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ENTERTAINMENT

ITT, Cablevision Confirms Garden Deal: ITT Corp. and its partner, Cablevision Systems Corp. said they will pay $1.075 billion in cash to Viacom for Madison Square Garden and the New York Knicks basketball and Rangers hockey teams. ITT said it will initially control 85% of the Garden venture but that within one year, cable TV operator Cablevision will be an equal partner. Viacom said it will use the proceeds to repay debt.


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