Cablevision, News Corp. Restructure Asset Ownership

Feb 22, 2005  •  Post A Comment

Cablevision and News Corp. on Tuesday restructured their ownership of their jointly owned sports and entertainment assets, with Cablevision taking control of the New York-based properties held in the partnership.

In the move, structured as a generally tax-free exchange of assets, Cablevision will take full control of Madison Square Garden and its properties, including the Arena, the Theater at Madison Square Garden and the New York Knicks, Rangers and Liberty sports teams; Radio City Music Hall; MSG Network and Fox Sports Net New York. Cablevision will also own 100 percent of Fox Sports Net Chicago and 50 percent of Fox Sports Net New England.

News Corp. will own 100 percent of Fox Sports Net, in addition to Fox Sports Net Ohio, Fox Sports Net Florida and National Advertising Partners. It also will assume management control of those assets.

Before Tuesday’s announcement, the properties involved in the transaction were owned 60 percent by Cablevision and 40 percent by News Corp. A 60/40 ownership split will remain in effect for Fox Sports Net Bay Area, with Cablevision continuing to manage that property.