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Cablevision plans MSG spin-off for Q1

Mon, 12/14/2009 - 8:00am
The Associated Press

BETHPAGE, N.Y. (AP) – Cablevision Systems Corp. said Monday it expects the planned spin-off of its Madison Square Garden business to be completed in the first quarter of 2010.

Cablevision's Madison Square Garden operations include the New York arena bearing the same name, as well as the New York Knicks basketball team and New York Rangers hockey team.

Earlier this year, Cablevision had said it was planning to spin-off the business to existing shareholders by the end of 2009.

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

Cablevision shares added 7 cents to $26.15 in morning trading.

More Broadband Direct 12/14/09:
•  5 vendors earn D3 certification from CableLabs
•  Cablevision plans MSG spin-off for Q1
•  Analyst: Clearwire `too strategic to fail'
•  Google branding own handset?
•  TeliaSonera launches 1st LTE network
•  Verizon Wireless bows file-sharing tool for phones, PCs
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•  Motorola debuts fixed WiMAX products
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•  AT&T to finish acquiring Alltel customers in Q1
•  Report: Euro broadband growth suppressed
•  Aurora taps sales lead for western U.S.
•  EU signals could OK Oracle deal with no sell-off
•  Broadband Briefs for 12/14/09

 

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