Cablevision has set Feb. 9 as the date for the spinoff of its Madison Square Garden unit.
Cablevision’s board of directors approved the spinoff plan on Tuesday. Cablevision shareholders will receive one share of Madison Square Garden common stock for every four shares of Cablevision they own as of Jan. 25.
The spinoff is an effort to boost Cablevision shares by streamlining its business portfolio of the parent company, which is focused on cable systems and cable programming assets including AMC, IFC, Sundance and We. Madison Square Garden, which Cablevision has owned for nearly 15 years, includes the namesake arena, Radio City Music Hall as well as the NBA’s New York Knicks and NHL’s New York Rangers franchises.
We are now one step closer toward our goal of creating two distinct companies for investors, each leaders in their industry with their own defined business focus and clear investment characteristics,” said Cablevision prexy and CEO James Dolan.