Cablevision will spin off Madison Square Garden unit

Cablevision Systems Corp. announced that its board approved plans to spin off its Madison Square Garden unit and sports assets, including the New York Knicks and Rangers and the MSG Network, the Wall Street Journal reported. James Dolan will serve as executive chairman of MSG and remain CEO of Cablevision. His father, Charles Dolan, will remain chairman of Cablevision, the article said. “Investors have complained about the Dolans investing cash flows from Cablevision’s cable business in MSG’s operations … which have done little to drive returns for shareholders,” the Journal reported. (Source: Wall Street Journal, July 31, 2009.)