Shares of Madison Square Garden ( MSG ) were steady Tuesday after the operator of the iconic Manhattan sports venue officially filed with the U.S. Securities and Exchange Commission to spin off its entertainment business. The company said it expected the transaction to take place in first-quarter 2020. Following the separation, MSG holders would maintain their equity stakes in both the sports and entertainment businesses. The plan would separate the National Basketball Association's New York Knicks and National Hockey League's New York Rangers franchises, as well as the Kicks Gaming official NBA 2K esports franchise and the company's professional sports-team training center in Greenburgh, N.Y., from the division that owns the world-famous arena where they play, Madison Square Garden. "The spinoff would create two distinct companies for MSG shareholders, each with a defined business focus and clear investment characteristics," CEO James Dolan said in a statement a month ago.