Cable MSO Cablevision Corporation says its statement last week that it was exploring a possible spin-off of its Madison Square Garden (MSG) businesses to shareholders was misunderstood by some on Wall Street. MSG is not for sale and Cablevision says it’s also is not considering the sale of any other assets.
Here is the latest statement from the company:
“Last week, Cablevision announced that its board of directors has authorized management to explore the possibility of spinning off the MSG business to Cablevision stockholders. That announcement has resulted in speculation that has included the possible sale of MSG and/or other Cablevision and MSG businesses. The company feels it should make clear that it is not considering the sale of MSG, any of MSG’s businesses or any other Cablevision business at this time.”
The MSG business operations include Madison Square Garden itself, New York Knicks basketball team, the New York Rangers hockey team, Radio City Music Hall, the Beacon Theater and some other entertainment properties.