The Madison Square Garden Company Files Initial Form 10 Registration Statement for Proposed Spin-Off of Sports Business
MADISON SQUARE GARDEN CO NEW (MSG)
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Source: GlobeNewswire
Proposed transaction is expected to be completed during the first half of calendar 2019 NEW YORK, Oct. 04, 2018 (GLOBE NEWSWIRE) -- The Madison Square Garden Company (NYSE: MSG) today announced that it has made important progress towards the potential spin-off of its sports business by filing a confidential initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission (“SEC”). The proposed separation of the sports and entertainment businesses would enable investors to more clearly evaluate each company’s assets and future potential, while providing both companies with increased strategic flexibility to pursue their own distinctive business plan and capital allocation policy. The proposed separation would be structured as a tax-free spin-off to all MSG shareholders. Upon completion of the transaction, record holders of MSG common stock would receive a pro-rata distribution, expected to be equivalent, in aggregate, to an approximately two-thirds econom
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