The Madison Square Garden Company Board Approves Spin-Off Of Sports And Entertainment Businesses From Media Business
September 14, 2015 at 7:04 AM (PT)
THE MADISON SQUARE GARDEN COMPANY's board of directors has approved the spin-off of its sports and entertainment businesses from its media business. Upon completion of the transaction, MSG will be a standalone media company and will change its name to MSG NETWORKS INC. and the newly formed sports and entertainment company will be called THE MADISON SQUARE GARDEN COMPANY.
The distribution will take place on SEPTEMBER 30th to MSG stockholders of record as of the close of business on SEPTEMBER 21st.
MSG Pres./CEO DOC O'CONNOR said, "We are now one step closer toward our goal of creating two distinct, focused companies for investors. The live sports and entertainment company will comprise a portfolio of celebrated venues, legendary sports teams and exclusive entertainment productions, while the media company will continue to own and operate award-winning regional networks that deliver compelling sports and entertainment content. We are confident that this transaction will further enhance the long-term value potential of both companies as each continues to build on its considerable record of achievement."