Madison Square Garden Sports Corp. Board of Directors Unanimously Approves Plan to Explore Possible Spin-Off
Madison Square Garden Sports Corp. Class A (New) (MSGS)
Company Research
Source: Business Wire
Transaction Would Separate Knicks and Rangers Businesses to Create Two Distinct Public Companies NEW YORK--(BUSINESS WIRE)--Madison Square Garden Sports Corp. (NYSE: MSGS) (“MSG Sports”) today announced that its board of directors has unanimously approved a plan to explore a possible spin-off that would separate its New York Knicks business from its New York Rangers business, creating two distinct publicly traded companies.The possible transaction would enable shareholders to more clearly evaluate each company’s assets and growth prospects, while providing both companies with enhanced strategic and financial flexibility.If the Company proceeds with the spin-off transaction, it is expected to be structured as a tax-free spin-off to all Company shareholders and upon completion of the contemplated separation, it is expected that record holders of Company Class A and Class B common stock would receive a pro-rata distribution of 100% of the common stock in the newly created public compa
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