Cablevision Systems Corp. (CVC) announced that its board has approved the spin off of its Madison Square Garden business to Cablevision shareholders. The distribution will take place on February 9, 2010 to Cablevision shareholders of record as of the close of business on January 25, 2010.
For the distribution, each Cablevision class A stockholder will receive one share of Madison Square Garden class A common stock for every four shares of Cablevision class A common stock they hold as of the record date. Each cablevision class B stockholder will receive one share of Madison Square Garden class B common stock for every four shares of Cablevision class B common stock they hold as of the record date.
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