Cablevision board OKs Madison Square Garden split

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BETHPAGE, N.Y. (AP) — Cablevision Systems Corp. said Tuesday its board has approved the spinoff of its Madison Square Garden Group.

The unit, which has been a drag on Cablevision earnings, includes the famous sports arena, Radio City Music Hall and the New York Knicks and Rangers.

On Feb. 9, Cablevision plans to distribute one Madison Square Garden Class A share for every four shares of Cablevision Class A stock held as of Jan. 25. Cablevision’s Class B shareholders will get the same distribution in Madison Square Garden Class B shares.