Cablevision Systems Corp is preparing to spin off its Madison Square Garden assets, Bloomberg News reported on Wednesday, citing a person familiar with the matter.

Those assets include the New York Knicks basketball team and Radio City Music Hall, it said, and stockholders would receive one share of the new company, to be called Madison Square Garden, for every share of Cablevision they own.

Cablevision was not immediately available for comment.

(Editing by Carol Bishopric)