MSG Going Public…
There have been a handful of reports about this throughout the day, but I thought this one from the LA Times (of all places) put the story together best:
“Investors will get a chance to bet directly on the fortunes of the New York Knicks and Rangers and their home arena, Madison Square Garden, beginning Tuesday.
“Cablevision Systems Corp. is splitting into two, returning the company to its roots as mainly a provider of subscription TV. The newly separate Madison Square Garden Inc. will include the arena, the basketball and hockey teams, regional sports channels and famed theaters such as Radio City Music Hall.
“By separating Madison Square Garden, investors who initially bought Cablevision for the steady cash flow of a cable TV company will get what they wanted.
“On Tuesday, shareholders will get one share of Madison Square Garden for every four Cablevision shares they own.
“Separating the businesses could make it easier for the cable TV operations to be sold. While son James Dolan remains Cablevision’s CEO after the spinoff, he is widely believed in the industry to have a special interest in MSG, where he will be executive chairman. The other five children aren’t believed to want to run the cable TV company.”
I’m sure there will be more to unfold in the coming days…stay tuned…
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Jon
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“Investors will get a chance to bet directly on the fortunes of the New York Knicks and Rangers and their home arena, Madison Square Garden, beginning Tuesday.



