NEW YORK CITY-Madison Square Garden Inc. said Wednesday it has become a separate, public company following a spin-off from Cablevision Systems Corp. Cablevision’s board of directors last month approved the spin-off, which includes the iconic Midtown sports and entertainment arena as well as three major-league franchises that play there.

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

In a statement, MSG executive chairman James Dolan, who is also president and CEO of Cablevision, says the spin-off “enables MSG to freely pursue its business plan while providing shareholders with the benefit of being able to more clearly evaluate the company’s assets and future potential. This is an important moment for MSG and we are confident about the company’s prospects as a standalone company.”

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