Madison Square Garden Co. is exploring splitting into two publicly traded companies to unlock value in the New York Knicks and New York Rangers sports franchises and buoy its entertainment business. MSG, controlled by the Dolan family, has been considering since July a plan to house its sports teams and cable networks in one company and move its real estate assets and its concert and entertainment business into another.
Hank Ratner is being replaced as president and chief executive officer of Madison Square Garden Co., the owner of the New York Knicks and Rangers and Radio City Music Hall, two people with direct knowledge of the personnel change said Friday. His successor will be Tad Smith, president of local media for Cablevision Systems Corp., previously MSG’s parent until a spinoff in 2010.
Time Warner Cable should reimburse customers who are missing New York Knicks and Rangers games because of the carrier’s dispute with programmer Madison Square Garden Co., New York City Comptroller John Liu said.
At the center of Time Warner Cable’s dispute with Madison Square Garden is the fate of Fuse music channel, which the Garden bundles with the MSG sports network.