NEW YORK (VIP NEWS) — The Madison Square Garden Company is pressing ahead with plans to separate its businesses into two publicly traded companies.
Subject to certain conditions, the move is expected to be completed during 2015 and would be structured as a tax-free spin-off of the sports and entertainment business to MSG shareholders on a pro rata basis.
MSG’s Board of directors believes that separating MSG’s live sports and entertainment businesses from its media interests will further enhance the long-term value-creation potential of both companies.
The live and sports entertainment company will comprise venues such as New York`s Madison Square Garden, The Theater at Madison Square Garden and Radio City Music Hall, the Forum in Inglewood, California, and the Wang Theater in Boston; sports teams including the New York Knicks and New York Rangers, and live productions including the Radio City Christmas Spectacular.
Meanwhile, the media company will continue to distribute sports and entertainment content across multiple platforms, including MSG Network and MSG+.
MSG was established as a public company five years ago and shareholders will now own shares in both companies.