The Madison Square Garden Company confirmed on Friday that it will break itself up, dividing the New York Knicks and Rangers professional sports teams from the company’s regional sports networks.

The move comes five months after the company announced plans to explore such a breakup, becoming the latest denizen of corporate America to slim down and become more focused.

Madison Square Garden previously disclosed that it had been considering such a split since last summer as it weighed ways of better showcasing the value of its operations — particularly its sports teams. The sale of the Los Angeles Clippers basketball team to Steven Ballmer for $2 billion revealed just how valuable top-flight franchises had become, a person briefed on the board’s deliberations said previously.

“After review, MSG’s board of directors believes that, while MSG has created significant shareholder value since it was established as a public company five years ago, separating MSG’s live sports and entertainment businesses from its media business now would further enhance the long-term value-creation potential of both businesses,” the company said in a statement on Friday.