Cablevision Approves Madison Square Garden Spinoff

YankeeFan · Jul 30, 2009

Don't get excited, Jimmy remains in control of the Garden & it's assets.

If he doesn't have access to daddy's/Cablevision's money, how's he going to make his payroll? No more raising cable rates to pay off a bad contract.

Cablevision Approves Madison Square Garden Spinoff
July 30, 2009, 9:34 AM

Cablevision Systems said Thursday that its board had approved a plan to spin off a basket of assets including Madison Square Garden and Radio City Music Hall in New York as a separate company.

Cablevision, a cable group controlled by the Dolan family, said in May it was considering a spinoff of the business, which also includes the New York Knicks and Rangers sports teams and the MSG and Fuse cable networks. Some analysts have estimated the stand-alone business could be worth as much as $1.5 billion.

James Dolan, the president and chief executive of Cablevision, said in a statement Thursday that the spinoff would “create two distinct companies, each with enhanced strategic flexibility, its own defined business focus and clear investment characteristics.”

Mr. Dolan will be the executive chairman of the spun-off company, which, like Cablevision, will be controlled by the Dolan family through their ownership of a special class of shares. Cablevision said it expects the spinoff to be completed by the end of the year.

More: http://dealbook.blogs.nytimes.com/2009/07/30/cablevision-approves-madison-square-garden-spinoff/?hp
Click to expand...

Log in or Sign up

Cablevision Approves Madison Square Garden Spinoff

YankeeFan Well-Known Member

Share This Page

Log in or Sign up

Cablevision Approves Madison Square Garden Spinoff

YankeeFan Well-Known Member

Share This Page

Useful Searches