Finally, the rest of New York gets to catch �Linsanity.�
According to the Associated Press, Madison Square Garden (NASDAQ:MSG) on Friday reached a deal with Time Warner Cable (NYSE:TWC) that has ended a Knicks blackout affecting about 2 million subscribers and sent MSG shares even higher.
Since Jan. 1, a pricing dispute has kept Madison Square Garden�s MSG network from reaching more than a fifth of its subscribers, who have been left out of the Knicks� seven-game win streak sparked by the meteoric rise of backup point guard Jeremy Lin. The Harvard-grad sensation has dominated headlines for weeks, and has been given credit for pushing MSG�s stock to all-time highs since his first start.
Lin�s stellar play and the Knicks� recent run have put pressure on MSG and Time Warner to come to a settlement on pricing. According to the AP, the MSG network�s ratings have more than tripled without the affected 2 million subscribers.
Friday�s deal sent MSG shares to a 3% gain after having traded marginally lower for most of the day. The agreement even garnered the attention of the state�s governor, who released a statement, saying, �I thank them for being responsive to the needs of New Yorkers.”
– Kyle Woodley, InvestorPlace.com Assistant Editor
Related: Invest in MSG? That�s Pure �Linsanity�