Menu
Franchises

ITT DISBANDS: MSG, ENTERTAINMENT HOLDINGS OUT ON THEIR OWN

     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).

SBJ Morning Buzzcast: April 25, 2024

Motor City's big weekend; Kevin Warren's big bet; Bill Belichick's big makeover and the WNBA's big week continues

TNT’s Stan Van Gundy, ESPN’s Tim Reed, NBA Playoffs and NFL Draft

On this week’s pod, SBJ’s Austin Karp has two Big Get interviews. The first is with TNT’s Stan Van Gundy as he breaks down the NBA Playoffs from the booth. Later in the show, we hear from ESPN’s VP of Programming and Acquisitions Tim Reed as the NFL Draft gets set to kick off on Thursday night in Motown. SBJ’s Tom Friend also joins the show to share his insights into NBA viewership trends.

SBJ I Factor: Molly Mazzolini

SBJ I Factor features an interview with Molly Mazzolini. Elevate's Senior Operating Advisor – Design + Strategic Alliances chats with SBJ’s Ross Nethery about the power of taking chances. Mazzolini is a member of the SBJ Game Changers Class of 2016. She shares stories of her career including co-founding sports design consultancy Infinite Scale career journey and how a chance encounter while working at a stationery store launched her career in the sports industry. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Daily/Issues/1995/06/14/Franchises/ITT-DISBANDS-MSG-ENTERTAINMENT-HOLDINGS-OUT-ON-THEIR-OWN.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Daily/Issues/1995/06/14/Franchises/ITT-DISBANDS-MSG-ENTERTAINMENT-HOLDINGS-OUT-ON-THEIR-OWN.aspx

CLOSE