قالب وردپرس درنا توس
Home / Business / Madison Square Garden Co. shares rise to talk of Split

Madison Square Garden Co. shares rise to talk of Split



Madison Square Garden Co. shares continued to rise Friday – by more than 3% – as the sports teams and concert promoters approaching a potential split.

Madison Square Garden shares had risen 3.4% ($ 10.36 per share) to $ 313.65 on Friday afternoon, their second day of profits according to the company's board of directors said that there is a possible breakdown of its professional Sports teams – including the New York Knicks, New York Rangers and New York Liberty – into a separate company. The stock has risen nearly 18% from its $ 266.23 level before the June 27 announcement.

Related: Cablevision Sets Feb. 9 Spin Date

The Madison Square Garden, headed by former Cablevision Systems CEO James Dolan, has been on this road once before. In 2010, MSG, including the teams, venues and regional sports channels of MSG Networks, was spun off Cablevision Systems. In 2015, the company parted with Madison Square Garden Co., which also included sports teams and concert venues such as Radio City Music Hall and MSG Networks, which include the regional sports channels MSG and MSG-Plus.

Related: MSG moves with split plans

The Dolan family sold Cablevision to Altice NV in 2016.

"We believe that this proposed transaction would provide each company with greater strategic flexibility, its own defined business focus, and a clear investment strategy," Dolan said in a statement.


Source link