The Madison Square Garden Company is splitting into two separate companies. In a U.S. Securities and Exchange Commission filing, MSG — owned by Knicks fan favorite James Dolan — said one company would hold its live events and sports businesses, and the other would hold its media businesses.
MSG’s live events and sports company will include the Knicks, Rangers, the WNBA New York Liberty, the Garden, and Radio City Music Hall. The media business will include MSG Network and MSG+.
“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,” said the company, in an announcement.
The tax-free spinoff is expected to be completed by the end of this year.