MSG to become separate business

Updated: July 30, 2009, 9:30 AM ET
Associated Press

BETHPAGE, N.Y. -- Cablevision Systems Corp. said Thursday that its board has approved a plan to spin off as a separate company its Madison Square Garden business, owner of the New York Knicks, New York Rangers and the famed sports arena where they play.

In a widely anticipated move, the Bethpage, N.Y. company said it plans to spin off the unit to its existing shareholders by the end of the year.

The company said the separation of its Madison Square Garden operations is ...

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