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Madison Square Garden CEO stepping down

NEW YORK (AP) -- The Madison Square Garden Co., the owner of the New York Knicks, the New York Rangers and Radio City Music Hall, said Friday that Hank Ratner, its president and chief executive officer, is stepping down.

Ratner, 54, was named CEO in 2010 after overseeing the company's spinoff from Bethpage, N.Y.-based cable provider Cablevision Systems Corp. Tad Smith, the 48-year old president of Local Media, a division of Cablevision, will succeed Ratner as MSG's president and CEO.

Ratner will become MSG's vice chairman and join the board of directors. The company declined to comment on the reason for Ratner's move.

Shares of New York-based Madison Square Garden Co. had dropped $1.73, or 3 percent, to close at $57.01 Friday.