It will take place in early April and create two distinct publicly traded companies with James Dolan, MSG’s chairman and CEO, helping oversee both.

A week after reaching an in Inglewood to Los Angeles Clippers owner Steve Balmer, The Madison Square Garden Company on Tuesday said that its board has approved spinning off its entertainment business from its sports businesses, effectively creating two distinct publicly traded companies.

Following the spinoff, which is expected to take place in early April, MSG will change its name to Madison Square Garden Sports Corporation, while the new entertainment company will be called Madison Square Garden Entertainment Corporation. James Dolan, MSG’s chairman and CEO, will serve as executive chairman of MSG Sports and executive chairman and CEO of MSG Entertainment,

The post Madison Square Garden Company Set to Spin Off Entertainment Business – Billboard appeared first on RocketNews | Top News Stories From Around the Globe.