MSG Q4 profit doubled

$412 million revenue driven by media unit

NEW YORK -- In its first earnings report since its spin-off from Cablevision Systems, Madison Square Garden on Thursday said its fourth-quarter profit doubled on a 3.6% revenue increase.

MSG became a separate public company on Feb. 9.

The company posted quarterly profit of $23.3 million, compared with $11.3 million in the year-ago period.

Revenue rose to $412 million driven by its media unit, which broadcasts games from the firm's sports teams, such as the New York Rangers and Knicks.

Full-year 2009 revenue increased 1.9% to $1.06 billion.

President and CEO Hank Ratner said he was "pleased" by the results "especially in light of the difficult economic environment."

He added: "As we move forward as a public company, we are enthusiastic about the growth opportunities for each of our segments and confident that our powerful brands and assets will work together to strengthen our overall business."
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