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Now before all you Knicks and Rangers fans get too happy, the Dolans still intend to control the new company, with Jimmy Dolan, the CEO of Cablevision taking on the additional duties of Executive Chairman of MSG.  The spin off boost Cablevision's free cash flow by putting the  renovation cost of the Garden,estimated $500 million over the next few years, onto the new company.  It had been speculated that Cablevision would load MSG up with existing debt but the company said no existing debt is expected to be transferred to MSG.

The market liked the move, with Cablevision up 9.4% following the announcement on Thursday and holding on to almost all of that gain, closing essentially flat on Friday.

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