Cablevision, the US-based media and entertainment company owned by the Dolan family, has quashed rumours it is looking to spin off parts of its vast empire.
Last week, the company announced that its board of directors had authorised management to explore the possibility of spinning off the Madison Square Garden business, which includes its sports teams the New York Knicks, Rangers and Liberty. Cablevision's share price soared nearly 20% on the news.
However, the company has now issued a statement making clear that it is not considering the sale of MSG, any of MSG's businesses or any other Cablevision business at this time.
In January, president and CEO James L Dolan (pictured) hired a top Merrill Lynch executive to work on the company's overall corporate strategy. Cablevision pursued a highly acquisitive approach in 2008 which left the company leveraged to the tune of $11 billion.
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