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March 31, 2020, 8:22 p.m. EDT

Madison Square Garden board approves sports and entertainment spinoff amid COVID-19 pandemic

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By Max A. Cherney

The Madison Square Garden Co. said late Tuesday that its board of directors had approved the spinoff of its sports and entertainment businesses. Madison Square Garden stock gained 1.7% during the extended session. The company said it expected the spinoff to completed in mid April. Madison Square Garden also said it was suspending construction of a venue in Las Vegas called MSG Sphere as a result of the COVID-19 pandemic. Madison Square Garden executive chairman James Dolan has tested positive for the coronavirus and is in self-isolation, according to the Associated Press.

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