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ITT AND CABLEVISION CLEARED FOR MSG DEAL
Published January 13, 1995
Cablevision and ITT have been given approval to buy Madison Square Garden from Viacom. The U.S. Department of Justice has approved the proposed $1.075B acquisition "without requiring any modifications to the sale." MSG is the parent company for the Knicks and Rangers, and the deal still needs the backing of the NHL and the NBA to be finalized. Teri Washington, a spokesperson for the NBA, said it was not clear whether a vote on the transfer of the Knicks will be held at the next Board of Governors meeting on February 13. A team sale requires 3/4 approval from the NBA's 27 team representatives. A spokesperson for the NHL said a vote by that league could be "months away" (Elizabeth Sanger, N.Y. NEWSDAY, 1/13).