Exhibit 99.1

THE MADISON SQUARE GARDEN COMPANY REPORTS

RESULTS FOR FISCAL 2012 SECOND QUARTER

NEW YORK, N.Y., February 8, 2012 – The Madison Square Garden Company (NASDAQ: MSG) today reported financial results for the fiscal second quarter ended December 31, 2011.

Fiscal 2012 second quarter results include the impact of the NBA work stoppage, which delayed the start of the regular season by approximately two months to December 25, 2011 and which has resulted in a shortened 66-game regular season. As a result of the delayed start to the NBA season, the New York Knicks only played a combined 6 preseason and regular season games in the fiscal 2012 second quarter versus a combined 40 preseason and regular season games in the prior year period.

Fiscal 2012 second quarter revenues of $373.0 million decreased 13.8%, as compared to the prior year period, primarily reflecting a decrease in revenues in the MSG Sports segment, due to the NBA work stoppage, and, to a lesser extent, a decrease in revenues in the MSG Entertainment segment.

Fiscal 2012 second quarter adjusted operating cash flow (“AOCF”)⁽¹⁾ of $79.1 million increased 13.8%, as compared to the prior year period, primarily reflecting AOCF increases in the MSG Entertainment and MSG Media segments, offset by an AOCF decrease in the MSG Sports segment, due to the NBA work stoppage. Operating income of $48.0 million decreased 8.6% and net income of $25.6 million ($0.33 per diluted share) decreased 21.7%, both as compared to the prior year period.

President and CEO Hank Ratner said: “We are pleased with our second quarter financial results, as we generated double-digit AOCF growth while managing our business through the delayed start to the NBA season. Our solid overall results are a reflection of the breadth and strength of our assets and brands across all three of our business segments. In particular, our MSG Entertainment segment was a strong performer for the second quarter, driven by our recent initiatives with respect to the Radio City Christmas Spectacular franchise. Looking ahead, we remain confident in our Company’s long-term growth opportunities due to our unique and valuable content, as well as our expectations for meaningful incremental revenues and AOCF from the Arena Transformation project.”

Results from Operations

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

Note: Does not foot due to rounding

MSG Media

For the fiscal second quarter, MSG Media revenues of $142.4 million decreased 1.2%, as compared to the prior year period. Affiliate fee revenue increased $4.0 million, as compared to the prior year period, primarily attributable to higher affiliation rates, with the overall increase offset by the impact of a contractual adjustment and the previously disclosed expiration of an affiliation agreement. Advertising revenue decreased $5.7 million, as compared to the prior year quarter, primarily attributable to a lower number of NBA games telecast on MSG Networks due to the work stoppage. AOCF of $63.6 million increased 22.9% and operating income of $53.1 million increased 13.9%, both as compared to the prior year period. The increase in AOCF and operating income primarily reflects lower direct operating expenses, partially offset by the decrease in revenues.

MSG Entertainment

For the fiscal second quarter, MSG Entertainment revenues of $151.2 million decreased 14.8%, as compared to the prior year period, primarily due to the lower number of scheduled performances of the Radio City Christmas Spectacular production outside of the New York market and the absence of the Wintuk production, which concluded its planned four-year run during the 2010 holiday season. The overall decrease was partially offset by increased revenues for the Christmas Spectacular production at Radio City Music Hall and higher event-related revenues at the Theater at Madison Square Garden (excluding Wintuk) and the Beacon Theatre. AOCF of $37.2 million increased 104.8% and operating income of $33.0 million increased 127.6%, both as compared to the prior year quarter, primarily due to improved results for the Radio City Christmas Spectacular franchise, higher event-related results at the Beacon Theatre and the Theater at Madison Square Garden (excluding Wintuk), and lower selling, general and administrative expenses.

MSG Sports

For the fiscal second quarter, MSG Sports revenues of $88.6 million decreased 31.2%, as compared to the prior year period, due to the NBA work stoppage, which impacted nearly all components of MSG Sports revenues. The overall decrease in revenues included lower professional sports team pre/regular season ticket related revenue, broadcast rights fees, league distributions, food, beverage and merchandise sales, and sponsorship and signage revenue, partially offset by higher event-related revenues from other live sporting events. AOCF decreased by $23.1 million to a loss of $19.9 million and operating loss increased by $23.6 million to a loss of $24.2 million, both as compared to the prior year quarter, primarily reflecting the decrease in revenues, partially offset by lower direct operating and selling, general and administrative expenses, mainly due to the NBA work stoppage. The overall decrease in direct operating expenses was partially offset by a $7.5 million increase in provisions 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 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.

2

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 either the distortive effects of fluctuating stock prices or 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.

# # #

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 43451709

Conference call replay number is 855-859-2056 / Conference ID Number 43451709 until February 15, 2012

3

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:

4

THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED OPERATIONS DATA

(Dollars in thousands)

(Unaudited)

REVENUES

ADJUSTED OPERATING CASH FLOW AND OPERATING INCOME (LOSS)

5

THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

6

THE MADISON SQUARE GARDEN COMPANY

SELECTED CASH FLOW INFORMATION

(Dollars in thousands)

(Unaudited)

7