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New MSG Debuts, Shares Fall Slightly

Cablevision Systems completed the spinoff of its Madison Square Garden unit on Feb, 9, and the newly separate entity ended trading on the NASDAQ National Market System the next day with a slight dip. Cablevision shareholders received one share of MSG stock for every four shares of Cablevision they own. The new unit, which trades under the symbol "MSG," includes the Madison Square Garden arena, its New York professional sports teams, Radio City Music Hall, the Beacon Theater and the Chicago Theater, and cable channels MSG Network, MSG Plus and Fuse.

Shares of MSG opened at $18.22 per share, but fell as low as $17.34 each before settling down to close at $17.50, down 4% or 72 cents per share per share. Cablevision stock fell about 15.4% but that was mainly due to the spin. Analyst have praised the spin as it removed a potential drag on Cablevision's business, mainly due to costly renovation to Madison Square Garden.

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