Deals
Knicks and Rockettes Breaking Up Means Big MSG Payoff: Real M&A
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Madison Square Garden Co. broken apart is worth a whole lot more -- perhaps another $2 billion -- than it ever was together.
The $5.7 billion owner of the New York Knicks and New York Rangers, which also operates real estate such as Radio City Music Hall, surged 11 percent to an all-time high yesterday on the prospect of a breakup. The company, which may split its sports teams and cable networks from the entertainment business and properties, could be valued at about $95 a share, analysts estimate. That’s well above its prior high in August and still about 30 percent more than the price yesterday.