Cablevision to Spin-Off Madison Square Garden, Sports Teams

Authored by Mark Hefflinger on July 30, 2009 - 9:02am.

Bethpage, N.Y. - Cable TV provider Cablevision (NYSE: CVC) announced on Thursday that its board of directors has authorized its plan to spin-off its Madison Square Garden business to stockholders by the end of the year.

Included in the business are assets including the New York Knicks and New York Rangers sports teams, as well as other New York City entertainment venues like Radio City Music Hall.

Under the plan, Cablevision stockholders will receive one share in MSG for each share of Cablevision they own.

"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," said Cablevision president and CEO James L. Dolan.

"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."

http://www.cablevision.com