The Madison Square Garden (MSG) Company is splitting into two.
The company, in a statement:
“After review, MSG’s board of directors believes that, while MSG has created significant shareholder value since it was established as a public company five years ago, separating MSG’s live sports and entertainment businesses from its media business now would further enhance the long-term value-creation potential of both businesses.”
One company will hold its live events and sports businesses, according to a U.S. Securities and Exchange Commission filing, and the other will hold its media businesses.
MSG’s live events and sports company will include the Knicks, Rangers, Liberty, Madison Square Garden, and Radio City Music Hall. The media business will include MSG Network and MSG+.
The tax-free spinoff is expected to finish by the end of this year.