Madison Square Garden To Spin Off Media Unit

The Madison Square Garden Co. said Friday it wants to spin off its sports and entertainment business from its media business, appointing new executives for "a pure play media company." The spin-off of the media company, called MSG Networks Inc., is expected on Sept. 30. Andrea Greenberg was named MSG Networks president and chief executive, reporting to executive chairman James Dolan. Bret Richter was named the future company's chief financial officer. MSG Networks is home to eight professional sports teams, including NBA's New York Knicks and NHL's New York Rangers. Shares of The Madison Square Garden Co. fell 0.3% in late trading Friday after ending the regular session up 0.3%.