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.
Split in two MSG to be split on September 30
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. ■