Core Viewpoint - Madison Square Garden Sports shares surged over 16% to a record high following the announcement of a plan to explore a potential spinoff of its New York Knicks franchise from its New York Rangers businesses [1] Group 1: Company Developments - The proposed spinoff will separate the New York Knicks, which includes the NBA franchise and its G League affiliate, the Westchester Knicks, from the New York Rangers, which includes the NHL franchise and its AHL affiliate, the Hartford Wolf Pack [1] - The spinoff plan received unanimous approval from the board and is expected to be structured as a tax-free transaction for all shareholders [1] - No specific timeline has been provided for the completion of the proposed transaction [1] Group 2: Market Reaction and Analyst Insights - Madison Square Garden Sports shares closed at $341.76, marking the highest daily percentage gain on record for the company [1] - Among eight analysts covering the company, the average rating is "buy" with a median price target of $337 [1] - Analysts from BTIG noted that management has been exploring options to unlock value from the teams, as the equity sometimes trades at a 50% discount to independent private value estimates [1]