Knicks' Lin a stock-market star for MSG
Jeremy Lin has been a sensation at Madison Square Garden — and for MSG Co.
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Jeremy Lin, New York's point-guard sensation, may be saving more than the Knicks' season.
LINSANITY!
Jeremy Lin is an NBA phenomenon and a sports sensation. We've got it covered from every angle.Since the former Harvard star came off the bench last week to lead the Knicks to five consecutive wins, the team's ratings on the MSG Network and traffic on its website have soared, according to the parent company that owns the team, its home arena and TV network.
The craze for Lin also propelled Madison Square Garden Co. to an all-time high share price. Shares of MSG rose $1.12, or 3.6 percent, to close at $32.27 on Monday. In earlier trading, shares peaked at $33.18 — the highest price since MSG's stock began trading in January 2010.
That surge comes as turnaround for a company that had reported falling profits Wednesday in the wake of the NBA's delayed start to the season.
Overall, MSG shares are up about 6 percent since Feb. 3, the day before Lin first saw significant playing time in place of injured superstars Amar'e Stoudemire and Carmelo Anthony.
Lin's rise from non-entity to rising star has been nothing short of extraordinary. Less than two months ago, he was being described a "backup plan" having scored just 2.6 points per game in 29 appearances last year. At the time, Knicks coach Mike D'Antoni told reporters, "If somebody wakes up with a cold, [Lin's] playing a lot. If not, then we'll see."
Now, the 23-year-old is injecting hope and joy into the Knicks' disappointing start to the season — and he is pulling in viewers in record numbers in the process.
Saturday's two-point win against the Timberwolves, in which Lin scored 20 points and hit the winning shot, earned a 4.17 Nielsen rating, the highest for a Knicks game since Anthony's first game with the team nearly a year ago.
Overall, during the Lin-inspired streak, the team's average household rating on the network has increased 70 percent over the previous 20 games, according to MSG.
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