Exhibit 99.1

FOR IMMEDIATE RELEASE

THE MADISON SQUARE GARDEN COMPANY REPORTS

RESULTS FOR FISCAL 2012 FIRST QUARTER

First phase of Transformation project successfully completed

Madison Square Garden Arena re-opened on schedule in late October

NEW YORK, N.Y., November 4, 2011 – The Madison Square Garden Company (NASDAQ: MSG) today reported financial results for the fiscal first quarter ended September 30, 2011. As previously announced, the company changed its fiscal year end to June 30. As a result, the company’s current fiscal year covers the period from July 1, 2011 through June 30, 2012.

Revenues and adjusted operating cash flow (“AOCF”)⁽¹⁾ for the three months ended September 30, 2011 reflect the full quarter impact of the scheduled shutdown of the Madison Square Garden Arena (“The Garden”) and the Theater at Madison Square Garden due to the Transformation project. Fiscal 2012 first quarter revenues of $177.6 million decreased 6.9%, as compared to the prior year period, primarily reflecting a decrease in revenues in the MSG Entertainment and MSG Sports segments, partially offset by an increase in revenues in the MSG Media segment.

Fiscal 2012 first quarter AOCF of $46.1 million increased 9.0% as compared to the prior year period, primarily reflecting an AOCF increase in the MSG Media segment, partially offset by AOCF decreases in the MSG Entertainment and MSG Sports segments. Operating income of $26.4 million increased 0.4% and net income of $21.3 million ($0.28 per diluted share) increased 10.5%, both as compared to the prior year period. Cash and cash equivalents as of September 30, 2011 totaled $228.6 million.

President and CEO Hank Ratner said: “We generated solid AOCF growth in the first quarter of our new fiscal year, as we successfully managed our business through the offseason shutdown of The Garden and the Theater at Madison Square Garden. We re-opened The Garden on schedule in late October and are pleased with the progress we have made on all fronts with respect to the Transformation project. We remain focused on our company’s business objectives and are confident in our ability to drive long-term growth.”

Results from Operations

Segment results for the quarters ended September 30, 2011 and 2010 are as follows:

Note: Does not foot due to rounding

MSG Media

For the fiscal 2012 first quarter, MSG Media revenues of $138.6 million rose 3.9%, as compared to the prior year period. Affiliate fee revenue increased $4.5 million, as compared to the prior year period, primarily attributable to higher affiliation rates, with the overall increase being significantly offset by the impact of the previously disclosed expiration of certain affiliation agreements. Advertising revenue increased $1.2 million, as compared to the prior year quarter. AOCF of $63.8 million increased 14.6% and operating income of $57.2 million increased 13.7%, both as compared to the prior year period. The increase in AOCF and operating income primarily reflects higher affiliate fee and advertising revenues and, to a lesser extent, lower selling, general and administrative expenses.

MSG Entertainment

For the fiscal 2012 first quarter, MSG Entertainment revenues of $27.6 million decreased 27.7%, as compared to the prior year period. The decrease in revenues was primarily attributable to lower event-related revenues at The Garden, reflecting the scheduled offseason shutdown of The Garden, and the absence of a co-production, with the overall decrease partially offset by higher revenues at Radio City Music Hall and the Beacon Theatre. AOCF loss of $13.8 million increased by 26.2% and operating loss of $17.2 million increased by 23.5%, both as compared to the prior year quarter. The increase in AOCF loss and operating loss primarily reflects lower event-related results at The Garden, partially offset by improved results at Radio City Music Hall and the Beacon Theatre.

MSG Sports

For the fiscal 2012 first quarter, MSG Sports revenues of $28.8 million decreased 21.9%, as compared to the prior year period. The decrease in revenues was primarily attributable to the offseason shutdown of The Garden, including lower professional sports team pre/regular season ticket related revenue, event-related revenues from other sporting events and suite rental fee revenue. AOCF decreased by $2.0 million to a loss of $0.5 million and operating loss increased by $2.4 million to a loss of $4.1 million, both as compared to the prior year quarter. The decrease in AOCF and increase in operating loss primarily reflects the decline in revenues, partially offset by lower direct operating and selling, general and administrative expenses.

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 the presentation of a wide variety of live sporting events including professional boxing, college basketball, track and field and tennis, as well as MSG Action Sports, an action sports and lifestyle division. 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 1) depreciation, amortization and impairments of property and equipment and intangible assets, 2) share-based compensation expense or benefit, and 3) 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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Conference Call Information:

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

Conference call dial-in number is 877-347-9170 / Conference ID Number 15439620

Conference call replay number is 855-859-2056 / Conference ID Number 15439620 until November 11, 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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