Knicks, Rangers Split Into Separate Public Companies...

Madison Square Garden Sports and Madison Square Garden Entertainment have completed a separation that lets investors choose between sports teams instead of buying both together. The Knicks, Nets, and minor-league teams now trade independently from the Rangers, Islanders, and concert venues under the MSG umbrella. This kind of split lets Wall Street value basketball and hockey franchises on their own merits—NBA teams often command different multiples than NHL teams—and gives fans-turned-shareholders a cleaner bet on whichever New York team matters most to them.