Cablevision plans to spin off MSG in 1Q

Cablevision Systems Corp. said Monday it expects the planned

spinoff of its Madison Square Garden business to be completed in

the first quarter of 2010.

Cablevision’s Madison Square Garden operations include the New

York arena bearing the same name, as well as the New York Knicks

basketball team and New York Rangers hockey team.

Earlier this year, Cablevision had said it was planning to spin

off the business to existing shareholders by the end of 2009.

The company also said Monday that Madison Square Garden has

obtained commitments from a group of banks for a new $375 million,

5-year senior secured revolving credit facility. The facility will

be used by MSG for working capital, ongoing capital expenditures

and other general corporate purposes.

Cablevision shares added 7 cents to $26.15 in morning

trading.