Madison Square Garden Co. mulls split into 2 firms

Published Oct. 27, 2014 9:21 p.m. ET

foxsports

NEW YORK (AP) The Madison Square Garden Co. says it's considering a plan to split off its entertainment businesses from its media and sports divisions.

The New York company said Monday it approved a plan to explore breaking into two publicly traded companies, saying the move would give shareholders the ability to more clearly evaluate each of the businesses and their prospects.

The entertainment unit hosts live events at the company's namesake Manhattan venue and at other sites including Radio City Musical Hall. The media and sports business owns teams including the New York Knicks and the New York Rangers plus regional sports networks MSG Network and MSG+.

Madison Square Garden Co. says it doesn't have a timetable for the spin-off, which is subject to final approval from its board.