DOW JONES NEWSWIRES 
 

Cablevision Systems Corp. (CVC), seeking to quell speculation about its future, said it is not considering selling its Madison Square Garden unit or any of its businesses for now.

The statement comes four days after the company said it was reviewing a possible spinoff of MSG, which besides the iconic arena also includes the New York Knicks and Rangers.

"The company feels it should make clear that it is not considering the sale of MSG, any of MSG's businesses or any other Cablevision business at this time," Cablevision said Monday.

Shares fell 2.9% in early trading to $18.89 as part of a broad market selloff.

After the Thursday disclosure while disclosing strong first-quarter results, investors tried to determine whether the move might set up the sale of the company's core cable business to a larger operator, a move analysts have seen as the likely endgame for the company's controlling Dolan family.

The exploration of a spinoff of Madison Square Garden marks the latest twist in the Dolans' often unpredictable relationship with shareholders. The family has repeatedly failed to take Cablevision private - the latest in 2007 - as shareholders voted against what they said was too low a price. Chief Executive James Dolan indicated then he saw the shareholder rebuke as a referendum for Cablevision management to spend its cash as it saw fit, including a controversial purchase of newspaper Newsday for $650 million last year.

Cablevision later launched an unexpected charm offensive, reaching out to investors for the first time in years and promising to take measures to boost its stock price after an activist hedge fund started buying up shares. Those efforts were shelved at the onset of the financial crisis.

-By Mike Barris, Dow Jones Newswires; 201-938-5658; mike.barris@dowjones.com