Madison Square Garden Sports Corp. (NYSE: MSGS) saw a drop in shares following the release of their first-quarter financial results. The company reported a loss of 37 cents per share, surpassing analyst predictions of an 88 cents loss, although worse compared to last year's loss of 31 cents per share. Revenue also fell by 26% to $39.5 million, missing the anticipated $41.30 million, mainly due to a significant decrease in revenues from league distributions totaling $11.4 million. This decline was attributed to lower league distributions not related to national media rights fees. Additionally, the company saw a decrease in certain league distributions, unrelated to national media rights fees.