The Madison Square Garden Company (MSG) announced today that its spin-off from MSG Networks Inc. (MSGN), the company formerly known as The Madison Square Garden Company (“the former Madison Square Garden Company”), is complete and that MSG is now a separate, public company that trades on the NYSE as “MSG.”
MSG’s status as a standalone entity follows the distribution by the former Madison Square Garden Company of all of MSG’s outstanding common stock. The distribution took place on September 30, 2015 to shareholders of record of the former Madison Square Garden Company as of the close of business on September 21, 2015. Each Class A stockholder of the former Madison Square Garden Company received one share of MSG Class A common stock for every three shares of Class A common stock they held in the former Madison Square Garden Company as of the record date. Each Class B stockholder of the former Madison Square Garden Company received one share of MSG Class B common stock for every three shares of Class B common stock they held in the former Madison Square Garden Company as of the record date. Stockholders will receive a cash payment instead of any fractional shares of the former Madison Square Garden Company. Source
