Cablevision Systems Corp. revealed on Thursday that its board has approved a plan to spin off its Madison Square Garden business as a separate company.
The Madison Square Garden portion of Cablevision's business owns the New York Knicks and New York Rangers and the sports arena they call home.
The move was expected, as the company believes the separation will make it easier for investors because each company will now have distinct businesses.
James Dolan, Cablevision's chief executive, will take on the role of executive chairman of the spun-off Madison Square Garden group. Hank Ratner, Cablevision's vice chairman, will add the titles of president and CEO of the new company.