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.