Accelerating plans to split into two publicly traded companies, Madison Square Garden Co. filed papers today outlining a different structure than it proposed in October 2014. Under the new terms, MSG would split its sports and live entertainment operations away from its media business.

madison-square-gardenMSG originally planned to separate its live entertainment and concert businesses from media and sports. Venues the company controls include Madison Square Garden, New York’s Beacon Theater and Radio City Music Hall, the Forum in Los Angeles, the Chicago Theater and Boston’s Wang Theater. MSG’s sports enterprises include the New York Knicks and Rangers. The media business includes MSG regional sports TV networks and other properties.

The company said today the new plan “would provide each company with increased strategic flexibility to pursue its own distinctive business plan,” while still allowing beneficial commercial arrangements. MSG said the tax-free spinoff should take place this year. MSG was itself spun off from Cablevision Systems in 2010.