Cablevision Mulls Madison Square Garden Spinoff
Cablevision (CVC) this morning said it is considering spinning off its Madison Square Garden unit, which owns the famed arena of the same name, along with other entertainment venues, including Radio City Music Hall, as well as the New York Knicks, the New York Rangers, and regional and national cable programming networks.
Cablevision made the announcement in conjunction with its Q1 financial results. The company posted Q1 revenue of $1.9 billion, up 10.6 percent from a year ago, and in line with estimates. Revenue at the MSG unit was $271.3 million, up from $265.1 million a year ago. Adjusted operating cash flow improved to $590 million from $515.9 million for CVC overall; for MSG it totaled $15.9 million, up from a loss of $2.5 million.
