Cablevision considers MSG spinoff

Company reports first-quarter profit

Cablevision Systems said the company is considering a spinoff of Madison Square Garden as the company reported a first-quarter profit Thursday.

Cablevision’s Madison Square Garden unit encompasses the namesake New York City arena, the NBA’s New York Knicks and NHL’s New York Rangers as well as Radio City Music Hall.

Cablevision said its revenue for the quarter climbed 11% compared to the year-ago period thanks to subscriber growth and the addition of Long Island-based newspaper Newsday and the Sundance Channel.

In the quarter, Cablevision, whose holdings also include cablers AMC and IFC, earned $20.2 million, compared with a loss of $31.6 million a year earlier. Revenue was $1.9 billion, up from $1.7 billion.

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