Emi Endo at Newsday reports that Cablevision Systems Corp. will move forward with spinning off its Madison Square Garden unit into a separate public company.
The assets of the new MSG will include the New York Knicks basketball team, the New York Rangers hockey team and Radio City Music Hall.
The Dolan family, which controls Cablevision, would also control the new MSG through its ownership of shares.
...dammit.
James Dolan said in a statement...
"This spin-off will create two distinct companies, each with enhanced strategic flexibility, its own defined business focus and clear investment characteristics. The new MSG will be an attractive combination of sports, entertainment and programming properties, while Cablevision will continue to house a portfolio that includes industry-leading telecommunications services and popular programming networks. We believe that the combined value of these assets has not been fully realized, and that this transaction will be beneficial to shareholders as both Cablevision and MSG freely pursue their own individual business plans."
No comments:
Post a Comment