MSG’s latest spinoff plan should pay off

Article Excerpt

MADISON SQUARE GARDEN CO. $292 (New York symbol MSG; Shares outstanding: 23.7 million; Market cap: $6.9 billion; No dividend paid; Takeover Target Rating: Lowest; www.msg.com) is a sports and entertainment company that owns the New York Rangers hockey team, the NBA’s New York Knicks and several other sports franchises. It also owns or operates several entertainment venues, including Madison Square Garden and Radio City Music Hall. In 2010, Cablevision Systems Corp. (New York symbol CVC) spun off its sports teams and their related cable TV operations as a separate company called The Madison Square Garden Company. Madison Square Garden Co: Originally spun off from Cablevision Systems Corp. in February 2010 MSG spun off its regional cable TV networks and its other media businesses as a separate company (MSG Networks) in September 2015 Later, in 2015, the new firm set up its media operations as a separate company, MSG Networks Inc. (New York symbol MSGN). Madison Square Garden shareholders then received one MSGN share for every three…