The Madison Square Garden Co. said late Tuesday that its board of directors had approved the spinoff of its the sports and entertainment business. Madison Square Garden stock gained 1.7% during the extended session. The company said it expected the spin-off to completed in mid April. Madison Square Garden also said it was suspending construction of a venue in Las Vegas called MSG Sphere as a result of the COVID-19 pandemic. Madison Square Garden executive chairman James Dolan has tested positive for the coronavirus and is in self-isolation, .

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