The Madison Square Garden Company, an American sports and entertainment holding company based in New York City, completed the spin off its entertainment unit. The newly revised transaction would be structured as a tax-free pro rata spin-off to all MSG shareholders. Each shareholder would continue to own their current economic interest in both the sports and entertainment businesses. Financial terms were not disclosed. "The spin-off would create two distinct companies for MSG shareholders, each with a defined business focus and clear investment characteristics. One company would be a leader in live entertainment that would take advantage of significant opportunities to grow rapidly within the changing entertainment landscape. The other entity would be a sports company with marquee assets that would enjoy steady growth and strong free cash flow," James L. Dolan, The Madison Square Garden Company Executive Chairman and CEO.