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MSG looking to unload its regional sports networks in split

By
Claire Atkinson
Published March 27, 2015, 10:53 p.m. ET

Madison Square Garden is clearing a path for a potential sale of its regional sports networks., analysts say.

The company, controlled by the family of Chairman Jim Dolan, said Friday it will spin off its sports and entertainment business into a publicly traded firm and keep its media business.

That’s different than the initial configuration the company floated in October, when it first disclosed it was exploring splitting in two. MSG said then it was considering separating its entertainment businesses from its media and sports operations.

Under the current plan, the spinoff company will include the famed arena, the Knicks basketball and Rangers hockey teams and theaters such as Radio City Music Hall.

The media business holds the MSG regional sports networks, which air Knicks and Rangers games. Last year, MSG sold the majority of its stake in music network Fuse to a group led by singer Jennifer Lopez.

Analysts said the slimmed down media business makes it easier to sell the sports networks.

“We still believe they’ll sell the RSNs in the near term with Comcast and 21st Century Fox the most likely bidders,” BTIG media analyst Brandon Ross told The Post.

“They’re spinning out sports from media and that will allow them to sell the RSN tax free,” Ross added.

The two companies are the country’s largest owners of regional sports TV networks. Rupert Murdoch is the chairman and CEO of 21st Century Fox and executive chairman of News Corp., the owner of The Post.

The Post reported earlier this month that there is no actual TV-rights contract between the Knicks and MSG networks and that the NBA will likely force a new deal once the split happens.

Sources estimated that the media business could be worth as much as $4 billion. MSG declined comment on a possible sale.

The media division will also make a cash distribution to the spinoff. The split is expected to be final before year’s end, MSG said in a statement. Shareholders will get to own both companies.

Three independent directors are also being appointed at the spinoff board: former Time Warner boss Dick Parsons, private-equity investor Scott Sperling and activist investor Nelson Peltz.

MSG shares, which closed at $80.73 in regular trading, rose more than 7 percent in after-hours trades on the news.