MSG lays off dozens of employees amid drop in revenue

The Madison Square Garden Co., owner of the Knicks, has laid off scores of staff over the past two months as part of a previously announced restructuring.

Between 60 and 70 people were let go in July and a handful of others departed in August, sources told The Post.

MSG reported a difficult three months ended June 30 — its fiscal fourth quarter — as it reoriented its business. The company under Chief Executive David O’Connor announced a $6.9 million charge on its last quarterly earnings.

The firm recorded $217.8 million in revenues and an operating loss of $46.2 million in the quarter.

An insider confirmed the departures but added: “For everybody that left, they were replaced with someone else with a different skill set.” The pink slips were handed out across all divisions.

The James Dolan-controlled business, which split from its MSG network sibling at the end of September 2015, is aiming to brand itself as a stand alone sports and live entertainment company.

In August, the firm acquired a 12 percent stake in Town Square Media, which owns festivals and radio stations and a controlling interest in Boston Calling Events, a music festival.

The New York entertainment company is also expected to open new venues, perhaps expanding into Las Vegas.

MSG has made a push into digital businesses including the new media sports sector, and it acquired a stake in daily fantasy sports destination DraftKings.

“They brought in new segment heads and got rid of people who didn’t serve their needs anymore and replaced them. Their goals are a little bit different. They’re trying to build out a more diversified live entertainment portfolio,” BTIG sports analyst Brandon Ross said

MSG shares are up 10 percent year-to-date. The stock closed at $178.01, off 1.7 percent, in Thursday’s session.