• by David Goetzl  @dgoetzl, December 14, 2009

Cablevision has bumped its spinoff of its MSG unit into the first quarter and obtained a $375 million line of credit, the company said.

The cable operator had hoped to execute the spin by Dec. 31. Cablevision and the separate MSG entity will be controlled by the Dolan family through a special class of shares.

Cablevision Vice Chairman Hank Ratner will be CEO of the distinct MSG, which controls regional sports networks, entertainment venues and sports teams, including the New York Knicks.

Cablevision had previously stated it had received clearance from the IRS for the spinoff to be tax-free. On Monday, the company reiterated that this plan remains.

The MSG unit accounted for about 10% of company revenues for the first nine months of the year. In the third quarter, revenues increased slightly -- by $1 million, to $161.8 million, while the unit posted a $12.3 million profit after a loss last year.