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Cablevision expects MSG spin-off early next year

Cablevsion says its Madison Square Garden enterprises will

Cablevsion says its Madison Square Garden enterprises will be spin off as a separate company in early 2010. Credit: Getty Images, 2004

Cablevision Systems Corp. said Monday that the spin-off of its Madison Square Garden business will probably be carried out early next year.

Bethpage-based Cablevision had previously announced the spin-off, which will include the Garden arena, Radio City Music Hall, the New York Knicks basketball team and New York Rangers hockey team.

The company also said Monday Madison Square Garden has obtained commitments from a group of banks for a new $375-million revolving credit line, which will be used by MSG for working capital, ongoing capital expenditures and other general corporate purposes.

Cablevision, which owns Newsday, said in a statement it "continues to make progress on its plans to create two distinct companies and expects the spin-off of its Madison Square Garden business to be completed during the first quarter of 2010."

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