In spinning off the MSG unit, Cablevision distributed 75.6million shares of MSG's class A and B common stock to itsshareholders. The distribution took place Tuesday, and Wednesdaymorning MSG stocks were listed on NASDAQ at $17 per share.

In a statement, MSG executive chairman James Dolan, who is alsopresident and CEO of Cablevision, says the spin-off "enables MSG tofreely pursue its business plan while providing shareholders withthe benefit of being able to more clearly evaluate the company'sassets and future potential. This is an important moment for MSGand we are confident about the company's prospects as a standalonecompany."

According to an information statement from Cablevision, whichbought MSG in 1995 for $1 billion, the spinoff was intended toincrease the aggregate stock value of the two companies, to improveCablevision's access to debt markets and to increase MSG'sflexibility to pursue its long-term business plan. Since the MSGacquisition 15 years ago, "certain aspects" of both Cablevision'sbusiness and MSG's have changed, according to the statement.