Exhibit 99.1

THE MADISON SQUARE GARDEN COMPANY REPORTS

FOURTH QUARTER AND FISCAL 2012 RESULTS

Fiscal 2012 revenue of $1.3 billion, an 8% increase compared to prior year

Fiscal 2012 AOCF of $283.2 million, a 36% increase compared to prior year

Fiscal 2012 operating income of $177.5 million, up 44% versus prior year

NEW YORK, N.Y., August 24, 2012 – The Madison Square Garden Company (NASDAQ: MSG) today reported financial results for the fourth quarter and fiscal year ended June 30, 2012.

Fiscal 2012 revenues of $1.3 billion grew 8%, as compared to the prior year, primarily due to an increase in revenues in the MSG Sports and MSG Media segments, partially offset by a decrease in revenues in the MSG Entertainment segment. Fiscal 2012 adjusted operating cash flow (“AOCF”)⁽¹⁾ of $283.2 million increased 36%, as compared to the prior year, primarily driven by improved AOCF results in all three of the Company’s business segments. Fiscal 2012 operating income of $177.5 million grew 44% and net income of $106.5 million ($1.38 per diluted share) grew 34%, both as compared to the prior year.

Fiscal 2012 fourth quarter revenues of $332.9 million grew 42%, as compared to the prior year period, primarily due to an increase in revenues in all three of the Company’s business segments. Fiscal 2012 fourth quarter AOCF of $77.8 million increased 90%, as compared to the prior year period, primarily driven by an AOCF increase in the MSG Sports segment and, to a lesser extent, by an AOCF increase in the MSG Media segment and improved AOCF results in the MSG Entertainment segment. Operating income of $49.9 million grew 245% and net income of $28.6 million ($0.37 per diluted share) grew 235%, both as compared to the prior year quarter.

President and CEO Hank Ratner said: “Our Company had an impressive year as the ongoing strength of our fully integrated media, entertainment and sports business drove record AOCF for fiscal 2012. The second phase of the Arena Transformation is progressing well and we look forward to the debut of the transformed upper bowl this fall. Looking ahead, we remain confident that the breadth and strength of our assets and brands position us well for long-term growth and value creation for our shareholders.”

Results from Operations

Segment results for the quarters ended June 30, 2012 and 2011 are as follows:

Note: Does not foot due to rounding

MSG Media

For fiscal 2012, MSG Media revenues of $614.2 million grew 9%, as compared to the prior year. AOCF of $258.6 million increased 13% and operating income of $228.3 million increased 12%, both as compared to the prior year.

For the fiscal fourth quarter, MSG Media revenues of $167.0 million grew 20%, as compared to the prior year period. Affiliate fee revenue increased $19.5 million, as compared to the prior year quarter, primarily attributable to higher affiliation rates. Advertising revenue increased $3.7 million, as compared to the prior year quarter. Other revenue increased $4.3 million, as compared to the prior year quarter, primarily attributable to a short-term programming licensing agreement. AOCF of $65.9 million increased 13% and operating income of $59.5 million increased 15%, both as compared to the prior year quarter. The increase in AOCF and operating income primarily reflects higher revenues, largely offset by an increase in direct operating expenses and, to a lesser extent, an increase in selling, general and administrative expenses.

MSG Entertainment

For fiscal 2012, MSG Entertainment revenues of $264.0 million decreased 10%, as compared to the prior year. AOCF of $5.3 million increased by $16.8 million and operating loss of $9.3 million improved by $14.7 million, both as compared to the prior year.

For the fiscal fourth quarter, MSG Entertainment revenues of $50.8 million grew 41%, as compared to the prior year period. The increase in revenues was primarily attributable to higher event-related revenues at the Company’s New York venues due to an increase in the overall number of events, including promoted events, as well as higher suite rental fee, sponsorship and signage revenues. AOCF loss of $5.3 million improved 55% and operating loss of $8.7 million improved 40%, both as compared to the prior year quarter, primarily due to higher overall revenues, partially offset by an increase in direct operating expenses and, to a lesser extent, an increase in selling, general and administrative expenses.

MSG Sports

For fiscal 2012, MSG Sports revenues of $464.7 million grew 17%, as compared to the prior year. AOCF of $28.7 million increased by $21.7 million and operating income of $13.1 million increased by $20.3 million, both as compared to the prior year.

For the fiscal fourth quarter, MSG Sports revenues of $131.2 million grew 74%, as compared to the prior year period. The increase in revenues was primarily due to an increase in the aggregate number of New York Rangers and New York Knicks home playoff games versus the prior year quarter, the financial benefits of the first phase of the Arena Transformation project, and, to a lesser extent, a higher percentage of New York Knicks-related revenues being recognized during the quarter versus the prior year period as a result of the timing of the compressed NBA season. The overall revenue increase included higher playoff-related revenues, professional sports team ticket-related revenue, suite rental fee revenue, sponsorship and signage revenues, and food, beverage and merchandise revenues. AOCF increased by $21.1 million to $19.8 million and operating income increased by $21.0 million to $16.0 million, both as compared to the prior year quarter. The increase in AOCF and operating income primarily reflects higher revenues, partially offset by an increase in direct operating expenses and, to a lesser extent, an increase in selling, general and administrative expenses.

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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 owns and operates the following sports franchises: 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 the Company’s venues. MSG Media’s television networks consist of regional sports networks, MSG Network and MSG+, collectively referred to as MSG Networks; and Fuse, a national television network dedicated to music. MSG Networks also include high-definition channels, MSG HD and MSG+ HD, and Fuse includes its high-definition channel, Fuse HD. 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 the Company’s diverse collection of venues. These venues consist of Madison Square Garden, Radio City Music Hall, The Theater at Madison Square Garden, the Beacon Theatre, the Chicago Theatre, the Forum in Inglewood, CA, and the Wang Theatre in Boston, MA. 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 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 5 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. ET at www.themadisonsquaregardencompany.com

Conference call dial-in number is 877-347-9170 / Conference ID Number 97223678

Conference call replay number is 855-859-2056 / Conference ID Number 97223678 until August 31, 2012

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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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