MSG announces possible spin-off of Knicks and Rangers, Authorizes $500m share repurchase (8.6% of S/O)

The Madison Square Garden Company (MSG) today announced that its board of directors has unanimously approved a plan to explore a possible spin-off that would separate its entertainment businesses from its media and sports businesses, creating two distinct publicly traded companies. Separately, MSG’s board of directors has authorized the repurchase of up to $500 million of MSG’s Class A common stock. Source: Filing