Madison Square Garden Spinoff Approved by Board
After the tax-free spinoff is completed around Sept. 30, Andrea Greenberg will become president and CEO of MSG Networks and Bret Richter will join the company as CFO.
The Madison Square Garden Co. moved a step closer to spinning off its sports and entertainment assets from its television business when the board of directors said Friday they have voted in favor of the plan.
When the transaction is complete this month, a public company called MSG Networks will house the regional sports channels, MSG+ and MSG Network.
Another public company will continue to be called The Madison Square Garden Co. and it will house the New York Knicks NBA team, the New York Rangers NHL team and other sports franchises, as well as venues like Madison Square Garden, Radio City Music Hall and the Forum in Inglewood, Calif. The Madison Square Garden Co. will continue to be run by former CAA partner David "Doc" O'Connor, who was hired as its CEO in June.
After the tax-free spinoff is completed around Sept. 30, Andrea Greenberg will become president and CEO of MSG Networks and Bret Richter will join the company as CFO. Greenberg will report to executive chairman James Dolan.
Greenberg is being promoted from executive vp of MSG Media, a unit within the company as currently constructed. She joined the company in 2010 and prior to that spent 25 years with Rainbow Media Holdings, which eventually became AMC Networks.
Richter was previously vp of corporate finance and development at Cablevision Systems.
MSG Networks' board will consist of James, Charles and Thomas Dolan along with Wilt Hildenbrand and Brian Sweeney, each of whom are already board members of the current company. Two additions will be Eugene DeMark, a retired 40-year veteran of KPMG, and Joel Litvin, a retired president of league operations for the NBA.