Shares of Madison Square Garden Sports Corp. (MSGS) are climbing around 15 percent during Wednesday morning trading after the company's board approved a plan to explore a possible spin-off that would separate its New York Knicks business from its New York Rangers business, creating two distinct publicly traded companies.
The company's stock is currently trading at $340.23, up 15.81 percent or $46.45, over the previous close of $293.78 on the New York Stock Exchange. It has traded between $173.26 and $342.29 in the past one year.
The potential transaction is expected to enable shareholders to more clearly evaluate each company's assets and growth prospects, while providing both companies with enhanced strategic and financial flexibility.
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