Exhibit 99.1

FOR IMMEDIATE RELEASE

The MADISON SQUARE GARDEN COMPANY REPORTS

FIRST QUARTER 2011 RESULTS

First quarter revenue of $330.4 million, a 7.8% increase compared to 2010 first quarter

First quarter AOCF of $54.9 million, a 13.1% increase compared to 2010 first quarter

First quarter operating income of $30.4 million, up 0.9% versus prior year period

Earnings per share of $0.25, up 9% versus prior year period

NEW YORK, N.Y., May 6, 2011 – The Madison Square Garden Company (NASDAQ: MSG) today reported financial results for the first quarter ended March 31, 2011.

First quarter 2011 revenues of $330.4 million increased 7.8%, as compared to the first quarter of 2010, reflecting an increase in revenues in the company’s MSG Media, MSG Entertainment and MSG Sports segments. Adjusted operating cash flow (“AOCF”)⁽¹⁾ of $54.9 million increased 13.1% and operating income of $30.4 million increased 0.9%, both as compared to the first quarter of 2010. AOCF growth was primarily driven by improved results in the MSG Entertainment segment. Operating income growth was largely attributable to the MSG Entertainment segment’s improved results, mostly offset by an increase in depreciation expense, primarily associated with certain assets that will be removed as a result of the ongoing Arena Transformation project.

First quarter net income of $19.1 million ($0.25 per diluted share) increased 9.8% versus $17.4 million ($0.23 per diluted share) in the prior year period. Net income growth primarily reflects an increase in other income due to a gain on the exchange of an investment. Cash and cash equivalents as of March 31, 2011 totaled $310.8 million versus $354.5 million at 2010 year-end.

President and CEO Hank Ratner said: “We are pleased with our start to 2011, as we continued to deliver solid revenue and AOCF growth, reflecting the operating momentum of our unique sports franchises, world renowned venues and valuable programming networks. We have begun the first phase of the Arena Transformation project and look forward to debuting the transformed lower bowl of the Madison Square Garden Arena in the fall. As our sales initiatives are progressing, we remain confident that the Arena Transformation project will generate meaningful incremental revenues and AOCF for our company.”

Results from Operations

Segment results for the quarters ended March 31, 2011 and 2010 are as follows:

Note: Does not foot due to rounding

MSG Media

For the 2011 first quarter, MSG Media revenues of $147.6 million rose 5.8%, as compared to the prior year period. Advertising revenues increased $5.0 million, as compared to the first quarter of 2010. Affiliate fee revenues increased $3.3 million, as compared to the year-ago period, primarily attributable to higher affiliation rates, with the overall increase being substantially offset by the impact of the expiration of certain affiliation agreements. AOCF of $62.6 million increased 1.3% and operating income of $56.2 million increased 0.7%, both as compared to the first quarter of 2010. The increase in AOCF and operating income primarily reflects the increase in advertising and affiliate fee revenues, mostly offset by higher direct operating expenses and, to a lesser extent, selling, general and administrative expenses.

MSG Entertainment

For the 2011 first quarter, MSG Entertainment revenues of $42.8 million rose 3.2%, as compared to the prior year period. An increase in event-related revenues (excluding live productions), led by the company’s New York venues, and sponsorship and signage revenues, was mostly offset by lower live productions revenues, primarily due to fewer scheduled performances of the Radio City Christmas Spectacular franchise and Wintuk versus the prior year quarter. The segment’s AOCF loss of $6.8 million improved by 46.7% and operating loss of $10.0 million improved by 38.6%, both as compared to the first quarter of 2010. The improvement in AOCF and operating income primarily reflects favorable event-related results and a decrease in direct operating expenses attributable to our 2010 live productions.

MSG Sports

For the 2011 first quarter, MSG Sports revenues of $157.7 million increased 10.6%, as compared to the prior year period. The increase in revenues was primarily attributable to higher professional sports team food, beverage and merchandise sales and regular season ticket-related revenues, event-related revenues from other live sporting events, sponsorship and signage revenues, and suite rental fees. AOCF of $3.5 million increased 3.9% and operating income improved from a loss of $0.1 million to positive $0.1 million, both as compared to the prior year quarter. The increase in AOCF and operating income reflects the increase in revenues, mostly offset by higher direct operating expenses and, to a lesser extent, selling, general and administrative expenses. The increase in direct operating expenses was largely attributable to higher sports team player and other operating costs, including a $3.5 million increase in expenses for certain team personnel transactions.

About The Madison Square Garden Company

The Madison Square Garden Company is a fully-integrated sports, media and entertainment business. The company is comprised of three business segments: MSG Sports, MSG Media and MSG Entertainment, which are strategically aligned to work together to drive the company’s overall business, which is built on a foundation of iconic venues and compelling content that the company creates, produces, presents and/or distributes through its programming networks and other media assets. MSG Sports consists of owning and operating sports franchises, including the New York Knicks (NBA), the New York Rangers (NHL), the New York Liberty (WNBA), and the Connecticut Whale (AHL). MSG Sports also features other sports properties, including the presentation of a wide variety of live sporting events including professional boxing, college basketball, track and field and tennis. MSG Media is a leader in production and content development for multiple distribution platforms, including content originating from MSG’s venues. MSG Media consists of the MSG Networks (MSG, MSG Plus, MSG HD and MSG Plus HD) regional sports networks and the Fuse Networks (Fuse and Fuse HD), a national television network dedicated to music. MSG Entertainment is one of the country’s leaders in live entertainment. MSG Entertainment creates, produces and/or presents a variety of live productions, including the Radio City Christmas Spectacular featuring the Radio City Rockettes. MSG Entertainment also presents or hosts other live entertainment events such as concerts, family shows and special events in MSG’s diverse collection of venues. These venues include Madison Square Garden, Radio City Music Hall, the Theater at Madison Square Garden, the Beacon Theatre, the Chicago Theatre and the Wang Theatre. More information is available at www.themadisonsquaregardencompany.com.

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Non-GAAP Financial Measures

We define adjusted operating cash flow (“AOCF”), which is a non-GAAP financial measure, as operating income (loss) before depreciation and amortization, excluding share-based compensation expense or benefit and restructuring charges or credits. Because it is based upon operating income (loss), AOCF also excludes interest expense (including cash interest expense) and other non-operating income and expense items. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the distortive effects of fluctuating stock prices in the case of stock appreciation rights and, in the case of restricted shares, restricted stock units and stock options, the settlement of an obligation that is not expected to be made in cash.

We believe AOCF is an appropriate measure for evaluating the operating performance of our business segments and the company on a consolidated basis. AOCF and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and AOCF measures as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. AOCF should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Since AOCF is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of AOCF to operating income (loss), please see page 4 of this release.

This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industry in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

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Contacts:

Conference Call Information:

The conference call will be Webcast live today at 10:00 a.m. EST at www.msg.com

Conference call dial-in number is 877-347-9170 / Conference ID Number 35057621

Conference call replay number is 800-642-1687 / Conference ID Number 35057621 until May 13, 2011

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THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED OPERATIONS DATA AND RECONCILIATION

(In thousands, except per share data)

(Unaudited)

ADJUSTMENTS TO RECONCILE ADJUSTED OPERATING CASH FLOW TO

OPERATING INCOME (LOSS)

The following is a description of the adjustments to operating income (loss) in arriving at adjusted operating cash flow as described in this earnings release:

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THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED OPERATIONS DATA

(Dollars in thousands)

(Unaudited)

REVENUES

ADJUSTED OPERATING CASH FLOW AND OPERATING INCOME (LOSS)

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THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

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THE MADISON SQUARE GARDEN COMPANY

SELECTED CASH FLOW INFORMATION

(Dollars in thousands)

(Unaudited)

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