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ITT DISBANDS: MSG, ENTERTAINMENT HOLDINGS OUT ON THEIR OWN
Published June 14, 1995
ITT Corp. said yesterday that its board of directors approved a management plan to "spin-off" its businesses into three separate companies: ITT Corp. (including ITT Sheraton and ITT's interests in Caesar's World and Madison Square Garden), ITT Industries (automotive and defense), and ITT Hartford (insurance). ITT Chair, President & CEO Rand Araskog will become Chair & CEO of the new ITT Corp. (ITT). Araskog is expected to use the new ITT Corp. "as a vehicle to expand in the fast-growing leisure and entertainment businesses" (Eben Shapiro, WALL STREET JOURNAL, 6/14). But Ronald Bowman, who will be No. 2 at ITT Corp., said the new company was already growing at a 30% rate adding "that any acquisitions in the foreseeable future will probably be small ones" (Paul Tharp, N.Y. POST, 6/14). Lehman Brothers analyst Phua Young expects ITT Corp. stock to sell at between $37-47 a share (USA TODAY, 6/14). ITT has a 50% stake in MSG, which includes the Knicks, the Rangers, Madison Square Garden and the MSG Network. ITT is rumored to be interested in buying a network, as well as investing in Boston's proposed megaplex (THE DAILY).