From a report on Bloomberg.com, Cablevision is finally pulling the trigger on their spinoff of their sports assets into a separately traded company. "Stockholders would receive one share of the new company, to be called Madison Square Garden, for every share of Cablevision they own, said the person, who declined to be identified because the plan isn’t public." As this isn't the first time rumors have swirled around this split, it is hard to know if it will actually occur. Many times Cablevision has gotten close to the alter but never signed the deal. SHould it happen, their is speculation that it is simply the first step to more changes. "Splitting off Madison Square Garden will let Bethpage, New York-based Cablevision focus on its more profitable cable- television business and may lure potential buyers for the company, such as Time Warner Cable Inc. or Comcast Corp., Rich Greenfield, an analyst at Pali Capital LLC, said earlier this month."
It seems once a year these rumors come up. I say it ain't so till the fat lady sings, so don't hold your breath. We will know when we know.
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