Gabelli Has Buy on Madison Square Garden

Gabelli & Co. is out with a research report on Madison Square Garden

and it has a Buy rating on shares. In a note to clients, Gabelli & Co. writes, "Yesterday, the NBA and the players' union announced they were unable to come to an agreement on what the league claimed was its best offer. The league said they are unwilling to negotiate further, and the players have decided to disband their union which allows them to bring an antitrust lawsuit against the league. The NBA has already cancelled 20 games. Under the best case scenario, a settlement this week could have lead to a 72 (vs normal 82) game season. The cancellation of a full season will cause MSG to lose $100m of our estimated $250m EBITDA in 2012." Shares of MSG are off 16 cents to $23.16.