Madison Square Garden Co. Might Split Entertainment, Sports Businesses

Board also authorizes the repurchase of up to $500 million of stock

Madison Square Garden Company’s board approved a plan Monday to explore becoming two publicly traded companies by spinning off its entertainment businesses from its media and sports enterprises.

Also read: Madison Square Garden Company Sells Stake in Live Nation Entertainment 

The board also on Monday authorized the repurchase of up to $500 million of the Company’s Class A common stock.

MSG’s New York venues host nearly 5 million visitors a year, and its media assets reach a diverse audience of sports and entertainment viewers.

As TheWrap previously reported, MSG in March purchased a 50 percent stake in Tribeca Enterprises in a joint venture enhancing MSG’s portfolio of New York City entertainment brands — expanding into film and innovation — and giving it a high-profile entry into the movie festival business via the Tribeca Film Festival.