In a press release, the company said it expects to complete the spinoff by the first quarter of 2020. The Dolan family, which has run Msg Co. for decades, will continue to control both entities after the transaction closes.
A New York mainstay, Msg owns the NBA’s New York Knicks and the NHL’s New York Rangers. Its entertainment portfolio includes Madison Square Garden and the adjacent Hulu Theatre, both of which have year-round entertainment bookings, as well as fabled Manhattan venues like Radio City Music Hall and the Beacon Theatre.
The Dolans rose to prominence by running Cablevision, for decades a top cable distributor that became a force in real estate and sports. Over time, it also owned Newsday and also the Clearview movie theater chain.