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KNICKS, ETC. REPORTEDLY SELL FOR $1.1 BILLION

SHARE KNICKS, ETC. REPORTEDLY SELL FOR $1.1 BILLION

A partnership of Cablevision Systems Inc. and ITT Corp. has reportedly won the bidding war for Madison Square Garden, MSG Network, the New York Rangers and New York Knicks.

The winning bid was close to $1.1 billion, according to reports in The New York Times, the Daily News, and the New York Post.Liberty Media, the only other bidder, offered $1 billion.

The properties are being sold by Viacom Inc., which acquired the Garden in a $9.7 billion purchase of Paramount Communications earlier this year.

No deal was announced Saturday, but an executive of Liberty Media, speaking to The Associated Press on the condition of anonymity, said he had heard from other executives that the Cablevision-ITT bid had won.