Getting in the Game

Research evidence excerpt

Getting in the Game

Foundation

July 15, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMMedia & Entertainment | North America Cameron Mansson-Perrone

Equity Analyst

Getting in the Game Cameron.Mansson-Perrone@morganstanley.comSean Diffley, CFA +1 212 761-7079

Sean.DIFFLEY@morganstanley.com +1 212 761-5868

What’s Changed

Media & Entertainment

Atlanta Braves Holdings Inc (BATRK.O) From To North America

Rating Equal-weight Underweight Industry View In-Line

Price Target $45.00 $54.00

Exhibit 3 : While we remain constructive Madison Square Garden Sports Corp (MSGS.N)

Rating Equal-weight Overweight toward sports team assets broadly, we see a

Price Target $295.00 $450.00 more attractive near-term risk/reward in MSGS

Our positive outlook for long-term sports team asset shares

appreciation is supported by (i) the value of live entertainment in Risk/Reward Comparison

the current media ecosystem, (ii) scarcity value, and (iii) rising 40%30% 2.5x

Price 20% 2.0x

concentrated wealth. We upgrade MSGS to OW, with 1.5x Share 10% Skew

0% 1.0xpreference over BATRK given catalyst path and risk profile. Current

to -10% 0.5x Risk/Reward

-20%

0.0x Upside -30%Key Takeaways

-40% -0.5x

Maintain our positive outlook for live entertainment - the value of authentic, in- OW MSGS UW BATRK

Bull Case Upside Bear Case Downside Risk/Reward Skew

person experiences should appreciate as media fragments and AI proliferates.

Source: Company data, Morgan Stanley Research

Sports teams benefit from scarcity, rising buyer demand, premium media rights

Table of Contents

and global fan growth, supporting long-term compounding asset growth.

Cover Pg. 1

Increased transaction activity provides mark-to-market and supports team asset Executive Summary Pg. 3