Madison Square Garden Sports' board has approved spinning off the New York Rangers from the Knicks, with completion scheduled for October 26. The parent becomes MSG Knickerbockers Corporation and keeps the Knicks; the new MSG Rangers Corporation takes the Rangers, the Hartford Wolf Pack and the MSG Training Center. Shareholders get one MSG Rangers share for every two MSG Sports shares, trading under MSGK and MSGR is set to begin October 27, and James Dolan will run the Rangers company while keeping his roles at the Knicks. Also today: the NHRA splits its season between Fox and The CW from 2027, with FloSports streaming qualifying and a reach of more than 125 million households; Verizon's Visible signs with Learfield across USC, Oregon, Minnesota and Rutgers, including one of college football's first corporate helmet bumpers; the CFTC prepares a crackdown on prediction-market promotions; Novig raises at up to a $2 billion valuation, four times its February price; Nike's "So Win" and Novartis' "Relax, It's a Blood Test" win ADWEEK Media Plan of the Year honors; and Sports Entertainment Group completes its NZ$130 million purchase of MediaWorks. The throughline: how you package something can change what it's worth, from stocks and TV seasons to sponsorships and bets.

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