Madison Square Garden mulls split into 2 firms

The Madison Square Garden Co. said Monday it's considering a plan to split off its entertainment businesses from its media and sports divisions.

The New York-based company's board approved a plan to split into two publicly traded companies. Company officials said this would allow shareholders to more clearly evaluate each of the businesses and their prospects, according to The Associated Press.

The entertainment unit hosts live events at the company's namesake Manhattan venue and at other sites including Radio City Musical Hall. The media and sports business owns teams including the New York Knicks and the New York Rangers plus regional sports networks MSG Network and MSG+.

Read more from The Associated Press.