The Madison Square Garden Company Board of Directors Unanimously Approves Plan to Explore Possible Spin-Off
MADISON SQUARE GARDEN CO NEW (MSG)
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Source: GlobeNewswire
Would Separate Sports Businesses from Live Entertainment Businesses to Create Two Distinct Public Companies Proposed Spin-Off Would Further Highlight Unique Value of Company’s Live Sports and Entertainment Assets and Brands NEW YORK, June 27, 2018 (GLOBE NEWSWIRE) -- The Madison Square Garden Company (NYSE:MSG) today announced that its board of directors has authorized the Company’s management to explore a possible spin-off that would create a separately-traded public company comprised of its sports businesses, including the New York Knicks and New York Rangers professional sports franchises. The proposed separation of the sports and entertainment businesses would enable shareholders to more clearly evaluate each company’s assets and future potential, while allowing both companies to pursue their own distinct business strategy and capital allocation policy. If the Company proceeds with the spin-off, it would be structured as a tax-free transaction to all MSG shareholders.
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