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NBC PURCHASES OWNERSHIP STAKE IN MADISON SQUARE GARDEN
Published April 1, 1997
An agreement yesterday between NBC and Cablevision "converted" NBC's stakes in cable services owned by Cablevision's Rainbow Programming Holdings "into 25 percent of Rainbow itself," according to Richard Sandomir of the N.Y. TIMES. Rainbow owns 50% of MSG and has agreed to purchase the rest from ITT by '99. By owning 25% of Rainbow, NBC will "ultimately own" 25% of MSG. Sandomir: "The possibility that Rainbow, with the Garden as one of its assets, could go public is intriguing" (N.Y. TIMES, 4/1). The agreement did not include a cash transaction and NBC will assume no debt. NBC said future projects with Rainbow "could include" new cable networks and local TV programming (Mark Robichaux, WALL STREET JOURNAL, 4/1).