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Madison Square Garden approved spin-off to MSG Networks, MSG Co.

Staff writer ▼ | September 14, 2015
The Madison Square Garden Company board approved the spin-off of its sports and entertainment businesses from its media business.
MSG
Split in two   MSG to be split on September 30
Upon completion of the transaction, MSG will be a standalone media company and will change its name to MSG Networks Inc. (MSG Networks) and the newly formed sports and entertainment company will be called The Madison Square Garden Company (Madison Square Garden Company).

The distribution will take place on September 30, 2015 to MSG stockholders of record as of the close of business on September 21, 2015.

For the distribution, each MSG Class A common stockholder will receive one share of the new Madison Square Garden Company Class A common stock for every three shares of MSG Class A common stock held as of the record date.

Each MSG Class B common stockholder will receive one share of the new Madison Square Garden Company Class B common stock for every three shares of MSG Class B common stock they hold as of the record date.


 

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