation for the MSG Networks Plans aggregated to $42,190 and $42,977 at June 30, 2017 and 2016 , respectively. As of June 30, 2017 and 2016 each of the MSG Networks Plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets. Pension Plans and Postretirement Plan Assumptions Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of June 30, 2017 and 2016 are as follows: Pension Plans Postretirement Plan June 30, June 30, 2017 2016 2017 2016 Discount rate 3.80 % 3.57 % 3.68 % 3.28 % Rate of compensation increase 2.00 % 2.00 % n/a n/a Healthcare cost trend rate assumed for next year n/a n/a 7.25 % 7.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate n/a n/a 2027 2026 Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for the years ended June 30, 2017 , 2016 and 2015 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2017 2016 2015 2017 2016 2015 Discount rate n/a 4.47 % 4.32 % n/a 4.15 % 4.00 % Discount rate - service cost 3.73 % n/a n/a 3.63 % n/a n/a Discount rate - interest cost 3.03 % n/a n/a 2.84 % n/a n/a Expected long-term return on plan assets 3.38 % 4.06 % 4.24 % n/a n/a n/a Rate of compensation increase 2.00 % 2.98 % 2.98 % n/a n/a n/a Healthcare cost trend rate assumed for next year n/a n/a n/a 7.25 % 7.25 % 7.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a n/a 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate n/a n/a n/a 2026 2021 2020 The discount rates were determined (based on the expected duration of the benefit payments for the plans) from the Willis Towers Watson U.S. Rate Link: 40-90 Discount Rate Model as of June 30, 2017 and 2016 to select rates at which the Company believed the plans’ benefits could be effectively settled. This model was developed by examining the yields on selected highly rated corporate bonds. Effective in the first quarter of fiscal year 2017, the Company began to utilize a method which calculates service and interest costs by applying specific spot rates along the yield curve to the plans’ cash flows instead of using a single weighted-average discount rate. The Company's expected long-term return on plan assets is based on a periodic review and modeling of the plans' asset allocation structures over a long-term horizon. Expectations of returns for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data, forward-looking economic outlook, and economic/financial market theory. The expected long-term rate of return was selected from within the reasonable range of rates determined by (a) historical real returns, net of inflation, for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. Assumed healthcare cost trend rates are also a key assumption used for the amounts reported for the Postretirement Plan. A one percentage point change in assumed healthcare cost trend rates would have the following effects: Increase (Decrease) in Total of Service and Interest Cost Components for the Increase (Decrease) in Benefit Obligation at Years Ended June 30, June 30, 2017 2016 2015 2017 2016 One percentage point increase $ 24 $ 63 $ 67 $ 448 $ 383 One percentage point decrease (21 ) (55 ) (58 ) (382 ) (373 ) Plan Assets and Investment Policy The weighted-average asset allocation of the pension plan assets at June 30, 2017 and 2016 was as follows: June 30, Asset Classes: (a) 2017 2016 Fixed income securities 79 % 78 % Cash equivalents 21 % 22 % 100 % 100 % _____________________ (a) The Company's target allocation for pension plan assets is 80% fixed income securities and 20% cash equivalents as of June 30, 2017 . Investment allocation decisions are formally made by the Company's Investment and Benefits Committee, which takes into account investment advice provided by the Company's external investment consultant. The investment consultant takes into account expected long-term risk, return, correlation, and other prudent investment assumptions when recommending asset classes and investment managers to the Company's Investment and Benefits Committee. The investment consultant also takes into account the plans' liabilities when making investment allocation recommendations. Those decisions are driven by asset/liability studies conducted by the external investment consultant who combines actuarial considerations and strategic investment advice. The major categories of the pension plan assets are cash equivalents and long duration bonds which are marked-to-market on a daily basis. Due to the fact that the pension plan assets are significantly made up of long duration bonds, the pension plan assets are subjected to interest-rate risk; specifically, a rising interest rate environment. However, an increase in interest rates would cause a corresponding decrease to the overall liability of the plans, thus creating a hedge against rising interest rates. Additional risks involving the asset/liability framework include earning insufficient returns to cover future liabilities and imperfect hedging of the liability. In addition, a portion of the long duration bond portfolio is invested in non-government securities which are subject to credit risk of the bond issuer defaulting on interest and/or principal payments. Investments at Estimated Fair Value The cumulative fair values of the individual plan assets at June 30, 2017 and 2016 by asset class are as follows: Fair Value of Investments at June 30, 2017 Level I Level II Level III Total Fixed income securities: U.S. Treasury Securities $ 3,605 $ — $ — $ 3,605 U.S. corporate bonds — 7,504 — 7,504 Foreign issued corporate bonds — 1,253 — 1,253 Municipal bonds — 21 — 21 Money market accounts 3,222 — — 3,222 Total investments measured at fair value $ 6,827 $ 8,778 $ — $ 15,605 Fair Value of Investments at June 30, 2016 Fixed income securities: U.S. Treasury Securities $ 3,931 $ — $ — $ 3,931 U.S. corporate bonds — 6,349 — 6,349 Foreign issued corporate bonds — 1,278 — 1,278 Municipal bonds — 22 — 22 Money market accounts 3,238 — — 3,238 Total investments measured at fair value $ 7,169 $ 7,649 $ — $ 14,818 Contributions for Qualified Defined Benefit Pension Plan The Company expects to contribute approximately $1,300 to the Union Plan in fiscal year 2018 . Estimated Future Benefit Payments The following table presents estimated future fiscal year benefit payments for the MSG Networks Plans and Postretirement Plan: Pension Plans Postretirement Plan Fiscal year ending June 30, 2018 $ 1,470 $ 101 Fiscal year ending June 30, 2019 1,580 134 Fiscal year ending June 30, 2020 1,830 168 Fiscal year ending June 30, 2021 2,080 211 Fiscal year ending June 30, 2022 2,260 245 Fiscal years ending June 30, 2023 – 2027 12,800 1,428 Savings Plans In addition, prior to the Distribution, the Company sponsored the MSG Holdings, L.P. 401(k) Savings Plan (the "MSG Savings Plan") and the MSG Holdings, L.P. Excess Savings Plan ("Excess Savings Plan"). As a result of the Distribution, the MSG Savings Plan was amended to (i) transfer sponsorship of the plan to MSG, and (ii) become a multiple employer plan in which both MSG and the Company will continue to participate. Pursuant to the Employee Matters Agreement, liabilities relating to MSG employees as of the Distribution Date who were active participants in the Company's Excess Savings Plan have been transferred to MSG. The Excess Savings Plan has been renamed the MSGN Holdings, L.P. Excess Savings Plan (together with the MSG Savings Plan, the "Savings Plans"). Expenses related to the Savings Plans included in the accompanying consolidated statements of operations for the years ended June 30, 2017, 2016 and 2015 are as follows: Years Ended June 30, 2017 2016 2015 Continuing operations $ 828 $ 863 $ 759 Discontinued operations — 652 2,763 Total Savings Plan Expense $ 828 $ 1,515 $ 3,522 In addition, prior to the Distribution, the Company sponsored the MSG Holdings, L.P. 401(k) Union Plan (the "MSG Union Savings Plan"). As a result of the Distribution, the MSG Union Savings Plan was amended to (i) transfer sponsorship of the plan to MSG and (ii) become a multiple employer plan in which both the Company and MSG will continue to participate. For periods subsequent to the Distribution, there were no employer contributions to the MSG Union Plan. For periods prior to the Distribution, expenses related to the MSG Union Plan, which have been classified in the consolidated statements of operations as discontinued operations were $18 and $724 for the years ended June 30, 2016 and 2015 , respectively. Multiemployer Plans The Company contributes to a number of multiemployer defined benefit pension plans, multiemployer defined contribution pension plans, and multiemployer health and welfare plans that provide benefits to retired union-represented employees under the terms of collective bargaining agreements. The multiemployer defined benefit pension plans to which the Company contributes generally provide for retirement and death benefits for eligible union-represented employees based on specific eligibility/participant requirements, vesting periods and benefit formulas. The risks to the Company of participating in these multiemployer defined benefit pension plans are different from single-employer defined benefit pension plans in the following aspects: • Assets contributed to a multiemployer defined benefit pension plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to a multiemployer defined benefit pension plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If the Company chooses to stop participating in some of these multiemployer defined benefit pension plans, the Company may be required to pay those plans an amount based on the Company's proportion of the underfunded status of the plan, referred to as a withdrawal liability. However, cessation of participation in a multiemployer defined benefit pension plan and subsequent payment of any withdrawal liability is subject to the collective bargaining process. The Company was not listed in any of the multiemployer plans' Form 5500's as providing more than 5 percent of the total contributions. There were no multiemployer defined benefit pension plans, to which the Company contributes, that were in the red zone (which are plans that are generally less than 65% funded) for the most recent Pension Protection Act zone status available as of June 30, 2017. The Company contributed $1,328 , $1,334 , and $3,644 for the years ended June 30, 2017, 2016 and 2015 , respectively, to multiemployer plans, primarily multiemployer defined benefit pension plans. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-based Compensation The Company has two share-based compensation plans (i) the MSG Networks Inc. 2010 Employee Stock Plan (the “Employee Stock Plan”), which was most recently approved by the Company's stockholders on December 15, 2016, and (ii) the MSG Networks Inc. 2010 Stock Plan for Non-Employee Directors (the “Non-Employee Director Plan”), which was most recently approved by the Company's stockholders on December 11, 2015. Under the Employee Stock Plan, the Company is authorized to grant incentive stock options and non-qualified stock options (“options” or "stock options”), restricted shares, RSUs and other equity-based awards. The Company may grant awards for up to 12,500 (inclusive of awards granted prior to the December 15, 2016 amendment thereof) shares of the Company's Class A Common Stock (subject to certain adjustments). Options and rights under the Employee Stock Plan must be granted with an exercise price of not less than the fair market value of a share of the Company's Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the Employee Stock Plan, including vesting and exercisability, are determined by the Compensation Committee of the Board of Directors (“Compensation Committee”) and may include performance targets. RSUs that were awarded by the Company to its employees will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash. Under the Non-Employee Director Plan, the Company is authorized to grant non-qualified stock options, RSUs and other equity-based awards. The Non-Employee Director Plan provides that the Company may grant awards for up to 300 shares of the Company's Class A Common Stock (subject to certain adjustments). Non-qualified stock options under the Non-Employee Director Plan must be granted with an exercise price of not less than the fair market value of a share of the Company's Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the Non-Employee Director Plan, including vesting and exercisability, are determined by the Compensation Committee. Unless otherwise provided in an applicable award agreement, non-qualified stock options granted under this plan will be fully vested and exercisable, and RSUs granted under this plan will be fully vested, upon the date of grant and will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash, on the first business day after ninety days from the date the director's service on the Board of Directors ceases or, if earlier, upon the director's death. In connection with the Distribution, each holder of an employee RSU that was granted prior to July 1, 2015 received one MSG RSU in respect of every three RSUs owned on the Record Date and continues to be entitled to a share of the Company's Class A Common Stock (or cash or other property) for each RSU in accordance with the existing award agreement. In connection with the Distribution, each employee RSU that was granted on or after July 1, 2015 was adjusted in accordance with its terms, such that (i) each holder who remained employed by the Company following the Distribution continued to hold Company RSUs, with the number of RSUs adjusted to reflect the Distribution to maintain the value of the RSUs, and (ii) each holder who MSG employed following the Distribution received MSG RSUs of the same value as the Company RSUs, and the original Company RSUs were canceled. Any holder of RSUs granted after July 1, 2015 who was employed by both MSG and the Company following the Distribution continues to hold the Company's RSUs, adjusted to reflect the Distribution, and received MSG RSUs in connection with the Distribution, so that the Company's RSUs represent 30% of the value of the original awards and MSG RSUs represent 70% of the value of the original RSU award. Also in connection with the Distribution, one share of MSG Class A Common Stock was issued under the MSG 2015 Non-Employee Director Plan in respect of every three RSUs outstanding under the Company’s Non-Employee Director Plan. In connection with the Distribution, each option to purchase the Company's Class A Common Stock became two options: one option to acquire MSG Class A Common Stock and one option to acquire the Company's Class A Common Stock. The existing exercise price was allocated between the existing options and the new MSG options based upon the volume-weighted average prices of the MSG Class A Common Stock and the Company's Class A Common Stock over the ten trading days immediately following the Distribution as reported by Bloomberg Business, and the underlying share amount took into account the one-to- three distribution ratio (i.e., one share of MSG Class A Common Stock was issued for every three shares of the Company's Class A Common Stock). Other than the split of the options and the allocation of the existing exercise price, there were no additional adjustments to the existing options in connection with the Distribution and the terms of each employee’s applicable option award agreement will continue to govern the Company's options. The Company's RSUs held by MSG employees will not be expensed by the Company; however, such RSUs do have a dilutive effect on earnings (loss) per share available to the Company's common stockholders. Share-based Compensation Expense Share-based compensation expense, presented within selling, general and administrative expenses and direct operating expenses, was $9,931 , $9,266 and $10,211 for the years ended June 30, 2017 , 2016 and 2015 , respectively. Share-based compensation expense for discontinued operations during the years ended June 30, 2016 and 2015 was $808 , and $4,810 , respectively. As of June 30, 2017 , there was $16,342 of unrecognized compensation cost related to unvested RSUs and stock options, held by Company employees. The cost is expected to be recognized over a weighted-average period of 2 years for unvested RSUs and stock options. There were no costs related to share-based compensation that were capitalized. Tax benefits realized from tax deductions associated with share-based compensation expense for the years ended June 30, 2017 , 2016 and 2015 totaled $1,714 , $12,206 , and $17,552 , respectively. Stock Options Award Activity The following table summarizes activity relating to holders of the Company's stock options for the year ended June 30, 2017 : Number of Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Nonperformance Based Vesting Performance Based Vesting Balance as of June 30, 2016 [a] 1 — $ 2.77 0.28 $ 11 Granted 535 534 17.81 Exercised (1 ) — 2.77 Balance as of June 30, 2017 535 534 $ 17.81 6.71 $ 4,960 (a) See above for a discussion of the treatment of options in connection with the Distribution. In September 2016, the Company granted 1,069 stock options, of which 50% are subject to three-year ratable vesting and the remaining 50% are subject to three-year cliff vesting and the achievement of certain Company performance criteria. These options have an expiration period of 7.5 years. The Company calculated the fair value of these options on the date of grant using the Black-Scholes option pricing model, which resulted in a grant date fair value of $ 4.49 per option. The following were the key assumptions used to calculate the fair value of this award: Risk-free interest rate 1.24 % Expected term 5.25 years Expected volatility 25.1 % The Company's computation of expected term was calculated using the simplified method (the average of the vesting period and option term) as prescribed in ASC Topic 718-10-S99. The Company's computation of expected volatility was based on historical volatility of its common stock. The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of the Company's Class A Common Stock for all options outstanding which were all in-the-money at June 30, 2017 and 2016 , as applicable. For the years ended June 30, 2017 , 2016 and 2015 , the aggregate intrinsic value of the Company's stock options exercised was $14 , $5,100 and $3,207 , respectively, determined as of the date of option exercise. Restricted Share Units Award Activity The following table summarizes activity relating to holders (including Company and MSG employees) of the Company's RSUs for the year ended June 30, 2017 : Number of Weighted-Average Fair Value Per Share At Date of Grant Nonperformance Based Vesting RSUs Performance Based Vesting Unvested award balance as of June 30, 2016 321 431 $ 38.57 Granted 463 284 19.59 Vested (207 ) (103 ) 39.91 Forfeited (33 ) (15 ) 38.07 Unvested award balance as of June 30, 2017 544 597 25.79 See above for a discussion of the treatment of RSUs granted after July 1, 2015. Nonperformance based vesting RSUs granted during the year ended June 30, 2017 included 404 RSUs that are subject to three-year ratable vesting and 59 RSUs granted under the Non-Employee Director Plan which vested upon date of grant. Performance based vesting RSUs granted during the year ended June 30, 2017 included 94 RSUs that are subject to three-year ratable vesting, and 190 RSUs subject to three-year cliff vesting. RSUs granted under the Employee Stock Plan and Non-Employee Director Plan will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash. RSU's granted under the Non-Employee Director Plan will settle on the first business day after ninety days from the date the director's service on the Board of Directors ceases or, if earlier, upon the director's death. The fair value of RSUs that vested during the year ended June 30, 2017 was $5,902 . Upon delivery, RSUs granted under the Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations and the remaining number of shares were issued from the Company's treasury shares. To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes, 130 of these RSUs, with an aggregate value of $2,399 were retained by the Company and the taxes paid are reflected as a financing activity in the accompanying consolidated statement of cash flows for the year ended June 30, 2017 . The fair value of RSUs that vested during the years ended June 30, 2016 and 2015 , was $ 17,330 and $54,544 , respectively. The weighted-average fair value per share at date of grant of RSUs granted during the years ended June 30, 2016 and 2015 was $55.23 and $69.57 , respectively. |
Stock Repurchase Program (Notes
Stock Repurchase Program (Notes) | 12 Months Ended |
Jun. 30, 2016 | |
Stock Based Compensation [Abstract] | |
Treasury Stock [Text Block] | Note 15. Stock Repurchase Program On October 27, 2014 , the Company's Board of Directors authorized the repurchase of up to $500,000 of the Company's Class A Common Stock. On September 11, 2015 , the Company's Board of Directors terminated the repurchase authorization effective as of the Distribution Date. Under the authorization, shares of Class A Common Stock were able to be purchased from time to time in open market or private transactions in accordance with applicable insider trading and other securities laws and regulations. For the years ended June 30, 2016 (up until the authorization was terminated) and 2015, the Company repurchased 1,336 and 1,823 shares, respectively, which are determined based on the settlement date of such trades, for a total cost of $100,027 and $140,717 (including commissions and fees), respectively. These acquired shares have been classified as treasury stock. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of June 30, 2017 , members of the Dolan family group, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, including trusts for the benefit of the Dolan family group, collectively beneficially own all of the Company's outstanding Class B Common Stock and own approximately 2.4% of the Company's outstanding Class A Common Stock. Such shares of the Company's Class A Common Stock and Class B Common Stock, collectively, represent approximately 69.6% of the aggregate voting power of the Company's outstanding common stock. Members of the Dolan family are also the controlling stockholders of MSG and AMC Networks Inc. ("AMC Networks"). On June 16, 2016, the Company entered into an arrangement with the Dolan Family Office, LLC (“DFO”), MSG and AMC Networks providing for the sharing of certain expenses associated with executive office space which is available to Charles F. Dolan (a director of the Company and MSG and the Executive Chairman and a director of AMC Networks), James L. Dolan (the Executive Chairman and a director of the Company and MSG and a director of AMC Networks), and the DFO, which is controlled by Charles F. Dolan. Beginning in June 2016, the Company agreed to share certain executive support costs, including office space, executive assistants, security and transportation costs for (i) the Company's Executive Chairman with MSG and (ii) the Company's Vice Chairman with MSG and AMC Networks. In connection with the Distribution, the Company entered into various agreements with MSG, including media rights agreements covering Knicks and Rangers games, an advertising sales representation agreement, a trademark license agreement, a tax disaffiliation agreement, a transition services agreement ("TSA") and certain other arrangements. The Company has entered into various agreements with AMC Networks with respect to a number of ongoing commercial relationships. Related party transactions included in continuing operations Rights fees The Company's media rights agreements with the Knicks and the Rangers, effective as of July 1, 2015, provide the Company with exclusive media rights to team games in their local markets. Prior to the Distribution, these rights fees were eliminated in consolidation; however the pre-Distribution Date amounts are now presented as revenues in the loss from discontinued operations line with the offsetting expense in direct operating expenses, within continuing operations, in the accompanying consolidated statements of operations for the years ended June 30, 2016 and 2015. Rights fees included in the accompanying consolidated statements of operations for the years ended June 30, 2017, 2016 and 2015 were $135,191 , $130,841 , and $80,999 , respectively. Origination, master control and technical services AMC Networks provides certain origination, master control and technical services to the Company. Amounts charged to the Company for the years ended June 30, 2017, 2016 and 2015 were $6,111 , $5,872 , and $5,663 , respectively. Commission The Company's advertising sales representation agreement with MSG, which has a term through June 30, 2022, provides for MSG to act as our advertising sales representative and includes the exclusive right and obligation to sell certain advertising availabilities on our behalf for a commission. All of the Company's advertising sales personnel were transferred to MSG in connection with the Distribution. The amount charged to the Company for the years ended June 30, 2017 and 2016 were $13,585 and $13,763 , respectively. Other operating expenses The Company and its related parties enter into transactions with each other in the ordinary course of business. In addition, pursuant to the TSA, the Company outsources certain business functions to MSG. These services include information technology, certain accounting functions, accounts payable, payroll, tax, legal, human resources, insurance and risk management, investor relations, corporate communications, benefit plan administration and reporting, and internal audit. Net amounts charged to the Company pursuant to the TSA, for expenses associated with executive office space and certain support costs, and for other related party transactions amounted to $8,925 , $4,934 , and $(3,766) for the years ended June 30, 2017, 2016 and 2015 , respectively. Related party transactions with Cablevision Systems Corporation Prior to June 21, 2016, members of the Dolan family were also the controlling stockholders of Cablevision Systems Corporation ("Cablevision"). On June 21, 2016, Cablevision was acquired by a subsidiary of Altice N.V. and a change in control occurred which resulted in members of the Dolan family no longer being controlling stockholders of Cablevision (now known as Altice USA). Accordingly, Altice USA is not a related party of the Company. Revenues (primarily from the distribution of programming networks) that relate to Cablevision prior to its sale, included in continuing operations in the accompanying consolidated statements of operations for the years ended June 30, 2016 and 2015 were $161,588 and $167,648 , respectively. Operating expenses that relate to Cablevision prior to its sale, included in continuing operations in the accompanying consolidated statements of operations for the years ended June 30, 2016 and 2015 were $11,050 and $9,107 , respectively. Related party transactions included in discontinued operations Related party transactions included in income (loss) from discontinued operations in the accompanying consolidated statements of operations include the following: (i) revenues from related parties of $33,559 and $89,126 for the years ended June 30, 2016 and 2015 , respectively, (ii) operating expenses charged by related parties of $1,367 and $10,194 for the years ended June 30, 2016 and 2015 , respectively, (iii) interest income from nonconsolidated affiliates of $635 and $1,886 for the years ended June 30, 2016 and 2015 , respectively, and (iv) equity in earnings (loss) of equity-method investments of $2,679 and $(40,590) for the years ended June 30, 2016 and 2015 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense attributable to continuing operations is comprised of the following components: Years Ended June 30, 2017 2016 2015 Current expense: Federal $ 81,964 $ 71,632 $ 137,455 State and other 31,977 27,977 53,194 113,941 99,609 190,649 Deferred expense (benefit): Federal (4,120 ) (4,353 ) (16,558 ) State and other (1,327 ) (14,252 ) 3,708 (5,447 ) (18,605 ) (12,850 ) Tax benefit relating to uncertain tax positions (18 ) (33 ) (894 ) Income tax expense $ 108,476 $ 80,971 $ 176,905 The income tax expense attributable to continuing operations differs from the amount derived by applying the statutory federal rate to pre-tax income principally due to the effect of the following items: Years Ended June 30, 2017 2016 2015 Federal tax expense at statutory federal rate $ 96,578 $ 85,495 $ 148,867 State and local income taxes, net of federal benefit 19,489 17,709 31,707 Change in the estimated applicable corporate tax rate used to determine deferred taxes 85 (12,717 ) 8,122 Domestic production activities tax deduction (7,998 ) (6,329 ) (11,076 ) Tax benefit relating to uncertain tax positions (18 ) (33 ) (894 ) Tax return to book provision adjustments (208 ) (3,271 ) (49 ) Nondeductible expenses and other 548 117 228 Income tax expense $ 108,476 $ 80,971 $ 176,905 The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and liabilities included in the accompanying consolidated balance sheets as of June 30, 2017 and 2016 are as follows: June 30, 2017 2016 Deferred tax asset (liability) Investment in MSGN L.P. $ (356,064 ) $ (358,725 ) Compensation and benefit plans 4,210 2,164 Net noncurrent deferred tax liability $ (351,854 ) $ (356,561 ) Deferred tax assets as of June 30, 2017 have resulted from the Company's future deductible temporary differences. At this time, based on current facts and circumstances, management believes that it is more likely than not that the Company will realize the benefit for its gross deferred tax assets. The current state tax prepaid asset of $14,322 and $28,384 as of June 30, 2017 and 2016 , respectively, and the current federal tax payable of $11,483 and $ 8,662 as of June 30, 2017 and 2016 , respectively, are reflected in the Company's income tax prepaid and payables balances in the accompanying consolidated balance sheets. The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits associated with the Company's uncertain tax positions: Balance as of June 30, 2016 $ 32 Additions for tax positions related to prior years — Decreases for tax positions related to prior years (18 ) Balance as of June 30, 2017 $ 14 During the year ended June 30, 2017 , the Company recorded a $18 tax benefit related to uncertain tax positions (including interest and penalties) due to the expiration of the applicable statute of limitations. The expense related to uncertain tax positions taken in prior years was comprised of income taxes associated with a state filing position. The Company recognizes accrued interest and penalties on unrecognized tax positions as a component of income tax expense. The Company expects its uncertain tax position balance of $14 to be released to income within the next twelve months which will have a negligible impact on the Company's effective tax rate. The Company made cash income tax payments (net) of $97,164 , $192,315 and $217,316 for years ended June 30, 2017, 2016 and 2015, respectively. The cash income tax payments for the year ended June 30, 2016 include approximately $120,000 which is reflected in net cash used in operating activities of discontinued operations in the accompanying consolidated statement of cash flows. The income tax payments classified in net cash used in operating activities of discontinued operations primarily reflect a one-time payment related to certain historical activities of our former subsidiary, MSG, and other offsetting items. Income taxes paid by the Company during the year ended June 30, 2015 include amounts related to the sale of Fuse. During the third quarter of fiscal year 2017, the Internal Revenue Service concluded its fieldwork on the audit of the Company’s federal income tax returns as filed for the tax year ended December 31, 2013. The Company does not expect the audit to result in material changes to the tax returns as filed. The Company was notified during the third quarter of fiscal year 2017 that the City of New York was commencing an examination of the Company's New York City income tax returns as filed for the tax years ended December 31, 2013 and 2014. The Company does not expect the examination, when finalized, to result in material changes to the tax returns as filed. In addition, during the fourth quarter of fiscal year 2017 the Company was notified that the City of New York was also initiating a review of the Company’s 2014 and 2015 Unincorporated Business Tax Returns. The Company does not expect the examination, when finalized, to result in material changes to the tax returns as filed. The Company was notified during the fourth quarter of fiscal year 2017 that the State of New York was commencing an examination of the Company's New York State income tax returns as filed for the tax years ended December 31, 2013 and 2014. The Company does not expect the examination, when finalized, to result in material changes to the tax returns as filed. The federal and state statute of limitations are currently open on the Company's 2013 , 2014 , 2015 , and 2016 tax returns. |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration Of Risk | Concentrations of Risk Financial instruments that may potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are invested in money market funds and bank time deposits. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments. Accounts receivable, net on the accompanying consolidated balance sheets as of June 30, 2017 and 2016 include amounts due from the following individual non-affiliated customers, which accounted for the noted percentages of the gross balance: June 30, 2017 2016 Customer A 26 % 25 % Customer B 25 % 26 % Customer C 22 % 22 % Customer D 14 % 14 % Affiliation fee revenue constituted at least 90% of our consolidated revenues for each of the years ended June 30, 2017 , 2016 and 2015 . Revenues from continuing operations in the accompanying consolidated statements of operations for the years ended June 30, 2017 , 2016 and 2015 include amounts from the following individual customers, which accounted for the noted percentages of the total: Years Ended June 30, 2017 2016 2015 Customer 1 25 % 25 % 27 % Customer 2 24 % 23 % 22 % Customer 3 20 % 20 % 20 % Customer 4 11 % 10 % 11 % The accompanying consolidated balance sheets as of June 30, 2017 and 2016 include the following approximate amounts that are recorded in connection with the Company's license agreement with the New Jersey Devils: June 30, Reported in 2017 2016 Prepaid expenses $ 3,000 $ 1,000 Other current assets 2,000 2,000 Other assets 41,000 41,000 $ 46,000 $ 44,000 As of June 30, 2017 , approximately 580 full-time and part-time employees, who represent approximately 74% of the Company's workforce, are subject to collective bargaining agreements (“CBAs”). As of June 30, 2017 , approximately 38% of the Company's workforce that are subject to CBAs are covered by CBAs that expire within the next fiscal year. |
Interim Financial Information
Interim Financial Information | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | ||
Interim Financial Information (Unaudited) | Note 19. Interim Financial Information (Unaudited) The following is a summary of the Company's selected quarterly financial data for the years ended June 30, 2017 and 2016 : Three Months Ended Year Ended June 30, 2017 September 30, 2016 December 31, 2016 March 31, 2017 June 30, 2017 Revenues $ 153,578 $ 175,646 $ 183,247 $ 162,881 $ 675,352 Operating expenses 79,071 95,847 100,193 86,977 362,088 Operating income $ 74,507 $ 79,799 $ 83,054 $ 75,904 $ 313,264 Income from continuing operations $ 40,361 $ 43,255 $ 44,155 $ 39,691 $ 167,462 Loss from discontinued operations, net of taxes (120 ) — — — (120 ) Net income $ 40,241 $ 43,255 $ 44,155 $ 39,691 $ 167,342 Earnings (loss) per share: Basic Income from continuing operations $ 0.54 $ 0.58 $ 0.59 $ 0.53 $ 2.23 Loss from discontinued operations — — — — — Net income 0.54 0.58 0.59 0.53 2.22 Diluted Income from continuing operations $ 0.54 $ 0.57 $ 0.58 $ 0.52 $ 2.22 Loss from discontinued operations — — — — — Net income 0.53 0.57 0.58 0.52 2.21 | |
Schedule of PY Quarterly Financial Information | Three Months Ended Year Ended June 30, 2016 September 30, 2015 December 31, 2015 March 31, 2016 June 30, 2016 Revenues $ 148,147 $ 169,931 $ 179,596 $ 160,524 $ 658,198 Operating expenses 105,899 97,008 95,509 86,196 384,612 Operating income $ 42,248 $ 72,923 $ 84,087 $ 74,328 $ 273,586 Income from continuing operations $ 41,331 $ 34,050 $ 44,710 $ 43,207 $ 163,298 Income (loss) from discontinued operations, net of taxes (161,017 ) (137 ) (40 ) 5,530 (155,664 ) Net income (loss) $ (119,686 ) $ 33,913 $ 44,670 $ 48,737 $ 7,634 Earnings (loss) per share: Basic Income from continuing operations $ 0.55 $ 0.45 $ 0.60 $ 0.58 $ 2.17 Income (loss) from discontinued operations (2.13 ) — — 0.07 (2.07 ) Net income (loss) (1.58 ) 0.45 0.60 0.65 0.10 Diluted Income from continuing operations $ 0.54 $ 0.45 $ 0.59 $ 0.57 $ 2.16 Income (loss) from discontinued operations (2.12 ) — — 0.07 (2.06 ) Net income (loss) (1.58 ) 0.45 0.59 0.65 0.10 |
Schedule II
Schedule II | 12 Months Ended |
Jun. 30, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Beginning of Period (Additions) Deductions Charged to Costs and Expenses (Additions) Deductions Charged to Other Accounts Deductions (a) Balance at End of Period Year Ended June 30, 2017 Allowance for doubtful accounts $ (838 ) $ 242 $ — $ 2 $ (594 ) Year Ended June 30, 2016 Allowance for doubtful accounts $ (273 ) $ (791 ) $ (52 ) $ 278 $ (838 ) Year Ended June 30, 2015 Allowance for doubtful accounts $ (146 ) $ (244 ) $ — $ 117 $ (273 ) _____________________________ (a) Primarily reflects write-offs of uncollectible amounts. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Company include the accounts of MSG Networks Inc. and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. See Note 3 for a discussion of rights fees prior to the Distribution Date recognized as revenues by MSG from the licensing of team-related programming to the Company. |
Use of Estimates | Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amount of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amount of revenues and expenses. Such estimates include the valuation of accounts receivable, goodwill, intangible assets, other long-lived assets, tax accruals and other liabilities. In addition, estimates are used in revenue recognition, income tax expense, performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the consolidated financial statements to be reasonable. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management's best judgment at a point in time and as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company's control could be material and would be reflected in the Company's financial statements in future periods. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when the following conditions are satisfied: (a) persuasive evidence of a sales arrangement exists, (b) delivery occurs or services are rendered, (c) the sales price is fixed or determinable and (d) collectability is reasonably assured. The Company earns affiliation fee revenue from the cable, satellite, telephone and other platforms that carry our programming networks. The Company's programming networks are delivered throughout the term of the agreements and the Company recognizes this revenue in the period that the programming network is provided. The Company also earns advertising revenue, which is typically recognized when the advertisements are aired. In certain advertising sales arrangements, the Company guarantees specified viewer ratings for its programming. For these types of transactions, a portion of such revenue is deferred if the guaranteed viewer ratings are not met and is subsequently recognized either when the Company provides the required additional advertising time, the guarantee obligation contractually expires or additional performance requirements become remote. Gross versus Net Revenue Recognition The Company reports revenue on a gross or net basis based on management's assessment of whether the Company acts as a principal or agent in the transaction. To the extent the Company acts as the principal, revenue is reported on a gross basis. The determination of whether the Company acts as a principal or an agent in a transaction is based on an evaluation of several qualitative factors. When the Company acts as an agent, revenue is reported on a net basis. The Company has an advertising sales representation agreement with MSG that provides for MSG to act as our advertising sales representative and includes the exclusive right and obligation to sell certain advertising availabilities on our behalf for a commission. Generally, the Company reports advertising revenue on a gross basis. Nonmonetary Transactions The Company enters into nonmonetary transactions that involve the exchange of goods or services, such as advertising and promotional benefits, for other goods or services. Such transactions are measured and recorded at the fair value of the goods or services surrendered unless the goods or services received have a more readily determinable fair value. In addition, the Company enters into other monetary transactions in which nonmonetary consideration is also included and the entire transaction is recorded at fair value. If the fair values cannot be determined for either the asset(s) surrendered or received within reasonable limits, then the nonmonetary transaction is measured and recorded at the book value of the item(s) surrendered which typically is zero. |
Direct Operating Expenses | Direct Operating Expenses Direct operating expenses primarily represent media rights fees, and other programming and production costs, such as the salaries of our on-air personalities, producers, directors, technicians, writers and other creative staff, as well as expenses associated with location costs, remote facilities and maintaining studios, origination, and transmission facilities. The professional team media rights acquired under media rights agreements to telecast various sporting events and other programming for exhibition on our networks are typically expensed on a straight-line basis over the term of the applicable contract or license period. |
Advertising Expenses | Advertising Expenses Advertising costs are typically charged to expense when incurred. Total advertising costs classified in selling, general and administrative expenses were $11,765 , $10,540 , and $11,010 for the years ended June 30, 2017 , 2016 and 2015 , respectively. |
Income Taxes | Income Taxes The Company's provision for income taxes is based on current period income, changes in deferred tax assets and liabilities and changes in estimates with regard to uncertain tax positions. Deferred tax assets are subject to an ongoing assessment of realizability. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company's ability to realize its deferred tax assets depends upon the generation of sufficient future taxable income to allow for the realization of its deductible temporary differences. If such estimates and related assumptions change in the future, the Company may be required to record valuation allowances against its deferred tax assets, resulting in additional income tax expense in the Company's consolidated statements of operations. The Company measures its deferred tax liability with regard to MSGN L.P. based on the difference between the tax basis and the carrying amount for financial reporting purposes; this is commonly referred to as the outside basis difference. Interest and penalties, if any, associated with uncertain tax positions are included in income tax expense. The Company accounts for investment tax credits using the “flow-through” method, under which the tax benefit generated from an investment tax credit is recorded in the period the credit is generated. |
Share-based Compensation | Share-based Compensation The Company measures the cost of employee services received in exchange for an award of equity-based instruments based on the grant date fair value of the award. Share-based compensation cost is recognized in earnings over the period during which an employee is required to provide service in exchange for the award, except for restricted stock units (“RSUs”) granted to non-employee directors which, unless otherwise provided under the applicable award agreement, are fully vested, and are expensed at the grant date. The Company has elected to recognize share-based compensation cost for graded vesting awards with only service conditions on a straight-line basis over the requisite service period for the entire award. Effective for the first quarter of fiscal year 2017, the Company has also elected to account for forfeitures as they occur. See below for “Recently Adopted Accounting Pronouncements.” |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers the balance of its investment in funds that substantially hold highly liquid securities that mature within three months or less from the date the fund purchases these securities to be cash equivalents. The carrying amount of cash and cash equivalents either approximates fair value due to the short-term maturity of these instruments or are at fair value. Checks outstanding in excess of related book balances are included in accounts payable in the accompanying consolidated balance sheets. The Company presents the change in these book cash overdrafts as cash flows from operating activities. |
Accounts Receivable | Accounts Receivable Accounts receivable is recorded at net realizable value. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables. The allowance for doubtful accounts is estimated based on the Company's analysis of receivables aging, specific identification of certain receivables that are at risk of not being paid, past collection experience and other factors. The Company's allowance for doubtful accounts was $594 and $838 as of June 30, 2017 and 2016 , respectively. |
Long-Lived and Indefinite-Lived Assets | Long-Lived and Indefinite-Lived Assets The Company's long-lived and indefinite-lived assets consist of goodwill, amortizable intangible assets, and property and equipment. Goodwill has an indefinite useful life and is not amortized. Identifiable intangible assets with finite useful lives are amortized on a straight-line basis over their respective estimated useful lives. Property and equipment is stated at cost. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, with respect to leasehold improvements, amortized over the shorter of the lease term or the asset's estimated useful life. The useful lives of the Company's long-lived assets are based on estimates of the period over which the Company expects the assets to be of economic benefit to the Company. In estimating the useful lives the Company considers factors such as, but not limited to, risk of obsolescence, anticipated use, plans of the Company, and applicable laws and permit requirements. Impairment of Long-Lived and Indefinite-Lived Assets In assessing the recoverability of the Company's long-lived and indefinite-lived assets, the Company must make estimates and assumptions regarding future cash flows and other factors to determine the fair value of the respective assets. These estimates and assumptions could have a significant impact on whether an impairment charge is recognized and also the magnitude of any such charge. Fair value estimates are made at a specific point in time, based on relevant information. These estimates are subjective in nature and involve significant uncertainties and judgments and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. If these estimates or material related assumptions change in the future, the Company may be required to record impairment charges related to its long-lived and/or indefinite-lived assets. Goodwill is tested annually for impairment as of August 31 st and at any time upon the occurrence of certain events or substantive changes in circumstances. The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. If the Company can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would not need to perform the two-step impairment test for that reporting unit. If the Company cannot support such a conclusion or the Company does not elect to perform the qualitative assessment then the first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit's goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit's goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill that would be recognized in a business combination. The Company has one reporting unit for evaluating goodwill impairment. For other long-lived assets, including intangible assets that are amortized, the Company evaluates assets for recoverability when there is an indication of potential impairment. If the undiscounted cash flows from a group of assets being evaluated is less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value. |
Contingencies | Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. |
Defined Benefit Pension Plans and Other Postretirement Benefit Plan | Defined Benefit Pension Plans and Other Postretirement Benefit Plan As more fully described in Note 13 , the Company has both funded and unfunded defined benefit plans, as well as a contributory other postretirement benefit plan, covering certain full-time employees and retirees. The expense recognized by the Company is determined using certain assumptions, including the expected long-term rate of return, discount rate and rate of compensation increases, among others. The Company recognizes the funded status of its defined benefit pension and other postretirement plans (other than multiemployer plans) as an asset or liability in the consolidated balance sheets and recognizes changes in the funded status in the year in which the changes occur through other comprehensive income (loss). |
Earnings Per Common Share | Earnings (Loss) Per Common Share Basic earnings (loss) per common share (“EPS”) is based upon net income (loss) available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the effect of the assumed vesting of RSUs and exercise of stock options (see Note 14 ) only in the periods in which such effect would have been dilutive. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-05, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement , which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract and expense the cost as the services are received. This standard was adopted by the Company in the first quarter of fiscal year 2017 and will be applied prospectively to all arrangements entered into or materially modified after the effective date. There was no impact to the financial statements as a result of this adoption. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which changes several aspects of accounting for share-based payment transactions. This standard was early adopted by the Company in the first quarter of fiscal year 2017. The adoption of this standard resulted in: (i) all excess tax benefits and tax deficiencies being recognized in the income statement, rather than additional paid-in capital, on a prospective basis (ii) excess tax benefits or tax deficiencies no longer being classified on the Consolidated Statement of Cash Flows as a financing activity, on a prospective basis (as such prior period amounts have not been adjusted) and (iii) the Company’s election to account for forfeitures as they occur, rather than estimate expected forfeitures over the course of a vesting period, on a modified retrospective basis. There was no material impact to the financial statements as a result of this adoption. |
Recently Issued Acounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes the revenue recognition requirements in FASB Accounting Standards Codification ( “ ASC ” ) Topic 605, Revenue Recognition . This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which defers the effective date of ASU No. 2014-09 for all entities by one year. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration s , which provides clarification on the implementation guidance on principal versus agent considerations outlined in ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which finalized a mendments to identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB issued ASU No. 2016-12, R evenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which clarifies assessing collectibility, noncash consideration, presentation of sales taxes, completed contracts and contract modifications at transition. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019 using one of two retrospective application methods. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842) , which requires the recognition of lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous GAAP. The amended guidance also requires additional quantitative and qualitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases in order to provide additional information about the nature of an organization’s leasing activities. This standard will be effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. This standard will be adopted using a modified retrospective approach. The Company is currently evaluating the impact this standard will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which amends ASC Topic 230, Statement of Cash Flows, to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows by adding or clarifying guidance on eight specific cash flow issues. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted and the retrospective approach required. The adoption of this guidance is not expected to have a material impact on the Company ’ s consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses, which will effect various areas of accounting including, but not limited to, goodwill and consolidation. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted. The standard is to be applied prospectively. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which simplifies the measurement of goodwill impairment by eliminating the requirement of performing a hypothetical purchase price allocation. Instead, impairment will be measured using the difference between the carrying amount and fair value of the reporting unit. The amended guidance also eliminates the requirement for any reporting unit with a zero or a negative carrying amount to perform a qualitative assessment and will require disclosure of the amount of goodwill allocated to each reporting unit with a zero or a negative carrying amount of net assets. This standard will be effective for the Company beginning in the first quarter of fiscal year 2021. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The standard is to be applied prospectively. Based on the Company's most recent annual goodwill impairment test completed in fiscal year 2017, the adoption of this guidance is not expected to have any initial impact on the Company's consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires: (i) presentation of the service cost component of net periodic benefit cost within the same line item as other compensation costs arising from services rendered by relevant employees during the period, and (ii) the non-service cost components of net periodic benefit cost to be presented separately in the income statement from the service cost component and not be included in the subtotal for operating income. In addition, only the service cost component is eligible to be capitalized into an asset. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted at the beginning of an annual period for which financial statements have not been issued. The standard is to be applied retrospectively, except for the change to the capitalization guidelines, which is to be applied prospectively. Although the Company does not expect the standard to have an impact on its consolidated net income, the Company’s net periodic benefit cost for fiscal year 2017 includes approximately $1,600 of expense that will be reclassified from operating income to a line item below operating income upon adoption. In May 2017, the FASB issued ASU No. 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting , which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity should account for the effects of a modification unless all of the following characteristics of the modified award are the same as the original award immediately before the original award is modified: (i) the award’s fair value, (ii) the award’s vesting condition, and (iii) the award’s classification as an equity or liability instrument. This standard will be effective for the Company beginning in the first quarter of fiscal year 2019, with early adoption permitted. The standard is to be applied prospectively to an award modified on or after the adoption date. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Years Ended June 30, 2017 2016 2015 Revenues (a) $ — $ 150,381 $ 1,071,551 Direct operating expenses — 71,320 725,172 Selling, general and administrative expenses 120 58,283 183,226 Depreciation and amortization — 23,772 103,481 Operating income (loss) (120 ) (2,994 ) 59,672 Equity in earnings (loss) of equity-method investments — 2,679 (40,590 ) Interest income — 635 1,886 Interest expense — (540 ) (2,467 ) Miscellaneous income — — 2,802 Income (loss) from discontinued operations before income taxes (120 ) (220 ) 21,303 Income tax expense — (155,444 ) (15,032 ) Income (loss) from discontinued operations, net of taxes $ (120 ) $ (155,664 ) $ 6,271 |
Computation of Earnings Per C31
Computation of Earnings Per Common Share (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted-Average Shares Used in Calculation of Basic and Diluted EPS | The following table presents a reconciliation of the weighted-average number of shares used in the calculations of basic and diluted EPS: Years Ended June 30, 2017 2016 2015 Weighted-average number of shares for basic EPS 75,213 75,152 77,138 Dilutive effect of shares issuable under share-based compensation plans 347 375 549 Weighted-average number of shares for diluted EPS 75,560 75,527 77,687 Anti-dilutive shares 162 — 4 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets Subject to Amortization | June 30, June 30, Affiliate relationships $ 83,044 $ 83,044 Less accumulated amortization (42,381 ) (38,921 ) $ 40,663 $ 44,123 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The Company expects its aggregate annual amortization expense for existing intangible assets subject to amortization for each fiscal year from 2018 through 2022 to be as follows: Fiscal year ending June 30, 2018 $ 3,460 Fiscal year ending June 30, 2019 3,460 Fiscal year ending June 30, 2020 3,460 Fiscal year ending June 30, 2021 3,460 Fiscal year ending June 30, 2022 3,460 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | As of June 30, 2017 and 2016 , property and equipment consisted of the following assets: June 30, Estimated 2017 2016 Useful Lives Equipment $ 40,918 $ 44,508 2 to 10 years Furniture and fixtures 1,695 1,744 5 to 8 years Leasehold improvements 19,285 19,561 Shorter of term of lease or life of improvement Construction in progress 565 966 62,463 66,779 Less accumulated depreciation and amortization (50,635 ) (52,625 ) $ 11,828 $ 14,154 |
Debt Schedule of Debt (Tables)
Debt Schedule of Debt (Tables) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |||
Long-term Debt, Maturities, Repayment Terms | As of June 30, 2017 , the principal repayments required under the Term Loan Facility are as follows: Fiscal year ending June 30, 2018 $ 75,000 Fiscal year ending June 30, 2019 75,000 Fiscal year ending June 30, 2020 114,375 Fiscal year ending June 30, 2021 1,056,875 $ 1,321,250 | ||
Schedule of Debt | Term Loan Facility Deferred Financing Costs Net June 30, 2017 Current portion of long-term debt $ 75,000 $ (2,586 ) $ 72,414 Long-term debt, net of current portion 1,246,250 (5,819 ) 1,240,431 Total $ 1,321,250 $ (8,405 ) $ 1,312,845 June 30, 2016 Current portion of long-term debt $ 67,500 $ (2,586 ) $ 64,914 Long-term debt, net of current portion 1,421,250 (8,405 ) 1,412,845 Total $ 1,488,750 $ (10,991 ) $ 1,477,759 | ||
Debt Financing Cost | June 30, 2017 June 30, Other current assets $ 417 $ 417 Other assets 938 1,356 | ||
Debt Instrument [Line Items] | |||
Additional interest Rate when Default | 2.00% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||
Letters of Credit Outstanding, Amount | $ 0 | ||
Repayments of Secured Debt | $ 167,500 | $ 61,250 | $ 0 |
Federal Funds Effective Swap Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | ||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Minimum [Member] | Eurodollar [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Maximum [Member] | Eurodollar [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Schedule of Future Minimum Rental Payments [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of June 30, 2017 , future minimum rental payments under leases having noncancelable initial lease terms in excess of one year are as follows: Fiscal year ending June 30, 2018 $ 5,841 Fiscal year ending June 30, 2019 5,841 Fiscal year ending June 30, 2020 5,681 Fiscal year ending June 30, 2021 4,272 Fiscal year ending June 30, 2022 3,630 Thereafter 6,087 $ 31,352 During the years ended June 30, 2017 , 2016 and 2015 , the Company recorded income of $2,531 , $ 2,638 and $2,607 , respectively, related to the use of certain space of the Company by third parties. |
Contractual Obligation and Off
Contractual Obligation and Off Balance Sheet Arrangements (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | Fiscal year ending June 30, 2018 $ 243,617 Fiscal year ending June 30, 2019 245,964 Fiscal year ending June 30, 2020 249,790 Fiscal year ending June 30, 2021 254,729 Fiscal year ending June 30, 2022 248,400 Thereafter 3,338,635 $ 4,581,135 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Level I Level II Level III Total June 30, 2017 Assets: Money market accounts $ 34,128 $ — $ — $ 34,128 Time deposits 106,482 — — 106,482 Total assets measured at fair value $ 140,610 $ — $ — $ 140,610 June 30, 2016 Assets: Money market accounts $ 68,591 $ — $ — $ 68,591 Time deposits 50,977 — — 50,977 Total assets measured at fair value $ 119,568 $ — $ — $ 119,568 |
Pension Plans and Other Postr38
Pension Plans and Other Postretirement Benefit Plan (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status | The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company's consolidated balance sheets associated with the MSG Networks Plans, MSG Pension Plans and Postretirement Plan as of June 30, 2017 and 2016 based upon actuarial valuations as of those measurement dates. Pension Plans Postretirement Plan June 30, June 30, 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of period $ 43,921 $ 191,064 $ 3,537 $ 8,704 Service cost 532 1,962 72 112 Interest cost 1,328 3,418 100 206 Actuarial loss (gain) (1,567 ) 4,534 (16 ) 425 Benefits paid (1,224 ) (1,906 ) (70 ) (235 ) Transfer due to the Distribution — (155,151 ) — (5,675 ) Benefit obligation at end of period 42,990 43,921 3,623 3,537 Change in plan assets: Fair value of plan assets at beginning of period 14,818 112,213 — — Actual return on plan assets (24 ) 1,433 — — Employer contributions 2,035 2,675 — — Benefits paid (1,224 ) (1,906 ) — — Transfer due to the Distribution — (99,597 ) — — Fair value of plan assets at end of period 15,605 14,818 — — Funded status at end of period $ (27,385 ) $ (29,103 ) $ (3,623 ) $ (3,537 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheets as of June 30, 2017 and 2016 consist of: Pension Plans Postretirement Plan June 30, June 30, 2017 2016 2017 2016 Current liabilities (included in accrued employee related costs) $ (930 ) $ (730 ) $ (99 ) $ (83 ) Non-current liabilities (included in defined benefit and other postretirement obligations) (26,455 ) (28,373 ) (3,524 ) (3,454 ) $ (27,385 ) $ (29,103 ) $ (3,623 ) $ (3,537 ) |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Accumulated other comprehensive income (loss), before tax, as of June 30, 2017 and 2016 consists of the following amounts that have not yet been recognized in net periodic benefit cost: Pension Plans Postretirement Plan June 30, June 30, 2017 2016 2017 2016 Actuarial loss $ (11,034 ) $ (12,791 ) $ (214 ) $ (254 ) Prior service credit — — 24 48 $ (11,034 ) $ (12,791 ) $ (190 ) $ (206 ) |
Schedule of Net Periodic Benefit Cost | Amounts presented in the table above include net periodic benefit cost related to continuing operations and discontinued operations as noted in the following table: Years Ended June 30, 2017 2016 2015 Continuing operations $ 2,237 $ 3,166 $ 5,765 Discontinued operations — 1,963 8,105 Total Net Periodic Benefit Cost $ 2,237 $ 5,129 $ 13,870 Components of net periodic benefit cost for the MSG Networks Plans, MSG Pension Plans, and Postretirement Plan recognized in direct operating expenses, selling, general and administrative expenses, and income (loss) from discontinued operations in the accompanying consolidated statements of operations for the years ended June 30, 2017 , 2016 and 2015 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2017 2016 2015 2017 2016 2015 Service cost $ 532 $ 1,962 $ 6,943 $ 72 $ 112 $ 198 Interest cost 1,328 3,418 7,915 100 206 331 Expected return on plan assets (424 ) (1,233 ) (3,663 ) — — — Recognized actuarial loss (a) 700 721 2,258 24 — — Amortization of unrecognized prior service cost (credit) (a) — 14 26 (24 ) (71 ) (138 ) Settlement gain (a) (71 ) — — — — — Net periodic benefit cost $ 2,065 $ 4,882 $ 13,479 $ 172 $ 247 $ 391 (a) Reflects amounts reclassified from accumulated other comprehensive loss. |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended June 30, 2017 , 2016 and 2015 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2017 2016 2015 2017 2016 2015 Actuarial gain (loss) $ 1,128 $ (3,483 ) $ (8,029 ) $ 16 $ (427 ) $ 855 Amounts reclassified from accumulated other comprehensive loss: Recognized actuarial loss 700 721 2,258 24 — — Recognized prior service (credit) cost — 14 26 (24 ) (71 ) (138 ) Settlement gain (71 ) — — — — — Total recognized in other comprehensive income (loss) $ 1,757 $ (2,748 ) $ (5,745 ) $ 16 $ (498 ) $ 717 |
Schedule of Assumptions Used | Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of June 30, 2017 and 2016 are as follows: Pension Plans Postretirement Plan June 30, June 30, 2017 2016 2017 2016 Discount rate 3.80 % 3.57 % 3.68 % 3.28 % Rate of compensation increase 2.00 % 2.00 % n/a n/a Healthcare cost trend rate assumed for next year n/a n/a 7.25 % 7.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate n/a n/a 2027 2026 Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for the years ended June 30, 2017 , 2016 and 2015 are as follows: Pension Plans Postretirement Plan Years Ended June 30, Years Ended June 30, 2017 2016 2015 2017 2016 2015 Discount rate n/a 4.47 % 4.32 % n/a 4.15 % 4.00 % Discount rate - service cost 3.73 % n/a n/a 3.63 % n/a n/a Discount rate - interest cost 3.03 % n/a n/a 2.84 % n/a n/a Expected long-term return on plan assets 3.38 % 4.06 % 4.24 % n/a n/a n/a Rate of compensation increase 2.00 % 2.98 % 2.98 % n/a n/a n/a Healthcare cost trend rate assumed for next year n/a n/a n/a 7.25 % 7.25 % 7.25 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) n/a n/a n/a 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate n/a n/a n/a 2026 2021 2020 |
Schedule of Effect of One-Percentage-Point Change in Assumed Healthcare Cost Trend Rates | Assumed healthcare cost trend rates are also a key assumption used for the amounts reported for the Postretirement Plan. A one percentage point change in assumed healthcare cost trend rates would have the following effects: Increase (Decrease) in Total of Service and Interest Cost Components for the Increase (Decrease) in Benefit Obligation at Years Ended June 30, June 30, 2017 2016 2015 2017 2016 One percentage point increase $ 24 $ 63 $ 67 $ 448 $ 383 One percentage point decrease (21 ) (55 ) (58 ) (382 ) (373 ) |
Schedule of Allocation of Plan Assets | The weighted-average asset allocation of the pension plan assets at June 30, 2017 and 2016 was as follows: June 30, Asset Classes: (a) 2017 2016 Fixed income securities 79 % 78 % Cash equivalents 21 % 22 % 100 % 100 % _____________________ (a) The Company's target allocation for pension plan assets is 80% fixed income securities and 20% cash equivalents as of June 30, 2017 . |
Schedule of Changes in Fair Value of Plan Assets | The cumulative fair values of the individual plan assets at June 30, 2017 and 2016 by asset class are as follows: Fair Value of Investments at June 30, 2017 Level I Level II Level III Total Fixed income securities: U.S. Treasury Securities $ 3,605 $ — $ — $ 3,605 U.S. corporate bonds — 7,504 — 7,504 Foreign issued corporate bonds — 1,253 — 1,253 Municipal bonds — 21 — 21 Money market accounts 3,222 — — 3,222 Total investments measured at fair value $ 6,827 $ 8,778 $ — $ 15,605 Fair Value of Investments at June 30, 2016 Fixed income securities: U.S. Treasury Securities $ 3,931 $ — $ — $ 3,931 U.S. corporate bonds — 6,349 — 6,349 Foreign issued corporate bonds — 1,278 — 1,278 Municipal bonds — 22 — 22 Money market accounts 3,238 — — 3,238 Total investments measured at fair value $ 7,169 $ 7,649 $ — $ 14,818 |
Schedule of Expected Benefit Payments | The following table presents estimated future fiscal year benefit payments for the MSG Networks Plans and Postretirement Plan: Pension Plans Postretirement Plan Fiscal year ending June 30, 2018 $ 1,470 $ 101 Fiscal year ending June 30, 2019 1,580 134 Fiscal year ending June 30, 2020 1,830 168 Fiscal year ending June 30, 2021 2,080 211 Fiscal year ending June 30, 2022 2,260 245 Fiscal years ending June 30, 2023 – 2027 12,800 1,428 |
Schedule of Defined Contribution Plan | Years Ended June 30, 2017 2016 2015 Continuing operations $ 828 $ 863 $ 759 Discontinued operations — 652 2,763 Total Savings Plan Expense $ 828 $ 1,515 $ 3,522 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes activity relating to holders of the Company's stock options for the year ended June 30, 2017 : Number of Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Nonperformance Based Vesting Performance Based Vesting Balance as of June 30, 2016 [a] 1 — $ 2.77 0.28 $ 11 Granted 535 534 17.81 Exercised (1 ) — 2.77 Balance as of June 30, 2017 535 534 $ 17.81 6.71 $ 4,960 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes activity relating to holders (including Company and MSG employees) of the Company's RSUs for the year ended June 30, 2017 : Number of Weighted-Average Fair Value Per Share At Date of Grant Nonperformance Based Vesting RSUs Performance Based Vesting Unvested award balance as of June 30, 2016 321 431 $ 38.57 Granted 463 284 19.59 Vested (207 ) (103 ) 39.91 Forfeited (33 ) (15 ) 38.07 Unvested award balance as of June 30, 2017 544 597 25.79 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Note 16 . Related Party Transactions As of June 30, 2017 , members of the Dolan family group, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, including trusts for the benefit of the Dolan family group, collectively beneficially own all of the Company's outstanding Class B Common Stock and own approximately 2.4% of the Company's outstanding Class A Common Stock. Such shares of the Company's Class A Common Stock and Class B Common Stock, collectively, represent approximately 69.6% of the aggregate voting power of the Company's outstanding common stock. Members of the Dolan family are also the controlling stockholders of MSG and AMC Networks Inc. ("AMC Networks"). On June 16, 2016, the Company entered into an arrangement with the Dolan Family Office, LLC (“DFO”), MSG and AMC Networks providing for the sharing of certain expenses associated with executive office space which is available to Charles F. Dolan (a director of the Company and MSG and the Executive Chairman and a director of AMC Networks), James L. Dolan (the Executive Chairman and a director of the Company and MSG and a director of AMC Networks), and the DFO, which is controlled by Charles F. Dolan. Beginning in June 2016, the Company agreed to share certain executive support costs, including office space, executive assistants, security and transportation costs for (i) the Company's Executive Chairman with MSG and (ii) the Company's Vice Chairman with MSG and AMC Networks. In connection with the Distribution, the Company entered into various agreements with MSG, including media rights agreements covering Knicks and Rangers games, an advertising sales representation agreement, a trademark license agreement, a tax disaffiliation agreement, a transition services agreement ("TSA") and certain other arrangements. The Company has entered into various agreements with AMC Networks with respect to a number of ongoing commercial relationships. Related party transactions included in continuing operations Rights fees The Company's media rights agreements with the Knicks and the Rangers, effective as of July 1, 2015, provide the Company with exclusive media rights to team games in their local markets. Prior to the Distribution, these rights fees were eliminated in consolidation; however the pre-Distribution Date amounts are now presented as revenues in the loss from discontinued operations line with the offsetting expense in direct operating expenses, within continuing operations, in the accompanying consolidated statements of operations for the years ended June 30, 2016 and 2015. Rights fees included in the accompanying consolidated statements of operations for the years ended June 30, 2017, 2016 and 2015 were $135,191 , $130,841 , and $80,999 , respectively. Origination, master control and technical services AMC Networks provides certain origination, master control and technical services to the Company. Amounts charged to the Company for the years ended June 30, 2017, 2016 and 2015 were $6,111 , $5,872 , and $5,663 , respectively. Commission The Company's advertising sales representation agreement with MSG, which has a term through June 30, 2022, provides for MSG to act as our advertising sales representative and includes the exclusive right and obligation to sell certain advertising availabilities on our behalf for a commission. All of the Company's advertising sales personnel were transferred to MSG in connection with the Distribution. The amount charged to the Company for the years ended June 30, 2017 and 2016 were $13,585 and $13,763 , respectively. Other operating expenses The Company and its related parties enter into transactions with each other in the ordinary course of business. In addition, pursuant to the TSA, the Company outsources certain business functions to MSG. These services include information technology, certain accounting functions, accounts payable, payroll, tax, legal, human resources, insurance and risk management, investor relations, corporate communications, benefit plan administration and reporting, and internal audit. Net amounts charged to the Company pursuant to the TSA, for expenses associated with executive office space and certain support costs, and for other related party transactions amounted to $8,925 , $4,934 , and $(3,766) for the years ended June 30, 2017, 2016 and 2015 , respectively. Related party transactions with Cablevision Systems Corporation Prior to June 21, 2016, members of the Dolan family were also the controlling stockholders of Cablevision Systems Corporation ("Cablevision"). On June 21, 2016, Cablevision was acquired by a subsidiary of Altice N.V. and a change in control occurred which resulted in members of the Dolan family no longer being controlling stockholders of Cablevision (now known as Altice USA). Accordingly, Altice USA is not a related party of the Company. Revenues (primarily from the distribution of programming networks) that relate to Cablevision prior to its sale, included in continuing operations in the accompanying consolidated statements of operations for the years ended June 30, 2016 and 2015 were $161,588 and $167,648 , respectively. Operating expenses that relate to Cablevision prior to its sale, included in continuing operations in the accompanying consolidated statements of operations for the years ended June 30, 2016 and 2015 were $11,050 and $9,107 , respectively. Related party transactions included in discontinued operations Related party transactions included in income (loss) from discontinued operations in the accompanying consolidated statements of operations include the following: (i) revenues from related parties of $33,559 and $89,126 for the years ended June 30, 2016 and 2015 , respectively, (ii) operating expenses charged by related parties of $1,367 and $10,194 for the years ended June 30, 2016 and 2015 , respectively, (iii) interest income from nonconsolidated affiliates of $635 and $1,886 for the years ended June 30, 2016 and 2015 , respectively, and (iv) equity in earnings (loss) of equity-method investments of $2,679 and $(40,590) for the years ended June 30, 2016 and 2015 , respectively. |
Income Taxes Income Taxes (Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense attributable to continuing operations is comprised of the following components: Years Ended June 30, 2017 2016 2015 Current expense: Federal $ 81,964 $ 71,632 $ 137,455 State and other 31,977 27,977 53,194 113,941 99,609 190,649 Deferred expense (benefit): Federal (4,120 ) (4,353 ) (16,558 ) State and other (1,327 ) (14,252 ) 3,708 (5,447 ) (18,605 ) (12,850 ) Tax benefit relating to uncertain tax positions (18 ) (33 ) (894 ) Income tax expense $ 108,476 $ 80,971 $ 176,905 |
Schedule of Effective Income Tax Rate Reconciliation | The income tax expense attributable to continuing operations differs from the amount derived by applying the statutory federal rate to pre-tax income principally due to the effect of the following items: Years Ended June 30, 2017 2016 2015 Federal tax expense at statutory federal rate $ 96,578 $ 85,495 $ 148,867 State and local income taxes, net of federal benefit 19,489 17,709 31,707 Change in the estimated applicable corporate tax rate used to determine deferred taxes 85 (12,717 ) 8,122 Domestic production activities tax deduction (7,998 ) (6,329 ) (11,076 ) Tax benefit relating to uncertain tax positions (18 ) (33 ) (894 ) Tax return to book provision adjustments (208 ) (3,271 ) (49 ) Nondeductible expenses and other 548 117 228 Income tax expense $ 108,476 $ 80,971 $ 176,905 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and liabilities included in the accompanying consolidated balance sheets as of June 30, 2017 and 2016 are as follows: June 30, 2017 2016 Deferred tax asset (liability) Investment in MSGN L.P. $ (356,064 ) $ (358,725 ) Compensation and benefit plans 4,210 2,164 Net noncurrent deferred tax liability $ (351,854 ) $ (356,561 ) |
Schedule of Unrecognized Tax Benefits Rollforward | The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits associated with the Company's uncertain tax positions: Balance as of June 30, 2016 $ 32 Additions for tax positions related to prior years — Decreases for tax positions related to prior years (18 ) Balance as of June 30, 2017 $ 14 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor | June 30, 2017 2016 Customer A 26 % 25 % Customer B 25 % 26 % Customer C 22 % 22 % Customer D 14 % 14 % Revenues from continuing operations in the accompanying consolidated statements of operations for the years ended June 30, 2017 , 2016 and 2015 include amounts from the following individual customers, which accounted for the noted percentages of the total: Years Ended June 30, 2017 2016 2015 Customer 1 25 % 25 % 27 % Customer 2 24 % 23 % 22 % Customer 3 20 % 20 % 20 % Customer 4 11 % 10 % 11 % June 30, Reported in 2017 2016 Prepaid expenses $ 3,000 $ 1,000 Other current assets 2,000 2,000 Other assets 41,000 41,000 $ 46,000 $ 44,000 |
Interim Financial Information(T
Interim Financial Information(Tables) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | ||
Interim Financial Information (Unaudited) | Note 19. Interim Financial Information (Unaudited) The following is a summary of the Company's selected quarterly financial data for the years ended June 30, 2017 and 2016 : Three Months Ended Year Ended June 30, 2017 September 30, 2016 December 31, 2016 March 31, 2017 June 30, 2017 Revenues $ 153,578 $ 175,646 $ 183,247 $ 162,881 $ 675,352 Operating expenses 79,071 95,847 100,193 86,977 362,088 Operating income $ 74,507 $ 79,799 $ 83,054 $ 75,904 $ 313,264 Income from continuing operations $ 40,361 $ 43,255 $ 44,155 $ 39,691 $ 167,462 Loss from discontinued operations, net of taxes (120 ) — — — (120 ) Net income $ 40,241 $ 43,255 $ 44,155 $ 39,691 $ 167,342 Earnings (loss) per share: Basic Income from continuing operations $ 0.54 $ 0.58 $ 0.59 $ 0.53 $ 2.23 Loss from discontinued operations — — — — — Net income 0.54 0.58 0.59 0.53 2.22 Diluted Income from continuing operations $ 0.54 $ 0.57 $ 0.58 $ 0.52 $ 2.22 Loss from discontinued operations — — — — — Net income 0.53 0.57 0.58 0.52 2.21 | |
Schedule of PY Quarterly Financial Information | Three Months Ended Year Ended June 30, 2016 September 30, 2015 December 31, 2015 March 31, 2016 June 30, 2016 Revenues $ 148,147 $ 169,931 $ 179,596 $ 160,524 $ 658,198 Operating expenses 105,899 97,008 95,509 86,196 384,612 Operating income $ 42,248 $ 72,923 $ 84,087 $ 74,328 $ 273,586 Income from continuing operations $ 41,331 $ 34,050 $ 44,710 $ 43,207 $ 163,298 Income (loss) from discontinued operations, net of taxes (161,017 ) (137 ) (40 ) 5,530 (155,664 ) Net income (loss) $ (119,686 ) $ 33,913 $ 44,670 $ 48,737 $ 7,634 Earnings (loss) per share: Basic Income from continuing operations $ 0.55 $ 0.45 $ 0.60 $ 0.58 $ 2.17 Income (loss) from discontinued operations (2.13 ) — — 0.07 (2.07 ) Net income (loss) (1.58 ) 0.45 0.60 0.65 0.10 Diluted Income from continuing operations $ 0.54 $ 0.45 $ 0.59 $ 0.57 $ 2.16 Income (loss) from discontinued operations (2.12 ) — — 0.07 (2.06 ) Net income (loss) (1.58 ) 0.45 0.59 0.65 0.10 |
Schedule II (Tables)
Schedule II (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Beginning of Period (Additions) Deductions Charged to Costs and Expenses (Additions) Deductions Charged to Other Accounts Deductions (a) Balance at End of Period Year Ended June 30, 2017 Allowance for doubtful accounts $ (838 ) $ 242 $ — $ 2 $ (594 ) Year Ended June 30, 2016 Allowance for doubtful accounts $ (273 ) $ (791 ) $ (52 ) $ 278 $ (838 ) Year Ended June 30, 2015 Allowance for doubtful accounts $ (146 ) $ (244 ) $ — $ 117 $ (273 ) _____________________________ (a) Primarily reflects write-offs of uncollectible amounts. |
Description of Business and B45
Description of Business and Basis of Presentation (Details) | 12 Months Ended | ||
Jun. 30, 2017$ / shares | Jun. 30, 2016$ / shares | Sep. 21, 2015$ / sharesshares | |
Class of Stock [Line Items] | |||
Percentage of ownership of business distributed to stockholders in Spin Off | 100.00% | ||
Number of reportable segments | 1 | ||
Regional Sports and Entertainment Networks | 2 | ||
Class A Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares received after Distribution | 1 | ||
Shares ownership of the common stock required to received one share of the new common stock in Distribution at record Date | 3 | ||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Class B Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares received after Distribution | 1 | ||
Shares ownership of the common stock required to received one share of the new common stock in Distribution at record Date | 3 | ||
Common stock, par value (dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 |
Summary of Signficiant Accounti
Summary of Signficiant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Valuation Allowance [Line Items] | ||||
Advertising expense | $ 11,765 | $ 10,540 | $ 11,010 | |
Allowance for Doubtful Accounts, Continuing Operations [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation Allowances and Reserves, Balance | $ 594 | $ 838 | $ 273 | $ 146 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 0 | ||||||||||
Revenues | 0 | $ 150,381 | $ 1,071,551 | ||||||||
Direct operating expenses | 0 | 71,320 | 725,172 | ||||||||
Selling general and administrative expenses | 120 | 58,283 | 183,226 | ||||||||
Depreciation and amortization | 0 | 23,772 | 103,481 | ||||||||
Operating income (loss) | (120) | (2,994) | 59,672 | ||||||||
Equity in earnings (loss) of equity-method investments | 0 | 2,679 | (40,590) | ||||||||
Interest income | 0 | 635 | 1,886 | ||||||||
Interest expense | 0 | (540) | (2,467) | ||||||||
Miscellaneous Income | 0 | 0 | 2,802 | ||||||||
Income (loss) from discontinued operation, before income tax | (120) | (220) | 21,303 | ||||||||
Income tax expense | 0 | (155,444) | (15,032) | ||||||||
Income (loss) from discontinued operations, net of taxes | $ 0 | $ 0 | $ 0 | $ (120) | $ 5,530 | $ (40) | $ (137) | $ (161,017) | (120) | (155,664) | 6,271 |
Payments of Capital Distribution | $ 0 | $ 1,467,093 | $ 0 |
Computation of Earnings Per C48
Computation of Earnings Per Common Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |||
Weighted-average shares for basic EPS (in shares) | 75,213 | 75,152 | 77,138 |
Dilutive effect of shares issuable under share-based compensation plans (in shares) | 347 | 375 | 549 |
Weighted-average shares for diluted EPS (in shares) | 75,560 | 75,527 | 77,687 |
Anti-dilutive shares | 162 | 0 | 4 |
Disposition (Details)
Disposition (Details) - USD ($) $ in Thousands | Jul. 01, 2014 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Disposition [Abstract] | ||||
Business Disposition, Transaction Costs | $ 3,932 | |||
Sale Price for Disposed Entity | $ 231,995 | |||
Noncash or Part Noncash Acquisition, Interest Acquired | 15.00% | |||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 24,000 | |||
Gain on sale of Fuse (see Note 5) | $ 0 | $ 0 | $ 186,178 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Impairment of goodwill | $ 0 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets (Schedule of Intangible Assets Subject To Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Net | $ 40,663 | $ 44,123 | |
Affiliate relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross | 83,044 | 83,044 | |
Accumulated Amortization | (42,381) | (38,921) | |
Net | 40,663 | 44,123 | |
Amortization expense | $ 3,460 | $ 3,460 | $ 3,460 |
Finite-Lived Intangible Asset, Useful Life | 24 years |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets (Schedule of Expected Aggregat Annual Amortization) (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Fiscal year ending June 30, 2018 | $ 3,460 |
Fiscal year ending June 30, 2019 | 3,460 |
Fiscal year ending June 30, 2020 | 3,460 |
Fiscal year ending June 30, 2021 | 3,460 |
Fiscal year ending June 30, 2022 | $ 3,460 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 6,836 | $ 11,123 | $ 14,181 |
Property and equipment, gross | 62,463 | 66,779 | |
Less accumulated depreciation and amortization | (50,635) | (52,625) | |
Property and equipment, net | 11,828 | 14,154 | |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 40,918 | 44,508 | |
Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,695 | 1,744 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 19,285 | 19,561 | |
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 565 | $ 966 | |
Maximum [Member] | Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 10 years | ||
Maximum [Member] | Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 8 years | ||
Minimum [Member] | Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Minimum [Member] | Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 6,836 | $ 11,123 | $ 14,181 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 28, 2015 | May 06, 2014 | |
Debt Instrument [Line Items] | ||||||
Amortization of Deferred Financing Costs | 5 years | |||||
Debt Instrument, Restrictive Covenants | The Credit Agreement generally requires the Holding Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis to comply with a maximum total leverage ratio of 6.00:1.00 from the closing date until September 30, 2016 and a maximum total leverage ratio of 5.50:1.00 from and after October 1, 2016 until maturity, subject, in each case, to upward adjustment during the continuance of certain events. In addition, there is a minimum interest coverage ratio of 2.00:1.00 for the Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis. As of June 30, 2017, the Holding Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis were in compliance with the financial covenants of the Credit Agreement. All borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. | |||||
Letters of Credit Outstanding, Amount | $ 0 | |||||
Voluntary Debt Repayments | 100,000 | |||||
Aggregate Repayments of Debt | $ 228,750 | |||||
Letters of Credit, maximum capacity | $ 35,000 | |||||
Additional interest Rate when Default | 2.00% | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||
Repayments of Secured Debt | $ 167,500 | $ 61,250 | $ 0 | |||
Debt Issuance Costs, Gross | 8,405 | 10,991 | ||||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | 1,312,845 | 1,477,759 | ||||
Long-term Debt, Gross | 1,321,250 | 1,488,750 | ||||
Interest Paid | 37,005 | 27,691 | ||||
Long-term Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs, Gross | 5,819 | 8,405 | ||||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | 1,240,431 | 1,412,845 | ||||
Long-term Debt, Gross | 1,246,250 | 1,421,250 | ||||
current portion of long-term debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs, Gross | 2,586 | 2,586 | ||||
Debt outstanding, net of deferred financing costs per ASU 2015-03 | 72,414 | 64,914 | ||||
Long-term Debt, Gross | 75,000 | 67,500 | ||||
Credit Facility - May 6, 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | |||||
Line Of Credit Facility Maturity Term In Years | 5 years | |||||
Term Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 75,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 75,000 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 114,375 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,056,875 | |||||
Cash distributed to stockholder from cash borrowed in connection with spin off | 1,450,000 | |||||
Long-term Debt, Gross | 1,550,000 | |||||
Long-term Debt, Gross | $ 1,321,250 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |||||
Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | |||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Minimum [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
Maximum [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||
After delivery of Compliance Certificate [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | |||||
After delivery of Compliance Certificate [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Additional interest Rate when Default | 2.00% | |||||
Other Current Assets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs, Gross | $ 417 | 417 | ||||
Other Noncurrent Assets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Issuance Costs, Gross | $ 938 | $ 1,356 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Leases, Operating [Abstract] | |||
Maximum Expiration Date for Operating Leases | 2,024 | ||
Rent expense | $ 7,184 | $ 10,393 | $ 15,177 |
Sublease income | 2,531 | $ 2,638 | $ 2,607 |
Operating Leases, Future Minimum Payments Due [Abstract] | |||
Fiscal year ending June 30, 2018 | 5,841 | ||
Fiscal year ending June 30, 2019 | 5,841 | ||
Fiscal year ending June 30, 2020 | 5,681 | ||
Fiscal year ending June 30, 2021 | 4,272 | ||
Fiscal year ending June 30, 2022 | 3,630 | ||
Thereafter | 6,087 | ||
Total future minimum rental payments | $ 31,352 |
Contractual Obligation and Of57
Contractual Obligation and Off Balance Sheet Arrangements (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Obligations and Off Balance Sheet Arrangements [Abstract] | |
Fiscal year ending June 30, 2018 | $ 243,617 |
Fiscal year ending June 30, 2019 | 245,964 |
Fiscal year ending June 30, 2020 | 249,790 |
Fiscal year ending June 30, 2021 | 254,729 |
Fiscal year ending June 30, 2022 | 248,400 |
Thereafter | 3,338,635 |
Total contractual obligations | $ 4,581,135 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value, Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $ 1,315,000 | |
Money market accounts [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 34,128 | $ 68,591 |
Money market accounts [Member] | Level I [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 34,128 | 68,591 |
Money market accounts [Member] | Level II [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Money market accounts [Member] | Level III [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Time deposits [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 106,482 | 50,977 |
Time deposits [Member] | Level I [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 106,482 | 50,977 |
Time deposits [Member] | Level II [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Time deposits [Member] | Level III [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 140,610 | 119,568 |
Estimate of Fair Value Measurement [Member] | Level I [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 140,610 | 119,568 |
Estimate of Fair Value Measurement [Member] | Level II [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Level III [Member] | ||
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 0 | $ 0 |
Pension Plans and Other Postr59
Pension Plans and Other Postretirement Benefit Plan (Schedule of Net Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | $ 14,818 | ||
Fair value of plan assets at end of period | 15,605 | $ 14,818 | |
Pension Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 43,921 | 191,064 | |
Service cost | 532 | 1,962 | $ 6,943 |
Interest cost | 1,328 | 3,418 | 7,915 |
Actuarial loss (gain) | (1,567) | 4,534 | |
Benefits paid | (1,224) | (1,906) | |
Transfer Due to Benefit Obligation | 0 | (155,151) | |
Benefit obligation at end of period | 42,990 | 43,921 | 191,064 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 14,818 | 112,213 | |
Actual return on plan assets | (24) | 1,433 | |
Employer contributions | 2,035 | 2,675 | |
Benefits paid | (1,224) | (1,906) | |
Transfer due to Distribution | 0 | (99,597) | |
Fair value of plan assets at end of period | 15,605 | 14,818 | 112,213 |
Funded status at end of period | (27,385) | (29,103) | |
Liability, Defined Benefit Plan | (27,385) | (29,103) | |
Other Postretirement Benefit Plan | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of period | 3,537 | 8,704 | |
Service cost | 72 | 112 | 198 |
Interest cost | 100 | 206 | 331 |
Actuarial loss (gain) | (16) | 425 | |
Benefits paid | (70) | (235) | |
Transfer Due to Benefit Obligation | 0 | (5,675) | |
Benefit obligation at end of period | 3,623 | 3,537 | 8,704 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0 | 0 | |
Benefits paid | 0 | 0 | |
Transfer due to Distribution | 0 | 0 | |
Fair value of plan assets at end of period | 0 | 0 | $ 0 |
Funded status at end of period | (3,623) | (3,537) | |
Liability, Defined Benefit Plan | $ (3,623) | $ (3,537) |
Pension Plans and Other Postr60
Pension Plans and Other Postretirement Benefit Plan (Schedule of Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Non-current liabilities (includes indefined benefit and other postretirement obligations) | $ (29,979) | $ (31,827) |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Liability, Defined Benefit Plan | (27,385) | (29,103) |
Other Postretirement Benefit Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Liability, Defined Benefit Plan | (3,623) | (3,537) |
Continuing Operations [Member] | Pension Plans [Member] | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Current liabilities (included in accrued employee related costs) | (930) | (730) |
Non-current liabilities (includes indefined benefit and other postretirement obligations) | (26,455) | (28,373) |
Continuing Operations [Member] | Other Postretirement Benefit Plan | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||
Current liabilities (included in accrued employee related costs) | (99) | (83) |
Non-current liabilities (includes indefined benefit and other postretirement obligations) | $ (3,524) | $ (3,454) |
Pension Plans and Other Postr61
Pension Plans and Other Postretirement Benefit Plan (Schedule of Net Periodic Benefit Cost Not Yet Recognized) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Pension Plans [Member] | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | ||
Actuarial gain (loss) | $ (11,034) | $ (12,791) |
Prior service credit (cost) | 0 | 0 |
Total amounts not yet recognized in net periodic benefit cost | (11,034) | (12,791) |
Other Postretirement Benefit Plan | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | ||
Actuarial gain (loss) | (214) | (254) |
Prior service credit (cost) | 24 | 48 |
Total amounts not yet recognized in net periodic benefit cost | $ (190) | $ (206) |
Pension Plans and Other Postr62
Pension Plans and Other Postretirement Benefit Plan (Schedule of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 42,190 | $ 42,977 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (71) | 0 | $ 0 |
Net periodic benefit cost | 2,237 | 5,129 | 13,870 |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Liability, Defined Benefit Plan | (27,385) | (29,103) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 532 | 1,962 | 6,943 |
Interest cost | 1,328 | 3,418 | 7,915 |
Expected return on plan assets | (424) | (1,233) | (3,663) |
Recognized actuarial loss (gain) | 700 | 721 | 2,258 |
Amortization of unrecognized prior service cost (credit) | 0 | 14 | 26 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (71) | 0 | 0 |
Net periodic benefit cost | 2,065 | 4,882 | 13,479 |
Other Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Liability, Defined Benefit Plan | (3,623) | (3,537) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 72 | 112 | 198 |
Interest cost | 100 | 206 | 331 |
Expected return on plan assets | 0 | 0 | 0 |
Recognized actuarial loss (gain) | 24 | 0 | 0 |
Amortization of unrecognized prior service cost (credit) | (24) | (71) | (138) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 |
Net periodic benefit cost | 172 | 247 | 391 |
Continuing Operations [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Net periodic benefit cost | 2,237 | 3,166 | 5,765 |
Discontinued Operations [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Net periodic benefit cost | $ 0 | $ 1,963 | $ 8,105 |
Pension Plans and Other Postr63
Pension Plans and Other Postretirement Benefit Plan (Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax [Abstract] | |||
Actuarial gain (loss) | $ 1,144 | $ (3,910) | $ (7,174) |
Amortization of net actuarial loss included in net periodic benefit cost | 724 | 721 | 2,258 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (71) | 0 | 0 |
Amortization of net prior service credit included in net periodic benefit cost | (24) | (57) | (112) |
Pension Plans [Member] | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax [Abstract] | |||
Actuarial gain (loss) | 1,128 | (3,483) | (8,029) |
Amortization of net actuarial loss included in net periodic benefit cost | 700 | 721 | 2,258 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (71) | 0 | 0 |
Amortization of net prior service credit included in net periodic benefit cost | 0 | 14 | 26 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 1,757 | (2,748) | (5,745) |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Amortization of net gains (losses) over the next fiscal year | 612 | ||
Other Postretirement Benefit Plan | |||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax [Abstract] | |||
Actuarial gain (loss) | 16 | (427) | 855 |
Amortization of net actuarial loss included in net periodic benefit cost | 24 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 0 | 0 |
Amortization of net prior service credit included in net periodic benefit cost | (24) | (71) | (138) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 16 | $ (498) | $ 717 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year [Abstract] | |||
Amortization of net prior service cost (credit) over the next fiscal year | $ 13 |
Pension Plans and Other Postr64
Pension Plans and Other Postretirement Benefit Plan (Schedule of Assumptions Used) (Details) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Pension Plans [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.80% | 3.57% | |
Rate of compensation increase | 2.00% | 2.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.47% | 4.32% | |
Discount rate- service cost | 3.73% | ||
Discount rate- interest cost | 3.03% | ||
Expected long-term return on plan assets | 3.38% | 4.06% | 4.24% |
Rate of compensation increase | 2.00% | 2.98% | 2.98% |
Other Postretirement Benefit Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.68% | 3.28% | |
Healthcare cost trend rate assumed for next year | 7.25% | 7.25% | |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | |
Year that the rate reaches the ultimate trend rate | 2,027 | 2,026 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.15% | 4.00% | |
Discount rate- service cost | 3.63% | ||
Discount rate- interest cost | 2.84% | ||
Healthcare cost trend rate assumed for next year | 7.25% | 7.25% | 7.25% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,026 | 2,021 | 2,020 |
Pension Plans and Other Postr65
Pension Plans and Other Postretirement Benefit Plan (Schedule of Health Care Cost Trend Rates) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | |||
One Percentage Point Increase, Service and Interest Cost Components | $ 24 | $ 63 | $ 67 |
One Percentage Point Decrease, Service and Interest Cost Components | (21) | (55) | $ (58) |
One Percentage Point Increase, Accumulated Postretirement Benefit Obligation | 448 | 383 | |
One Percentage Point Decrease, Accumulated Postretirement Benefit Obligation | $ (382) | $ (373) |
Pension Plans and Other Postr66
Pension Plans and Other Postretirement Benefit Plan (Schedule of Allocation of Plan Assets) (Details) | Jun. 30, 2017 | Jun. 30, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% |
Fixed Income Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 79.00% | 78.00% |
Defined Benefit Plan, Target Allocation Percentage of Assets | 80.00% | |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 21.00% | 22.00% |
Defined Benefit Plan, Target Allocation Percentage of Assets | 20.00% |
Pension Plans and Other Postr67
Pension Plans and Other Postretirement Benefit Plan (Schedule of Changes in Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | $ 15,605 | $ 14,818 |
Level I [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 6,827 | 7,169 |
Level II [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 8,778 | 7,649 |
US Treasury Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 3,605 | 3,931 |
US Treasury Securities [Member] | Level I [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 3,605 | 3,931 |
U.S. Corporate bonds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 7,504 | 6,349 |
U.S. Corporate bonds [Member] | Level II [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 7,504 | 6,349 |
Foreign issued corporate bonds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 1,253 | 1,278 |
Foreign issued corporate bonds [Member] | Level II [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 1,253 | 1,278 |
Municipal Bonds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 21 | 22 |
Municipal Bonds [Member] | Level II [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 21 | 22 |
Money market [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | 3,222 | 3,238 |
Money market [Member] | Level I [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Cumulative Fair Values | $ 3,222 | $ 3,238 |
Pension Plans and Other Postr68
Pension Plans and Other Postretirement Benefit Plan (Schedule of Expected Benefit Payments) (Details) | Jun. 30, 2017USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
MSG Contributions to Defined Benefit Pension Plans | $ 1,300 |
Pension Plans [Member] | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Fiscal year ending June 30, 2018 | 1,470,000 |
Fiscal year ending June 30, 2019 | 1,580,000 |
Fiscal year ending June 30, 2020 | 1,830,000 |
Fiscal year ending June 30, 2021 | 2,080,000 |
Fiscal year ending June 30, 2022 | 2,260,000 |
Fiscal year ending June 30, 2023 - 2027 | 12,800,000 |
Other Postretirement Benefit Plan | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
Fiscal year ending June 30, 2018 | 101,000 |
Fiscal year ending June 30, 2019 | 134,000 |
Fiscal year ending June 30, 2020 | 168,000 |
Fiscal year ending June 30, 2021 | 211,000 |
Fiscal year ending June 30, 2022 | 245,000 |
Fiscal year ending June 30, 2023 - 2027 | $ 1,428,000 |
Pension Plans and Other Postr69
Pension Plans and Other Postretirement Benefit Plan Defined Contribution Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 828 | $ 1,515 | $ 3,522 |
Continuing Operations [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | 828 | 863 | 759 |
Discontinued Operations [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 0 | 652 | 2,763 |
Union Plans [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 18 | $ 724 |
Pension Plans and Other Postr70
Pension Plans and Other Postretirement Benefit Plan Multiemployer Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Multiemployer Plans [Abstract] | |||
Multiemployer Plan, Contributions by Employer | $ 1,328 | $ 1,334 | $ 3,644 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 21, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of the original RSU grant value allocated to the Company's RSU awards in connection with the Distribution | 30.00% | |||
Percentage of the original RSU grant value allocated to the MSG RSU awards in connection with the Distribution | 70.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
MSG RSUs received after Distribution | 1 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 1,714 | $ 12,206 | $ 17,552 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 3 months | |||
Shares received after Distribution | 3 | |||
Employee Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Number of Shares Authorized (in shares) | 12,500,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Options and rights under the Employee Stock Plan must be granted with an exercise price of not less than the fair market value of a share of the Company's Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). | |||
Non Employee Director Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation, Number of Shares Authorized (in shares) | 300,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Non-qualified stock options under the Non-Employee Director Plan must be granted with an exercise price of not less than the fair market value of a share of the Company's Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). | |||
Continuing Operations [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 9,931 | 9,266 | 10,211 | |
Discontinued Operations [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 808 | $ 4,810 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Share-Based Compensation Expense) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 16,342,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||
Costs related to share-based compensation that were capitalized | $ 0 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1,714,000 | $ 12,206,000 | $ 17,552,000 |
Continuing Operations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 9,931,000 | 9,266,000 | 10,211,000 |
Discontinued Operations [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 808,000 | $ 4,810,000 |
Share-Based Compensation (Sch73
Share-Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.24% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,069 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.49 | ||
Payments Related to Tax Withholding for Share-based Compensation | $ 2,271 | $ 11,190 | $ 18,082 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 25.10% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 3 months | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price Balance (beginning balance) | $ 2.77 | ||
Weighted Average Exercise Price, Exercised | 2.77 | ||
Weighted Average Exercise Price Balance (ending balance) | $ 17.81 | $ 2.77 | |
Weighted Average Remaining Contractual Term (in years) | 6 years 8 months 15 days | 3 months 10 days | |
Aggregate Intrinsic Value, Balance | $ 4,960 | $ 11 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 17.81 | ||
Options, Exercises in Period, Total Intrinsic Value | $ 14 | $ 5,100 | $ 3,207 |
Stock Options [Member] | Cliff Vesting [Member] [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | |||
Percent of Awards Type | 50.00% | ||
Stock Options [Member] | Non-Performance Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Vesting Options, Balance (beginning balance) | 1 | ||
Vesting Options, Exercised | (1) | ||
Vesting Options, Balance (ending balance) | 535 | 1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 535 | ||
Stock Options [Member] | Performance Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Vesting Options, Balance (beginning balance) | 0 | ||
Vesting Options, Exercised | 0 | ||
Vesting Options, Balance (ending balance) | 534 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 534 | ||
Ratable Vesting [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Oustanding Weighted Average Exercise Price [Roll Forward] | |||
Percent of Awards Type | 50.00% |
Share-Based Compensation (Sch74
Share-Based Compensation (Schedule of Share-based Compensation, Restricted Stock Units Award Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding Weighted Average Exercise Price [Rollforward] | |||
Vested in Period, Total Fair Value | $ 5,902 | ||
Number Of Equity Instruments Surrendered By Employees | 130 | ||
Payments Related to Tax Withholding for Share-based Compensation | $ 2,399 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding Weighted Average Exercise Price [Rollforward] | |||
Weighted-Average Fair Value Per Share At Date of Grant, Unvested award balance (beginning balance) | $ 38.57 | ||
Weighted Average, Granted | 19.59 | $ 55.23 | $ 69.57 |
Weighted Average, Vested | 39.91 | ||
Weighted Average, Forfeited | 38.07 | ||
Weighted-Average Fair Value Per Share At Date of Grant, Unvested award balance (ending balance) | $ 25.79 | $ 38.57 | |
Vested in Period, Total Fair Value | $ 17,330 | $ 54,544 | |
Restricted Stock Units (RSUs) [Member] | Non-Performance Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Unvested award balance (beginning balance) | 321 | ||
Grants | 463 | ||
Vested | (207) | ||
Forfeited | (33) | ||
Unvested award balance (ending balance) | 544 | 321 | |
NonEmployeeDirectorRestrictedShareUnitsGrantedinPeriod | 59 | ||
Restricted Stock Units (RSUs) [Member] | Performance Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Unvested award balance (beginning balance) | 431 | ||
Grants | 284 | ||
Vested | (103) | ||
Forfeited | (15) | ||
Unvested award balance (ending balance) | 597 | 431 | |
Ratable Vesting [Member] | Restricted Stock Units (RSUs) [Member] | Non-Performance Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Grants | 404 | ||
Ratable Vesting [Member] | Restricted Stock Units (RSUs) [Member] | Performance Vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Grants | 94 | ||
Cliff Vesting [Member] [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Grants | 190 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Stock Based Compensation [Abstract] | ||
Stock Repurchase Program, Authorized Amount | $ 500,000 | |
Treasury Stock, Shares, Acquired | 1,336 | 1,823 |
Repurchases of common stock | $ (100,027) | $ (140,717) |
Related Party Transactions (Own
Related Party Transactions (Ownership Percentage) (Details) | Jun. 30, 2017 |
Related Party Ownership Percentage [Line Items] | |
Aggregate Voting Power Held By Related Party | 69.60% |
Class A Common Stock [Member] | |
Related Party Ownership Percentage [Line Items] | |
Percentage of Common Stock Owned by Related Party | 2.40% |
Class B Common Stock [Member] | |
Related Party Ownership Percentage [Line Items] | |
Percentage of Common Stock Owned by Related Party | 100.00% |
Related Party Transactions (Tra
Related Party Transactions (Transactions by Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Related Party Transaction [Line Items] | |||
Revenues | $ 0 | $ 162,269 | $ 168,261 |
Income (loss) from equity method investments | 0 | 2,679 | (40,590) |
Operating expenses: | |||
Rights Fees | 135,191 | 130,841 | 80,999 |
Origination, master control and technical services | 6,111 | 5,872 | 5,663 |
Commissions | 13,585 | 13,763 | |
Other operating expenses | $ 8,925 | 4,934 | (3,766) |
Continuing Operations [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | 161,588 | 167,648 | |
Expenses | 11,050 | 9,107 | |
Discontinued Operations [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues | 33,559 | 89,126 | |
Expenses | 1,367 | 10,194 | |
Interest Income, Related Party | 635 | 1,886 | |
Income (loss) from equity method investments | $ 2,679 | $ (40,590) |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Current expense: | |||
Federal | $ 81,964 | $ 71,632 | $ 137,455 |
State and other | 31,977 | 27,977 | 53,194 |
Current expense total | 113,941 | 99,609 | 190,649 |
Deferred expense (benefit): | |||
Federal | (4,120) | (4,353) | (16,558) |
State and other | (1,327) | (14,252) | 3,708 |
Deferred expense total | (5,447) | (18,605) | (12,850) |
Tax benefit relating to uncertain tax positions | (18) | (33) | (894) |
Income tax expense | $ 108,476 | $ 80,971 | $ 176,905 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Federal tax expense at statutory federal rate | $ 96,578 | $ 85,495 | $ 148,867 |
State and local income taxes, net of federal benefit | 19,489 | 17,709 | 31,707 |
Change in estimated applicable corporate tax rate used to determine deferred taxes | 85 | (12,717) | 8,122 |
Domestic production activities tax deduction | (7,998) | (6,329) | (11,076) |
Tax benefit relating to uncertain tax positions | (18) | (33) | (894) |
Tax return to book provision adjustments | (208) | (3,271) | (49) |
Nondeductible expenses and other | 548 | 117 | 228 |
Income tax expense | $ 108,476 | $ 80,971 | $ 176,905 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Compensation and benefit plans | $ 4,210 | $ 2,164 |
Net noncurrent deferred tax liability | (351,854) | (356,561) |
Investment in MSGN L.P. [Member] | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Investment in MSGN L.P. | $ (356,064) | $ (358,725) |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits for Uncertain Tax Positions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Unrecognized tax benefits beginnning balance | $ 32 | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | ||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (18) | ||
Unrecognized tax benefits ending balance | 14 | $ 32 | |
Tax benefit relating to uncertain tax positions | $ (18) | $ (33) | $ (894) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Current Income Tax Liability [Line Items] | ||
Prepaid income taxes | $ 14,322 | $ 28,384 |
Accrued Income Taxes, Current | 11,483 | 8,662 |
State and Local Jurisdiction [Member] | ||
Current Income Tax Liability [Line Items] | ||
Prepaid income taxes | 14,322 | 28,384 |
Federal [Member] | ||
Current Income Tax Liability [Line Items] | ||
Accrued Income Taxes, Current | $ 11,483 | $ 8,662 |
Income Taxes Cash Taxes Paid (D
Income Taxes Cash Taxes Paid (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income Taxes Paid, Net | $ 97,164 | $ 192,315 | $ 217,316 |
AdditionalTaxPaidonAcceleratedRevenue | $ 120,000 |
Concentration of Risk Schedule
Concentration of Risk Schedule of Customer Concentration (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017USD ($)employee | Jun. 30, 2016USD ($) | Jun. 30, 2015 | |
Concentration Risk [Line Items] | |||
Affiliation Revenue Concentration | 90.00% | 90.00% | 90.00% |
Concentration Risks, Types, No Concentration Percentage [Abstract] | |||
Employees Subject to Collective Bargaining Agreements that Will Expire Within Next Twelve Months | employee | 580 | ||
Concentration Risk, Percentage of Employees Labor Subject to Collective Bargaining Arrangements | 74.00% | ||
Concentration Risk, Number of Employees Labor Subject to Collective Bargaining Arrangements that expire within the next fiscal year | 38.00% | ||
Customer concentration [Abstract] | |||
Prepaid expenses | $ 3,000 | $ 1,000 | |
Other current assets | 2,000 | 2,000 | |
Other assets | 41,000 | 41,000 | |
Customer concentration | $ 46,000 | $ 44,000 | |
Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 26.00% | 25.00% | |
Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 25.00% | 26.00% | |
Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 22.00% | 22.00% | |
Customer D [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 14.00% | 14.00% | |
Customer 1 [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 25.00% | 25.00% | 27.00% |
Customer 2 [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 24.00% | 23.00% | 22.00% |
Customer 3 [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 20.00% | 20.00% | 20.00% |
Customer 4 [Member] | Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 11.00% | 10.00% | 11.00% |
Interim Financial Information (
Interim Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 162,881 | $ 183,247 | $ 175,646 | $ 153,578 | $ 160,524 | $ 179,596 | $ 169,931 | $ 148,147 | $ 675,352 | $ 658,198 | $ 631,010 |
Operating expenses | 86,977 | 100,193 | 95,847 | 79,071 | 86,196 | 95,509 | 97,008 | 105,899 | 362,088 | 384,612 | |
Operating income | 75,904 | 83,054 | 79,799 | 74,507 | 74,328 | 84,087 | 72,923 | 42,248 | 313,264 | 273,586 | 427,311 |
Income from continuing operations | 39,691 | 44,155 | 43,255 | 40,361 | 43,207 | 44,710 | 34,050 | 41,331 | 167,462 | 163,298 | 248,430 |
Income (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | (120) | 5,530 | (40) | (137) | (161,017) | (120) | (155,664) | 6,271 |
Net income | $ 39,691 | $ 44,155 | $ 43,255 | $ 40,241 | $ 48,737 | $ 44,670 | $ 33,913 | $ (119,686) | $ 167,342 | $ 7,634 | $ 254,701 |
Income from Continuing Operations, Per Basic Share | $ 0.53 | $ 0.59 | $ 0.58 | $ 0.54 | $ 0.58 | $ 0.60 | $ 0.45 | $ 0.55 | $ 2.23 | $ 2.17 | $ 3.22 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | 0.07 | 0 | 0 | (2.13) | 0 | (2.07) | 0.08 |
Earnings Per Share, Basic | 0.53 | 0.59 | 0.58 | 0.54 | 0.65 | 0.60 | 0.45 | (1.58) | 2.22 | 0.10 | 3.30 |
Income from Continuing Operations, Per Diluted Share | 0.52 | 0.58 | 0.57 | 0.54 | 0.57 | 0.59 | 0.45 | 0.54 | 2.22 | 2.16 | 3.20 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | 0.07 | 0 | 0 | (2.12) | 0 | (2.06) | 0.08 |
Earnings Per Share, Diluted | $ 0.52 | $ 0.58 | $ 0.57 | $ 0.53 | $ 0.65 | $ 0.59 | $ 0.45 | $ (1.58) | $ 2.21 | $ 0.10 | $ 3.28 |
Schedule II (Details)
Schedule II (Details) - Allowance for Doubtful Accounts, Continuing Operations [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Balance | $ (838) | $ (273) | $ (146) | |
(Additions) Deductions Charged to Costs and Expenses | 242 | (791) | (244) | |
Valuation Allowances and Reserves, Additions for Charges to Other Accounts | 0 | (52) | 0 | |
Deductions | [1] | 2 | 278 | 117 |
Valuation Allowances and Reserves, Balance | $ (594) | $ (838) | $ (273) | |
[1] | Primarily reflects write-offs of uncollectible amounts. |