By: E&P Staff
Cablevision on Monday squelched speculation that it might sell the MSG business unit that owns Madison Square Garden, and the professional basketball and hockey teams that play there. In the process, it also reaffirmed it is holding on to Newsday, which it bought last July from Tribune Co.
Cablevision last week said its board of directors had authorized management to look at the possible spin-off of MSG.
“That announcement has resulted in speculation that has included the possible sale of MSG and/or other Cablevision and MSG businesses,” Cablevision said in a statement. “The company feels it should make clear that it is not considering the sale of MSG, any of MSG’s businesses or any other Cablevision business at this time.”
Last week, Cablevision reported that Newsday in the first quarter of 2009 lost $7.2 million on revenue of $83.4 million.