BETHPAGE — Cablevision Systems Corp. said Thursday that its board has approved a plan to spin off as a separate company its Madison Square Garden business, owner of the New York Knicks, Rangers and the famed sports arena where they play.
Cablevision will spin the unit off to shareholders.
The diversified cable operator also reported an 8 percent drop in second-quarter earnings despite climbing revenue.
Cablevision said it earned $87 million, or 29 cents per share, in the most recent quarter, compared with $94.7 million, or 32 cents per share a year ago. Sales rose 9.8 percent to $1.88 billion.